Any Aussie's here? Is this true about Australian Banks???? : LUSENET : TimeBomb 2000 (Y2000) : One Thread

I moderate another y2k list and this is what one person wrote in response to us telling her that her bank statement would mean nothing if y2k caused her monetary digits to be erased....

"Thanks for the input, but this is one of the first things I checked out when I first heard about y2k. I have been reassured by my bank and by the fair trading commission that the statement will be acceptable. If problems occur, the onus will be on the banks to prove I took money out after the statement was issued, and not to mention I will also be issued one (if I go and pick it up) as close to the end of day trading on the 31/12. (5pm) Though I could still take money out after this, the max at ATMs where I live, at anyone withdrawal for the whole day is $500 Sure I could EFTPOS something but I'd be a raving loony to go near shops after 5pm on the 31/12. I feel my money safe, I have complete and consistent records to date (pay, withdrawals etc occur relatively in patterns) and I'm sure I wont have a prob ascertaining how much moola I have left. Sorry it seems to be so difficult in the US, it sounds like to govt is working hard against the people rather than with/for them."

-- Sheri (, December 07, 1999


Let me get this: this foreign person has been "reassured" by the bank and some commission that the burden of proof will be on the BANKS to "prove" that the money was depleted after the last bank statement of 1999? Gawd, WHY am I feeling skeptical????

Even putting the absolute best possible light on this, I ask: HOW LONG will it take before the issue is resolved, even in a favorable manner (i.e., all parties agree that the money vanished by computer error)?? WHAT will one do in the meantime without the money while the issue is in the process of being resolved??? And what if the bank is able to "prove" that in fact the money was legitimately withdrawn, using ERRONEOUS computer generated transaction records???


(From Australia, no less. Where people gave up their right to have guns. And where they use "31/12" instead of "12/31" to mean Dec 31. Must have something to do with gravity going the wrong way on the brain or something.)

-- King of Spain (madrid@aol.cum), December 07, 1999.

Didn't someone say that according to the FDIC, our statements mean exactly SQUAT. Isn't it also true that according to the FDIC, ONLY the bank is insured, NOT CUSTOMERS?

If I remember correctly, having copies of your bank statements doesn't do anything for you if the bank loses such records. Also, I would like to add that I could, at any given time, make a document on my computer that looks exactly like a real bank statment. This also means that millions of other people can do the same, and WILL TRY if they are criminals, and think they might have a chance at stealing some money using such fake documents. After about 10 cases of this accross the country, you can forget about the old bank statements.

It's hard enough to keep counterfiet money off of the streets, what about counterfit bank statements? In todays world of color copiers, color laser printers, and high end digital image creation tools, the "document" is becoming harder and harder to authenticate.

-- C. Hill (, December 07, 1999.

i have an account at alliance bank in texas.. their statement includes a photo copy of all checks and also deposits. it would be hard to make some erronious entry on the statement.

-- bob (, December 07, 1999.

I remember seeing something on Gary North's site in the Banking Category within the past 3-4 mos reguarding the validity of deposit slips and other customer owned account information. North had the legal documentation of the "law" or the "act". The short of it is that the customers records are not valid.

-- earl (, December 07, 1999.

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