Hi Gang -

Thought this was interesting note in my USAA credit card statement. There is the usual Y2000 readiness disclosure statement, but.. at the bottom of the disclosure is the following (wish I had a scanner but this is the gist of it):

"The Y2K Payroll Pledge is out guarantee that you will receive your federal governmetn payroll, ..retirement, or Social Security recurring payment that are being driect deposited into you USAA FSB account. In the unlikely event such federal governemtn direct deposits are delayed due to a Y2K related problem for the first payday in January 2000, USAA FSB will credit* to you account an amount equal to your last payroll direct deposit for the month of December 1999."

Goes on to say if your regular deposit is not from the government, you have to call to activate an auto-deposit like amount.

This is the first notice of this kind that I have seen anywhere. Of course, keep in mind that this is USAA - the basically military personnel supported Bank and Insurance company.

-- Valkyrie (anon@please.xnet), October 05, 1999

Answers

for the record: anyone can use their bank but only military can use sign up for their insurance and until recently only military officers could use the insurance. They have since opened the insurance up to enlisted folks.

Actually it sounds like USAA has great confidence to post those deposits.

-- Maria (anon@ymous.com), October 05, 1999.

Valkyrie

If you turn the flyer over and read the fine print - USAA states that if your employer does not deposit your reg. Jan. paycheck within 30 days, the account holder will be responsible for the amount that USAA advanced. I wonder at what interest rate?

I don't think USAA is really being confident that things will be y2k okay - they are just continuing their usual excellent service, but at not much risk to themselves.

-- Goatlady (MRealty@aol.com), October 05, 1999.

Saw the same thing advertised at a local bank here in So. Central PA. Don't remember which one but not USAA. I think they are just using it as a way to get more business.

-- (rcarver@inacom.com), October 05, 1999.

Maria wrote: Actually it sounds like USAA has great confidence to post those deposits.

No, actually this is a federal banking initiative heavily promoted to banks with the idea that it will calm people about Y2K. Sorry, but confidence has nothing to do with it.

-- Nabi (nabi7@yahoo.com), October 05, 1999.