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Consumer News - Spring 2000
FDIC Consumer News - Spring 2000
It's the Year 2000. Now What?
Errors and glitches, Y2K-related or not, can always occur, so keep paying attention to your finances
It's well beyond midnight, January 1, 2000, and so far, so good. In fact, very good! The Year 2000 (Y2K) date change came and went without serious disruptions for banking customers, thanks to preparations by the financial industry and guidance from government regulators that ensured institutions' computers would work smoothly and that isolated glitches would be addressed.
While credit cards, debit cards, checks, automated teller machines and other banking services appear to be working normally, it's still important to check for the occasional error. (That was true before Y2K, too.) What do we recommend?
As always, keep bank statements, receipts and other records of your deposits, investments, ATM transactions, loan payments and other business. In the unlikely event there are errors, these documents will help your bank and you resolve them.
Continue to pay attention to your finances. Balance your checkbook regularly. Review your bank statements, credit card bills and similar mailings, to make sure they're accurate. Contact your institution immediately if, for any reason, there's a discrepancy in your records or if you notice something suspicious, such as a missing payment or an unauthorized withdrawal.
Remember that thieves can be very creative and convincing in order to trick people into handing over cash or divulging valuable information. So, be wary of anyone who contacts you claiming to be a bank employee, a police officer or some similar professional needing to "verify" that all is well with your bank account. It may really be a scam to get you to send money or provide personal details, such as your Social Security number or bank account numbers, which a crook could use to remove money from your accounts or order new credit cards in your name.
Finally, if you have any Y2K question or problem not resolved by your financial institution, contact the appropriate government regulator listed on the next page of this newsletter.
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