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Washington, DC, April 15, 1999 – Federal financial institution
regulators believe that banks, credit unions and payment systems are
making good progress in their preparations for the Year 2000. The regulators
also believe that customer awareness is an important component of these
preparations. To help consumers prepare for the century date change,
the regulators announced today the availability of a Y2K
checklist for customers (37Kb - PDF file - PDF help or hard copy). The checklist
was released at a Year 2000 "summit" that 27 federal agencies
and government-sponsored enterprises are holding today in Washington
to discuss contingency planning and customer awareness of financial
institutions’ Y2K progress.
Here are a few of the suggestions included in the checklist for consumers:
- Find out what your financial institution is doing to address consumer
concerns about Y2K.
- Keep good records of your financial transactions, especially for
the last few months of 1999 and until you get several statements in
2000.
- Check transaction receipts and save them to compare against your
statement.
- Remember all your payment options (checks, credit cards, debit cards,
ATMs and tellers) in the event that one doesn’t work as planned.
- If you withdraw money, make reasonable decisions based on solid
information; don’t put yourself at risk of being robbed or losing
valuable interest payments.
Every federally insured bank, savings institution and credit union
will be sent a camera-ready copy of the checklist to distribute to their
customers if they wish. A copy of the checklist is attached. For more
information, contact the communications departments of any of the five
agencies listed above.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 10,623 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.
FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov
and may also be obtained through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).
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