While I was talking to a friend today about y2k preparations she mentioned that her bank was asking its customers to fill out a survey(?) concerning their y2k intentions. The questions sort of went like this: Are you planning to withdrawl money for y2k related reasons; How much are you likely to withdrawl; when do you plan to make these withdrawls.. I was wondering if anybody else has heard of this. I do not visit my bank as all my transactions are done online.

-- y2k dave (xsdaa111@hotmail.com), May 26, 1999

Answers

No, this hasn't happened at my bank...yet, but nothing would surprise me. However, they'll have to hold a gun to my head, threaten to "break my knees" or some other form of dire torture before I would fill out the form you describe. Nor would I tell them anything about any plans I have.

-- Richard Westerlind (Astral-Acres@webtv.net), May 26, 1999.

Yes. A flyer came with my last checking account statement. On the front it says: May We Ask You A Favor? Then it goes on to describe their "planning efforts for Year 2000."

On the reverse side they ask:

1. Within the past 30 days, have you seen or heard any information about what the banking industry is doing to prepare for the Year 2000? (yes/no)

2. What was your impression? (positive/negative)

3. Do you plan to withdraw additional cash from your checking account prior to December 31 for: (check all that apply----ordinary long weekend expense/Y2K/I do not plan to withdraw additional cash)

4. About how much additional cash do you plan to withdraw?

5. Please indicate the time frame in which you expect to withdraw the cash. (Nov 1-14/Nov 15-30/Dec 1-14/Dec 15-31

6. Comments:

Was shocked about their interest in my checking account. I'm not a "high-roller". It's usually "slim pickens" by the end of the month.

-- Carol (jdufrene@laci.net), May 26, 1999.

Not one to trust the authorities, nor deluded regarding banking industry as 'service' industry... How-Webber, I suppose this info may possibly be sought so that the FED(eral Reserve) may have some idea as to increased funds/liquidity needed, and when/where ?

-- Evil Roy (EvilRoy@NoSpam.com), May 26, 1999.

A couple of weeks ago my bank sent me a new ATM card with more features. I did not want them, so I called the bank and requested to keep my old card. This was agreed by Customer Service. Yesterday my card did not work. When I called the bank, they said that Customer Service had made a mistake and I had to use the new card (which I had thrown away) and it could be changed to my original status. When I requested to talk to a supervisor, I was told that one would call me back in 2-3 days.

This is a large national bank. If it can't organize a procedure like this internallly, how will it cope with Y2K surprises? I;m getting my money and I'm not telling THEM when.

-- John Littmann (jtl9700@juno.comj), May 26, 1999.

Strange things were happening at our bank. We have a business account and the teller has been dealing with us for over 15 years. We have a habit of withdrawing large amounts of money on a regular basis because, our business is buying from people (we need cash), nothing unusual. About 2 months or so ago we were at the bank making our usual withdrawal and the teller, who knows us and has never had a problem before had to leave and get the manager. She looked at us from a small distance and I heard her say "Give it to them". My friend called his bank and asked him if there would be any problem withdrawing his money. They told him there would be no problem, but to just remember, that any amount over $10,000.00 would have to be reported to the IRS. He told them that he didn't care, it's his money and he can do what he pleases with it, but they proceeded to remind him several more times, that it would be reported. Willa

-- Willa Herman (Pokergame@aol.com), May 27, 1999.

John Littmann: Something similiar happened to me some months ago. The bank replaced my ATM card with a debit card w/o asking me (I don't want a debit card -- they're awful; if someone steals it, they can quickly empty your bank account). It took several phone calls & a day or two to re-instate my plain old ATM card, PIN number, etc. Bottom line: Banks screw up all the time, with or without y2k problems.

-- gimme (my@money.dammit), May 27, 1999.

I haven't seen a questionnaire yet but what do you think about this? My sister is a VP at a bank in the midwest. I've been discussing y2k with her for over a year. Her response is always the same... we're working hard and will be ready, nothing to fear. About a month ago I was back for a visit. I took a tour of her bank and asked what she thought about "bank runs". She replied, " Well.....we are telling everyone to leave there money in here where its safe." I pressed her about the money supply or lack there of. Then she said that her home office had just made an onsite inspection of her branch and was looking for places in the bank (outside the vault) where they could store the extra cash they were planning on sending to her branch in December. Someone besides us is planning ahead!

-- Gail (fialkow@erols.com), May 27, 1999.

Suggested questions the banksters could ask, additionally:
1) Is your home address current in our recurds?
2) In what room(s) do you plan on storing any cash you withdraw?
3) Do you have any large and/or noisy dogs?
4) Do you have a security/alarm system? If so, what type?
5) Do you have (a) firearm(s) at your home?


-- A (A@AisA.com), May 27, 1999.

Everyone, just play dumb. No, I've never heard of y2k. No, I would never keep more than 100 dollars on me at one time--too afraid of criminals. And...Yes, I love Bill Klinton and think he is the only truly great leader this country ever produced. (Pinch your forearm real hard if you have to, but this is what you must say...smile!)

M.Moth

-- M.Moth (Derigueur2@aol.com), May 27, 1999.

No I have not had that question come up yet, but I requested a new Mac card 4 weeks ago and still I have no card. When I ask the bank what was problem they said that they are having problems with that system and that they will need to do it by hand. But the system did not mind closing down my account and now I need to bank the old fashion way, in person.

-- Lyn Truss (StormieLyn@webtv.com), May 27, 1999.

Gail

The good news is all banks are doing this. They are required to as a part of their contingency planning. From what I've heard with talking to other banks, quantities range from 1 1/2-8 times their normal vault cash, depending on their customer base. They should address a number of things, including how much, how to store it, how to get it, liquidity issues, and security issues. See Federal reserve spring news to see what we need to do.

-- newlurker (no@no.com), May 28, 1999.

newlurker,

You appear to work for a bank and/or with banks. Perhaps you might answer a question?

Since adding all this extra vault cash will require unanticipated borrowings from the Federal Reserve at a cost to the member banks generally above the Fed funds rate, and the withdrawal of cash from the member banks will decrease the overall reserve base, acting as a "money divider" instead of the more usual money multiplier, what effect, in your opinion and at this time, will all this have on the profitability of the banking sector over the next 6 months? Will these effects cause interest rates to generally rise or fall? Will these effects generally raise or lower qualification requirements for a new loan or refinancing of existing loan?

Thank you.

-- Nathan (nospam@all.com), May 28, 1999.