When I opened my bank statement this morning, the first thing I noticed was a little brightly colored insert (bright blue type on a blood-red background) that said, "WARNING The Year 2000 Date Change is a dream come true for con artists."

Inside the bifold brochure was a collection of bulleted paragraphs: "People marketing a 'safe' depository, claiming banks and credit unions will lose your money if you leave it with them, so they urge you to withdraw all the money and give it to them for safekeeping."

The insert goes on to list three or four other scams, ending with the supplication to leave your money in the bank because "the financial industry has worked very hard for a long time to make sure they are ready for the Year 2000 Date Change.

"Please be assured that we are ready to handle the Year 2000 Date Change and there is no reason to fear the loss of any of your money on deposit here."

I'm then urged to visit one of their service representatives if I have any questions, which I believe I'll do this week.

Actually, there is some delicious irony in this. Our current banking system is the mother of all scams.

This bank, BTW, is in a community of less than a thousand and is staffed by people who ask the same question every time I get $250 or $500 cash back from my paycheck: "You going to the boats with that?" (There are gambling boats and hotels in Shreveport/Bossier City about 60 miles from here.)

-- Vic (Roadrunner@compliant.com), October 31, 1999

Answers

I have always held the belief that the cameras installed in banks are pointed at the wrong side of the counter.

-- John (jh@NotReal.ca), October 31, 1999.

Actually, there is some delicious irony in this. Our current banking system is the mother of all scams.

If the people willingly put their money into such a system it is not a scam. It is no secret how our current banking system works.

Doesn't it anger you though that the tellers ask what you are going to do with YOUR money?

-- Uncle Nutsy (Zx@cv.bn), October 31, 1999.

Gotta admit I've spent too much time wading through Y2K online discussions. Amidst all the stuff for sale, and all the discussion, I have yet to see anyone say they will guard your cash for you.

Nor have I read of a single story of anyone being prosecuted for offering to stash cash after a bank withdrawal, with larcenous intent.

Is this a real danger, or are the banks mongering panic?

-- JoeMama (yoyo@starched.shirt), October 31, 1999.

There have been a few con artists trying to part people from their cash using y2k as a springboard. I've read of several different schemes being used. I don't know how successful they've been. But it kind of stands to reason that a general exhortation to "take your money out of the bank in small, untraceable bills and put it somewhere safe" is sure to make lightbulbs go on in the minds of some dishonest people. How you handle your money is your decision -- don't let any helpful-sounding person guide you, no matter whom they claim to be.

-- Flint (flintc@mindspring.com), October 31, 1999.

It is a scam when the majority are unaware of the fractional reserve aspect of the banking system, though I suppose one could argue that consumers should inform themselves and be aware of the situation.

I suspect that nine of 10 people, if asked, would say that every penny they and all the other customers deposit is immediately available.

Flint: People have been trying to flimflam other people for a long time before Y2K came along. Free people in a free society should always try to safeguard their possessions to include money in the bank.

I still subscribe to the somewhat antiquated notion of caveat emptor. If someone is stupid enough to give their money to a stranger on the strength of some transparent scam, they ought to lose their money. Odds are they'll be more careful next time.

I realize that the banks must communicate to the lowest common denominator, but anyone with good sense should be miffed at the implication.

-- Vic (Roadrunner@compliant.com), October 31, 1999.