Y2K Glitch Affects Fed Reserve Bank of Chicago and $700K in Payment Deposits

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In the Deseret News, Wednesday, Jan 5, 2000.

Banking system continues to operate glitch-free; SEC reduces effort Associated Press

-snip- The central bank's check-clearing and payments systems "have functioned very smoothly," Skidmore said. He noted one exception, which he described as a Y2K-related "minor glitch" in the electronic system by which banks transfer federal tax payments from businesses and individuals to the U.S. Treasury.

Skidmore said the glitch occurred Monday at the Federal Reserve Bank of Chicago and involved about $700,000 in tax payments from customers of 60 financial institutions in the region, out of a total of some $15 billion processed nationwide that day. It was repaired by Tuesday, he said, adding that the only result is that the affected payments were being posted Tuesday, a day late. -snip-

Full story: www.desnews.com/dn/view/0,1249,145016779,00.html?

-- Jennifer Bunker (Salt Lake City, Utah) (jen@bunkergroup.com), January 05, 2000


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