Academic journal article ABA Banking Journal

Government Website Addresses Y2K Concerns

Academic journal article ABA Banking Journal

Government Website Addresses Y2K Concerns

Article excerpt

Should I keep large amounts of cash home to be ready for Jan.1 breakdowns? "Absolutely not," says the federal government in its advice to consumers preparing for Y2K.

Contrary to the hype and concerns unleashed by much of the media on the public, the banking industry has been working on the Y2K problem for several years. As a result, the vast majority of institutions are achieving the timetables set by regulatory authorities to complete renovation and testing of critical systems, the government tells consumers on its official Y2K site, http://www.y2k.gov. Regulators believe that, by and large, the industry is on track to be Y2K ready.

The site, developed by the Presidents Y2K Council, is a useful reference for banks seeking to reassure customers and lay to rest the rumors that are flying about during the countdown to Jan. 1. The council also has initiated a series of Y2K Community Conversations, which are to be hosted by financial institutions across the country.

ATMs are being renovated and tested by institutions and service providers.

The Federal Reserve has also arranged for printing additional currency in 1999 to augment the supply of currency it maintains for emergencies such as natural disasters. …

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