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The YK Scare How will you protect your savings?
Douglas Bonczek
Karen Walker English 10
Cheap Custom Essays on Y2K And your Savings
Paper # 5 Final Paper
May 1, 1
Thesis
The United States banking system will be ready and able to protect your money in their banks at the millennium, and there is no need to panic and remove your money from the system.
Audience
My audience is the regular John Doe who has some money in a savings account or checking account at their local bank, and is worried that the "YK" bug might bite them on the butt and take all their money. They don't play the stock market, and they aren't extremely wealthy. They are just your average lower to middle class American.
OUTLINE
I. Introduction
A. The YK Crisis
B. Thesis
II. What is YK?
A. Explanation of the YK crisis
B. Why people fear the "YK bug"
III. The US Banking system
A. How it works
B. YK Safeguards
C. YK Preparedness
IV. Your money
A. Why it's already safe
B. How to protect it
C. What to do if you have more concerns
V. Conclusion
A. The US banking system will be safe
1. explain why
B. Proven safeguards for you and your money
1. go over them
C. Restate Thesis
The YK Scare How will you protect your savings?
In 17, financial institutions, national utilities, telecommunications companies, and the US government all realized that their computers might not recognize the year 000 as 000, but instead see it as 100. This would cause a computer problem that would possibly shut down all power grids, mess up the phone lines, and cause banks and other financial institutions to lose all records of their deposits. The main worry people have is their financial security; how will there bank fare in the months ahead? I feel that everything will be fixed and our financial system will stride right through YK without a hitch. The United States banking system will be ready and able to protect your money in their banks at the millennium, and there is no need to panic and remove your money from the system.
The "YK bug" is a worldwide computer glitch that would cause all computers to read the date on January 1st 000 as January 1st, 100. This is a bad thing for all financial institutions, especially banks. It sounds like a Hollywood script, or a simple computer game. The entire financial system will shut down on Jan 1, 000, unless it is fixed in time- however, in movies, the "good guys" only have minutes to solve their problems. The US financial system has had to years (FDIC 5).
There are other people who say that the banks keep all their records on computer, and if their computers go down, then wouldn't the records be lost? This is possible. Which is why many banks suggest that you keep all bank statements and also that you make sure that your books (if you keep books) are up to date. At least, keep a record of all your transactions for the next 8 months, so that you can know exactly how much the bank should say you have in your account. There is this federal institution called the Federal Deposit Insurance Corporation, and they GUARANTEE the money that you had in your accounts on Dec 1 will be there on Jan 1. (Buchanan 1)
The FDIC guarantees the first $100,000 of each account in each bank that is insured by it. This means that if you have less than $100,00 in your accounts, then you have no worries at all. No person who had left his or her money in the bank since the FDIC was founded in 1 has ever lost a cent for any reason (FDIC ). "There's no safer place…than a deposit account at a federally insured institution…this century and next" Kathleen Nagle, Senior Consumer Affairs Specialist at the FDIC says (11). Every person just needs to remember that the FDIC is a federal program, backed by "the full faith and credit of the United States Government (1).
Sandy Comenetz, the FDIC's Legal Division YK Project Manager had the following to say about the crisis
First and foremost, the FDIC wants consumers to know that insured deposits are safe, and that deposit insurance will not be affected by the century date change. We also want people to know as much as possible about the Year 000 problemto know what it is, and what it is not. That way people can separate accurate information from scare stories (FDIC 8).
No one I know is going to fly on New Years Eve, mainly because the entire flight control systems and ground control systems are run by computers. So people are scared of flying, and I feel they have a good reason. However, anyone who has a bank account gets a statement of their account, telling them exactly how much money they have in their account, and other miscellaneous information, so no one should be scared of losing their money. This should be enough for people to realize that they and their banks will KNOW exactly how much money was in the accounts on December 1, and then if something does happen, they can reconstruct each account from the December information. Simple enough, right? (Sabatini )
Peter deJager, who maintains the Doomsday YK web site, has complete faith in the banking industrys ability to survive January 1, 000, and has stern words for those who panic
For the record, my money will stay in the bank. For the record, anyone who
is suggesting that we all take our money out of the banks is deliberately
attempting to bring about a run on the bank and can only be classified by any
reasonable person as an enemy of the people ().
The one thing not to do this December is run to the bank and take out all your money. First of all, you may get robbed, and the FDIC doesn't guarantee your money if it's in your wallet. Leave your money in the bank, at least the great majority of it. This is the information that the FDIC is giving everyone, however the Federal Reserve Bank has printed extra greenbacks just in case people do panic and there is a run on the banks. (FDIC 14)
Certain people have screamed bloody murder that the world is going to end at 100 midnight on December 1, 1. As all the computers turn to 000, we will know for certain whether or not the precautions everyone has taken, and the preparations being made now, were worth it. Sydney, Australia will be the first major city to turn to 000, and they are very confident that their financial system is ready for the Millennium. Since there are at least 1 time zones between Australia and the United States, there is some talk that we will have 1 hours to know exactly what is coming. If Australia suffers a total meltdown, then there might be panic. However, if on January 1, 000, in Sydney, people can call their bank and hear the amount in their accounts, then things should be fine. The people who are preaching "Doomsday Scenarios" don't know the entire facts, or if they do, they refuse to acknowledge the fact that they are wrong. (Weiss 4)
The First National Bank of McConnelsville, Ohio is asking it's customers to come out and visit the bank on December 1, 1, to watch the bank executives turn on the computers after midnight, and to use the ATM if they want to as well. (Buchanan 1) CEO Rod H. Gallagher says he wants to make his customers feel safe "…realizing their money is safe in the bank." The Federal Government is asking banks to test their computers, and all banks are doing so. Banks are starting to spread the word that they are the safest place for your money over the millennium. Still, 55% of Americans believe the banking system will fail on Jan 1, 000. (Buchanan )
The best advice I can give to those who are still not sure is this Talk to your bank, and find out if the FDIC insures the bank. Ask the bank if they are going to be ready for the millennium. Keep all your bank statements from June 1 till at least March of 000. Check your statements for any discrepancies, and calculate your interest so you can see if the correct amounts were used for that as well. (FDIC )
The United States banking system will be prepared and safe for the YK date change. The FDIC guarantees your money will be there, the bank has paper records of every transaction and account balance, and as long as you don't panic, your money will even be accessible on January 1st or nd. The FDIC has never had a customer at a FDIC-insured bank lose a cent from their account. You will have a statement of your account to compare against what the bank says they have for you. There is no reason to rush to the bank and take your money out. All in all, the fears of a banking system collapse are generally overrated. The banks will still be there on Jan 1, and all your money will be in them. All they can suggest is sit back, keep your records, and buy lots of canned goods and water. (The power/utility industry is NOT in as good of shape as the finance industry.) The United States banking system will be ready and able to protect your money in their banks at the millennium, and there is no need to panic and remove your money from the system.
For those of you who want more information, you can contact the following
For state banks NOT regulated by the Federal Reserve System
Federal Deposit Insurance Corporation
(800) 4-4
www.fdic.gov
Banks regulated by the Federal Reserve System
Board of Governors of the Federal Reserve System
(0) 45-6
www.federalreserve.gov
Federal Credit Unions
National Credit Union Administration
(70) 518-60
www.ncula.gov
National Banks
Office of the Comptroller of the Currency
(800) 61-674
www.occ.treas.gov
State and Federal Savings Institutions
Office of Thrift Supervision
(800) 84-6
www.ots.treas.gov
For general information, consumers may contact
The President's Council on Year 000 Conversion
(888) USA-4-YK or (888) 87-45
www.yk.gov
For a free handbook titled "The Year 000, Your Bank, and You", call (888) 878-56
All this information is courtesy of The President's Council on Year 000 Conversion.
WORKS CITED
Buchanan, Doug. "Banks gearing up to quiet worry over YK bug's bite."
Business First of Columbus (4/5/1)
www.amcity.com/columbus/stories/1/04/05/story7.html?h=YK
de Jager, Peter. "Doomsday Avoided". www.year000.com/archive/YKdoomsday.html
"The FDIC and YK". Federal Deposit Insurance Corporation Website. www.fdic.gov (5/7/)
McDonald, Susan. "Federal Regulators ensure banks' readiness for YK." Business First of Louisville (//) www.amcity.com/louisville/stories/1/0//focus.html?h=YK
Sabatini, Patricia. "Mellon staying open on first day of YK." Pittsburgh Post-Gazette (/5/) WWW.POST-GAZETTE.COM/businessnews/105mellon4.asp
Thrasher, Alice. "Bank on financial glitches." Fayetteville Observer-Times (//)
Weiss, Martin D. "Are you YK-proof?" Year 000 Alert, Palm Beach Gardens, FL (1)
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