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> Seriously, is our money going to be safe in our local banks
> or should it be withdrawn?
Banks are probably one of the more likely groups of companies to be Y2K
compliant in time. It's the local gas company, hospital and video store
I'd be more concerned about...
Based on my experience at an EFT company, I'd say that the most likely
failure will be the proper sequencing of records in the database. The
suggestion that all existing records will be wiped out because of a year
change is, frankly, ridiculous. A financial institution would have to
have code that says, "...and if date < 1974 then delete all fields in
all data files." As *if*. The transactions will be dutifully recorded
with the incorrect date, but reports against the database may break
(meaning statements would be delayed), and a correct accounting of the
new transactions may take a while...
...but it'll happen. Rest assured that if you suck a whole bunch of
money from an ATM on 1/1/2000, they'll eventually properly clear the
transactions and debit your account, *even if* the ATM transactions are
being routed through the company I used to work for. ;-)
The other probable occurrence I'd expect would be a lot of denied
transactions at ATM and POS machines, and possibly denials within your
local branch if you go there to deposit a check. I'd have some extra
cash on hand before the end of 1999, just in case it takes them a month
to sort things out.
I'd also recommend that you get statements for every financial interest
you have, six months out to avoid the crush, and then again right near
the end of the year where possible. It'll make sorting out easier (and
will allow you to select which transactions you'd like to fight for)...
Is anybody else sad that the IRS didn't get up and running on their new
database yet?
Does anybody else find it even a weensie bit funny that the futures
exchanges and data providers are worried about four-digit Y2K
compliance, when they're still using *ONE* digit to represent the year?
I keep thinking that it would be good to get them into *two* digit dates
first...
Sticks
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Troutman, Defender of Sticks troutman@xxxxxxxxxxxxxxxxxxx
(aka) http://www.defendercapital.com/
Jonathan Matte, President No banner ads, no cookies,
Defender Capital Management, Inc. no sekrit sniffers!
Introducing Broker, Commodity Trading Advisor
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