Just found out about my bank's "contingency plan"

greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread

I have been reading the posts here for some time now and finally feel that I have something of substance to contribute.

My company, a large bank, held a Y2K employee forum recently. Time was allotted for employee questions. One lady, a teller, stood up and asked if the company planned to limit withdrawl amounts for customers later this year to ensure liquidity.

Her response was, "we do not have plans to do that at this time". Not, "No, we would never do that". Not "Where would you get such an idea". Just, basically, not yet. She went on tio say that they were monitoring the cash situation very closely and would make such a determination later in the year. The teller looked a little stunned. I could tell she was trying to see herself explaining such a policy to her customers.

My husband is emptying our account tommorow. As he so eloquently phrased it, "they're only giving us 1.5% interest anyway".

AKA

-- AKA (newposter@anon.com), June 28, 1999

Answers

Yesssss. And it is going to be all the Doomer's fault when the runs go exponential. ROFLMAO.

The truth is they won't limit withdrawals until there is nothing left to take out.

-- Jim the Window Washer (Rational@man.com), June 28, 1999.


Window Washer - I was only trying to share information I thought was important. Guess you taught me a lesson. I will not be positng anything further.

Evidently I'm just a little too sensitive for this forum. I didn't realize it was essentially closed to "member only". Perhaps it should be password protected.

-- AKA (newposter@anon.com), June 28, 1999.


Thanks for your post"new poster". I have asked several of my bank's officers if they intend to limit withdrawals...they just laugh nervously, look away and mumble "of course not" in a VERY unconvincing manner. My y2k banker joke(which I tell to all the bankers I know: "It's Feb 2000. A long time bank customer comes into the bank, approaches the teller, takes out a sawed-off shotgun and screams out: MY MONEY OR YOUR LIFE!!" (Anyone here old enough to remember the old radio Jack Benny routine??)

-- jeanne (jeanne@hurry.now), June 28, 1999.

Hang around AKA, we could use some fresh input around here. I think the sarcasm above was directed at the bank's policies, not you.

-- Nikoli Krushev (doomsday@y2000.com), June 28, 1999.

AKA: The sarcasm was not directed at you. However, if your skin is THAT thin, then you do not belong here, much less in a world that is going to be a whole lot rougher in a few months more.

-- Paul Milne (fedinfo@halifax.com), June 28, 1999.


AKA,

Keep posting. First hand info is ALWAYS welcome...

-TECH32-

-- TECH32 (TECH32@NOMAIL.COM), June 28, 1999.


Speaking of the rough world out there,....remember the rumour that the banks were having trouble lining up armored cars to transport all that cashola? Friend of mine here in AZ recently spoke to someone who works at a very large bank here. He is the person responsible for the distribution of cash. He says that he has a PO (purch order) for two armored SUV's. Seems the Armored Cars are all booked up to spread the paper money around. After that he says, they plan to switch everyone to plastic which would prob work as debit stop gap plan. At least they're tryin! Keep posting AKA, we need more like yourself.

-- Jim Smith (cyberax@ix.netcom.com), June 28, 1999.

AKA Don't let them get to you. We new new posts and opinions. Also we need insights into what is going on. My brother is in banking. One of the largest in Chicago. He is worried.

-- Linda A. (adahi@muhlon.com), June 28, 1999.

AKA,

Greetings!

I think sometimes people are in a hurry posting and the mood that they're trying to convey doesn't always come across as they meant. Of course, I cannot speak for "the WindowWasher" but I think any deprecation in his post was meant for bankers, not you.

Thank you for posting your experiences here. Please consider posting again. I remember the first time I posted after lurking a bit. I felt a bit pounced upon by certain comments but then they were many kind responses.

C'est la vie.

-- texan (bullseye@ranch.com), June 28, 1999.


Fear Not AKA.....

You have 'arrived' when a valid posting solicits a retort from the other side of the fence. Window Washer might have added that long before the cash runs out, Showtime will be in full bloom, AKA 1929.

-- Barry (barryjaynes@usenvitech.com), June 28, 1999.



Bankers won't admit it, but limiting cash withdrawals is an option many of them are considering (or already have in their contingency plans). It will happen, the question is when...

-- Nabi Davidson (nabi7@yahoo.com), June 28, 1999.

I too, can confirm a similar conversation with a young man at my bank, while opening a new account. I "jokingly" asked about all this "Y2K hype" and what the banks where going to do about the threat of bank runs. I quoted him the recent polls which he was aware of, he said candidly that the "banks" are talking about possible limits on cash withdrawals, which he thought was crazy in that it would only pour fuel on the embers that are smoldering now. I mentioned "fractional reserve banking" and he got this funny look, like, you know about that, eh? He was surprised. We discussed this and the Federal Reserve printing up all this extra money. He felt he had to whisper "Y2K" during our little talk.

I asked him about the bank's computer systems being Y2K ready ans he said they are still testing. I asked him about the bank's external data interchanges and how non-comliant computers can corrupt compliant ones, he just rolled his eyes and shrugged his shoulders.

He also said that he does not believe that the bank (mine) is going to have additional cash on hand and that the Federal Reserve claiming they will add Reserve Notes into circulation ($250 billion?) is a PR stunt to calm John Q. Public's fears.

He also indicated to me that he was planning to buy a little gold, "just in case." Now everytime I go into my bank, if I see this gentleman, he just gives me this little head nod, like, hey, we both know what the real deal is.

Just have to wait and see where gold ends UP.

-- MarktheFart (quke@ix.netcom.com), June 28, 1999.


AKA,

Terrific post!!! THANK YOU for your input...and I don't think the Window Washer post was an attack against you. It was directed against that whole crazy notion...I suspect that he didn't mean to imply any thing against what you said.

-- R.C. (racambab@mailcity.com), June 29, 1999.


Thank you all for your kind words. If I misread Window Washers sarcasm, then I apoligize. And to Mr. Milne, sensitivity and inner strength are not mutually exclusive.

If I hear of anything that I think would be of interest to the forum members, I will certainly share it here. My feeling is that things (at the bank) will start heating up in the next 30-60 days as decisions are made regarding corporate policy and the rollover.

AKA

-- AKA (newposter@anon.com), June 29, 1999.


AKA, getting pounced on is standard on this forum. I simply call a spade a spade, and that is unacceptable here; it must be sugar coated and pure as the driven snow to pass muster.

But my question is what to do about the Catch 22. If we leave our money in the banks and Y2k is an 8/10, we lose it. But if we all remove our money, the banks fail and the money is worthless, we lose anyway. So, what exactly would be the wise thing to do?

-- gilda (jess@listbot.com), June 29, 1999.



AKA

Thank you SO much for providing this piece of information. Please post again if you feel like you have more to add anytime.

If I pull significant amounts of cash out now, I lose .075% for the rest of the year.

If I sell significant amounts of stock now, I lose perhaps a 5% gain for the rest of the year if Y2K is a 1.

If I leave everything where it is (spending some money on preps), and Y2K is an 8 to 10, then I lose nearly everything, but I'm alive.

And gilda, that's why I've bought some gold.

-- nothere nothere (notherethere@hotmail.com), June 29, 1999.


AKA, I just want to join all the others who have welcomed you as a new poster. Your contribution was, I felt, most interesting.

It was remarked above that the more substantive one's contribution, the more apt one is to get negative feedback from somewhere. In addition to trolls, this forum includes a tremendous variety in viewpoint, and some of our members have very short fuses.

My own postings have been zung by many. Your attitude should be "tough titty if someone doesn't like my viewpoint".

-- Peter Errington (petere@ricochet.net), June 29, 1999.


Well said Peter,

AKA glad you've joined us here. Don't let Paul Milne get to you. I don't believe he meant to offend. He's one very focused GI and not given to small talk from what I've noticed. Enjoy yourself (if possible considering the reason your here) and I hope you like BIG and DEEP thinkers cause we have more than our share on TB2K.

-- Mike (midwestmike_@hotmail.com), June 29, 1999.


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