On Art Ball, 8/19/99, G.N. reported he found out, last month, that it IS NOT true that keeping printed records of our banking business, (like saving account deposits, C.D.'s, etc.), is a way to insure we will EVENTUALLY get our bucks out of da bank. He mentioned a rule, regulation or law that stated only electronic data would be acceptable as proof. I have searched in G.N.'s banking archives for info on this, but have come up empty handed. It is important to me and others that we have some proof of this latest screwing-the-public once again. Thanks ALL. Tinkerbell-in-lala-bankingland

-- tinkerbell (doubtingthomas@thinktank.org), August 24, 1999

Answers

I heard that program as well. I cannot quote that law, but I believe it is in the FDIC guidelines, not the banking laws per se.

-- susan (number9@mindspring.com), August 24, 1999.

I think I might have found what you're looking for. It was under the introduction section, not banking. Second to last entry

http://www.garynorth.com/y2k/detail_.cfm/3242

-- susan (number9@mindspring.com), August 24, 1999.

tinkerbell,

He discussed this at length in one of his "Remnant Review" newsletters about two months ago. The point he was making was that if a bank crashes completely and the FDIC takes over, then it's up to the FDIC to decide who had how much money in which accounts. He found a document somewhere on the Web indicating that the FDIC is not obliged to use your hard-copy records as proof, and that they would be more likely to use whatever electronic records they could salvage in the failed bank.

Ed

-- Ed Yourdon (HumptyDumptyY2K@yourdon.com), August 24, 1999.

You can also see it at:

http://www.logoplex.com/resources/ameagle/congame.pdf

Page 47 or thereabouts.

-- dave (wootendave@@hotmail.com), August 24, 1999.

Bottom line: Your records don't count for sh*t. (which, granted, could be fraudulent.) They will rely ONLY on the banks' records. Now, if their records are hosed, that means you're S.O.L.

Withdraw early and withdraw often. Convert and hide/bury.

-- A (A@AisA.com), August 24, 1999.

There was also an article a couple of months back that the FDIC has published a standard electronic format for bank account records, and is asking all banks to create a backup in this format before the end of the year.

I really don't think the main Y2K risk is the bank just losing your records. More likely your employer not being able to pay you, due to software or supply chain problems.

-- You Know.... (notme@nothere.com), August 24, 1999.