So who says the Euro conversion was no big deal? Not Bank 24 in Germany...

Scott Johnson
Editor,
y2ktoday

-- Scott Johnson (scojo@yahoo.com), April 12, 1999

Answers

Thanks, Scott, that was interesting. Always a jolt when some facts escape the PR anesthesia blanket. An isolated $4Billion+ problem can be quickly remedied (that'll garner some fast-acting attention ;) but a whole buncha cascading snafus snagging at @ the same time ...

-- Ashton & Leska in Cascadia (allaha@earthlink.net), April 12, 1999.

Now if my next visit to the ATM would find *MY* account credited with a $4 billion deposit. ;) WW

-- Wildweasel (vtmldm@epix.net), April 12, 1999.

Thanks Scott,

... a prominent German discount bank and its customers this week were acutely aware that not all possible euro-caused glitches have been found. ... An oversight connected to the change to the euro was responsible for an error this week, which affected 55,000 customers. ...

Is a computer glitch only defined as a glitch when someone catches a big one, and they cant keep it out of the press, because too many experience it firsthand?

... But the problem actually had more to do with human error than with a bug in Bank 24's software ...

Those humans. Blame the problems all on them. Afterall, they coded it.

Diane

-- Diane J. Squire (sacredspaces@yahoo.com), April 12, 1999.

"

From...

Glitch causes 4 billion euro overdraft

April 12, 1999 Web posted at: 3:23 p.m. EDT (1923 GMT)

by Mary Lisbeth D'Amico

MUNICH (IDG) -- Although the January switch to the single European currency was smooth at most European banks, a prominent German discount bank and its customers this week were acutely aware that not all possible euro-caused glitches have been found.

Customers of Bank 24, a discount bank owned by Deutsche Bank AG, were astonished Tuesday evening to find that their securities accounts appeared to be overdrawn to the tune of 4 billion euro ($4.32 billion). An oversight connected to the change to the euro was responsible for an error this week, which affected 55,000 customers.

Open around the clock, discount banks allow customers to either phone in or electronically conduct bank transactions via the Internet. Customers forgo extras like financial advice but are charged much lower charges than at a full-service bank.

The problem, which cropped up Tuesday, had to do with a quarterly calculation of the worth of each customer's securities account, according to a Bank 24 spokeswoman. Since the January switch to the euro, Bank 24 has allowed customers to list their accounts in either euro or marks, the spokeswoman said. The glitch only affected the bank's euro customers.

But the problem actually had more to do with human error than with a bug in Bank 24's software, she said. Although the bank had tested and planned to use a new, euro-compatible program to carry out the quarterly calculation, because of human error, the old, pre-euro program calculated the amount.

The error was quickly discovered, and the accounts were back to normal by Thursday, with essentially no damage done."

-- Lets keep perspective, shall we? (NOYB@tthis.time), April 12, 1999.

this is what I was after

"Although the bank had tested and planned to use a new, euro-compatible program to carry out the quarterly calculation, because of human error, the old, pre-euro program calculated the amount.

The error was quickly discovered, and the accounts were back to normal by Thursday, with essentially no damage done."

-- Whoops, more than what I wanted! (NOYB@tthis.time), April 12, 1999.

Trolls won't like this thread -- evidence evidence evidence. Perspective? Amazing it leaked its way to the press. Maybe there's a Four Billion threshhold.

-- h (h@h.h), April 12, 1999.

NOYB, as a member of the press, I strongly advise you to look up the etymology of the word "spin."

scott

-- Scott Johnson (scojo@yahoo.com), April 12, 1999.