California's 4th Largest Bank CalFed Will Keep 80 Branches Open On New Year's Day : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Just noticed this... "interesting" response.


CalFed will keep 80 branches open on New Year's Day

Saturday, September 11, 1999

(09-11) 12:45 PDT SAN FRANCISCO (AP) -- California Federal plans to keep 80 branches open on New Year's Day to prevent Y2K-nervous customers from a late-December run on bank services.

Normally, the first day of the year is a bank holiday. But San Francisco-based CalFed wants to reassure customers that accounts are safe from the so-called Y2K computer bug and that cash will be available.

``We just think this will be more convenient for our customers,'' CalFed spokeswoman Mary Rische told the Contra Costa Times.

There have been concerns that the start of the year on Jan. 1, 2000, might confuse computer systems, including those used by banks.

Although most bankers say they are Y2K-ready, some industry analysts fear there will be a run on cash withdrawals toward the end of December.

In response, the Federal Reserve Bank has printed an additional $50 billion in currency to supplement its normal stockpile of $150 billion to $200 billion. Depositors have more than $3.5 trillion in checking and savings accounts nationwide.

CalFed, the state's fourth largest bank, is still trying to determine which of its 352 branches in California and Nevada to keep open. In a letter to customers, CalFed President Carl Webb said the list should be available by Oct. 1.

But industry officials fear CalFed's move might draw more concern about the safety of bank accounts, instead of less.

``This is a double-edged sword,'' said John Stafford, a spokesman for the California Bankers Association, the state's largest trade group. ``On the one hand, you can argue that being open New Year's Day is a good customer service and a good public relations gesture. On the other hand, you can argue that taking a 'business-as-usual' attitude is the most responsible way to approach it.''

Other California banks, including Bank of America and Wells Fargo, said they had no plans to follow CalFed's lead.

``We feel we are so well prepared for Y2K that it isn't necessary,'' said Bank of America spokesman Peter Magnani. ``If we felt there was a need to do something unusual to serve our customers needs, we would look at it, but at this point, we haven't gotten that feeling from our customers.''

-- Diane J. Squire (, September 13, 1999


I can tell the world I am gonna fly on Jan. 1st..... this does not guarantee I will step on that plane with my New Years day hangover.

souds like bandstanding..... I think they are scared.

my 2 cents

-- It's a joke (, September 13, 1999.

Stupid, stupid, stupid.

-- Sally Strackbein (, September 13, 1999.

Guess Bankers could always learn more tips...

California Bankers Association - represents commerical banks, industrial loan companies, thrifts, and savings institutions.

"High Stakes" Compliance Conference October 5-8,
Palace Hotel, San Francisco

This year's conference at the landmark Sheraton Palace will provide practical tools and timely updates for the bank compliance professional. Some highlights of this final , "high stakes" conference before the new millennium include high tech compliance tools, Internet banking, ethics, and a keynote address by Julie Williams of the OCC covering financial privacy and other emerging topics. San Francisco in October, a first class conference, and great company. Click here(pdf) for registration materials.

http:/ /

Or see their Year 2000 info...


-- Diane J. Squire (, September 13, 1999.

This would make a good submission to "Duh! 2000". For those people who really REALLY don't get it about the risk to banks but just might take a few extra bucks out over the holiday weekend anyway ('cause their bowling buddies said to).. now they can wait until the hangover wears off New Year's Day and drag themselves down to CalFed and get enough cash for some more pizza and beer.

Good Contingency Plan. Got any more?

-- Linda (, September 13, 1999.

Don't have time for a post - check this out:

-- @ (@@@.@), September 13, 1999.

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