Folks, I know that many of you distrust the international political and banking system, especially given all the talk about buying gold and cashing out, etc., on this site. But until something better comes along, does anyone have any insights into this question?

Which national bank or banking chain (or even international banking mega-conglomerate) is the most stable? ...in regards to:

Y2K compliance/preparedness Overseas exposure on bad debt to less stable countries Healthy profit due to efficient lending, banking activities

Any well-documented, rational ideas out there? There has got to be a few of you who are not completely cashing out and digging a hole in the woods to wait this one out. For those of you who think Y2K is more than a "bump in the road," but less than the "end of the world," to which large institution are you trusting your hard-earned money?

-- fat cat not i (fatcatnoti@bigbank.com), October 26, 1999

Answers

I thought it didn't matter. You know, because even if ONE bank is non-compliant it will infect every other system in the entire Universe with bad data. My advice is to just set sail until the year 2001, and then come back. When and if, that is, you start feeling like you can safely return to society again without spreading fear and paranoia.

-- (skinny@ alley. cat), October 26, 1999.

Hint: Not Bank of America.

-- not BA (baaa@baaa.baaa), October 26, 1999.

You can find a list of large banks at:

http://www.federalreserve.gov/Releases/lbr/lrg_bnk_lst.txt

The list includes some info to indicate how much of each bank's business is domestic vs international.

Meanwhile, at: http://199.196.144.70/deriv/deriv.htm you can get an idea of which banks are heavily into derivatives.

As for their Y2K remediation, you might spread your bets around two or three banks, just in case.

Good luck!

Jerry

-- Jerry B (skeptic76@erols.com), October 26, 1999.

Jerry - thanks!

-- fat cat not i (fatcatnoti@bigbank.com), October 26, 1999.

Wachovia Bank, my bank, is the only one I know of to take out full page ads proclaiming its "Readiness." I remember picking up a brochure of theirs in May, 1998, and seeing their schedule for full remediation and testing. I was impressed because they were completely done at that time with half of their systems, this at a time when most folks knew nothing of Y2k and most businesses were issuing vague compliance intentions. Gary North has singled them out as the one big bank that is ready, I believe.

-- Kurt Ayau (Ayau@iwinet.com), October 26, 1999.

There's others besides Wachovia that have declared themselves completely Y2k-compliant, none of this equivocating and malarkey about being "Y2k-ready" or "Y2k-OK."

Let's assume (as I do) that they're telling the truth. Does it actually make any difference. Your ATMs are not date sensitive, the time lock on the vault and the automatic alarm system have been fixed, the PCs have all been fixed, but....

The bank has loaned the money to companies that are non-compliant. Or to companies whose vendors or customers are non-compliant. Or non-compliant microprocessor-controlled valves and switches bring oil refining to a halt world wide. Or the electricity stops.

Gary North keeps hammering on that theme that "Y2k is systemic." I take that to mean that it's not enough if you've fixed your own hardware & software; in order for industrial civilization to keep going, everyone else has to have fixed theirs too.

-- Not Whistlin' Dixie (not_whistlin_dixie@yahoo.com), October 26, 1999.

Saw this on a BANK ONE ATM machine: Bank One's Y2K Compliance Statement "We're OK with Y2K". Just about as bright as "Whatever it takes" Ace

-- Ace (Ace@nospam.com), October 26, 1999.

OK, let's assume that the banking industry somehow survives Y2K. Some banks may be toast. Some may have workable problems. Some may be fine. Let's assume that critical mass is never reached. Where would you want your money? How about a brand new, latest technology internet bank? It's all new stuff, and shouldn't have many Y2K problems. Low business overhead, better rates...

Or an old, well established "local" bank. One that has many branches, all hooked-up to the old mainframe, with a whole bunch of custom written applications...

Tick... Tock... <:00=

-- Sysman (y2kboard@yahoo.com), October 26, 1999.

Piggy banks are Y2K ready, but they don't pay interest. Their checking accounts don't work and they don't offer ATM services. But if you are worried about the possibility of losing you principle due to failure of a major public bank, then the piggy bank is the way to go for the next six months. Of course you could go with a cookie jar, too.

WW ;)

-- Wildweasel (vtmldm@epix.net), October 26, 1999.

Hey, I didn't think of that WW! That sounds much better than my two choices! But my CD pays 6.28%, and I'll have lost 6 months interest...

[Stupid Mode Off]

But, if the net survives, I'll be rich...

[Polly Mode Off]

<:)))= (big grin)

-- Sysman (y2kboard@yahoo.com), October 26, 1999.

Kurt,

I recently knew of a consulting job with y**r b*n*. The requirements were for an excellent probl*m solver, who could work under a lot of pre*sur*, and knew how to fix d*sign problems, etc. They were offering upwards of $75-80 / hour for the position. A little research yielded that it was a U*ix (HP) box running a Lock Box app. When the App crashed, they had to rebuild the U*ix Kernel. It took them a couple of weeks to find someone to bite. Myself and several other 'techies' I know, all got calls from about every head hunter in our area. Wasn't a Y2K issue, just a big scr*w-*p, however, gave me lot's of warm fuzzy feelings. I have know a lot of folks that have worked for them in IT, they do have a large turnover in that group.

-- BH (silentvoice@pobox.com), October 26, 1999.