The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal Reserve Bank of Dallas l l★K ROBERT D. McTEER, JR. DALLAS, TEXAS 75265-5906 PRESIDENT AND CHIEF EXECUTIVE OFFICER June 15, 1999 Notice 99-42 TO: The Chief Executive Officer of each financial institution and others concerned in the Eleventh Federal Reserve District SUBJECT Year 2000 (Y2K) Checklist DETAILS The regulatory agencies have issued a checklist of things that consumers can do to protect themselves during the Year 2000 rollover. The release, titled A Y2K Checklist for Customers, encourages customers to take certain steps in anticipation of the date change. The agencies developed the checklist as part of their customer awareness program. Customer awareness programs are a critical means of ensuring customer confidence in their own banks and the U.S. banking system in general. ATTACHMENT Attached is a copy of the Y2K customer checklist. MORE INFORMATION For more information, please contact Angela Desmond at (202) 452-3497 or Jamie Lenoci at (202) 452-2288. For additional copies of this Bank’s notice, contact the Public Affairs Department at (214) 922-5254. Sincerely yours, For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. From the smallest to the largest, federally insured financial institutions have been working hard to make sure their computer systems will operate smoothly in the Year 2000 (Y2K). In addition, federal and state regulators are closely monitoring the progress of institutions they supervise to make sure Y2K issues are being addressed. Despite the best efforts of the industry and the regulators, no one can guarantee that everything will work perfectly. That’s why financial institution customers may want to consider taking steps in anticipation of the date change. You can refer to the following checklist to prepare yourself for Y2K. Educate Yourself About Y2K Find out what your financial institution is doing to address consumer concerns. If you have questions, speak with a representative who knows about the institution’s Y2K program. Keep Copies of Financial Records As always, keep good records of your financial transactions, especially for the last few months of 1999 and until you get several statements in 2000. Pay Attention to Your Finances As always, balance your checkbook regularly. When you receive a transaction receipt from your institution, check it for accuracy and save it to compare against your statement. It’s also smart to review your credit report to make sure it doesn’t contain inaccurate information. Make Prudent Remember all your payment options (checks, credit cards, debit cards, ATMs and Preparations tellers) in the event that one doesn’t work as planned. The Federal Reserve has plans to ensure that there will be sufficient cash available for consumers. If you withdraw money, make reasonable decisions based on solid information; don’t put yourself at risk of being robbed or losing valuable interest payments. Be on Guard Against Y2K Scams Be skeptical if someone asks for your account information or tries to sell you a product, service or investment that’s supposedly Y2K “safe.” Protect your personal information, including your bank account, credit card and Social Security numbers. Review Your Deposit Insurance Coverage The federal government’s protection of insured deposits will not be affected by Y2K. If you have more than $100,000 in an insured bank, thrift or credit union, you may want to make sure you understand the insurance rules. Check with your financial institution or call the Federal Deposit Insurance Corporation at 1-800-934-FDIC (for banks and savings institutions) or the National Credit Union Administration at 703-518-6330 (for credit unions). Federal Deposit Insurance Corporation u Board of Governors of the Federal Reserve System u National Credit Union Administration u Office of the Comptroller of the Currency u Office of Thrift Supervision For more information about financial institutions’ Y2K readiness, customers may contact: State-chartered banks that are not members of the Federal Reserve System are supervised by: Federal Deposit Insurance Corporation (800) 934-3342 Internet: www.fdic.gov Banks with state charters that belong to the Federal Reserve System are supervised by: Board of Governors of the Federal Reserve System (202) 452-3693 Internet: www.federalreserve.gov Federal credit unions are supervised by: National Credit Union Administration (703) 518-6330 Internet: www.ncua.gov National banks are supervised by: Office of the Comptroller of the Currency (800) 613-6743 Internet: www.occ.treas.gov State and federally chartered savings associations are supervised by: Office of Thrift Supervision (800) 842-6929 Internet: www.ots.treas.gov For general information on Y2K, consumers may contact the President’s Council on Year 2000 Conversion. (888) USA-4-Y2K or (888) 872-4925 Internet: www.Y2K.gov You can obtain a free copy of “The Year 2000, Your Bank and You,” a special edition of the FDIC Consumer News devoted entirely to Y2K, by calling the Consumer Information Center toll-free at (888) 878-3256 or (888) 8-PUEBLO or by writing them at: Consumer Information Center, Item 613-F, Pueblo, CO 81009.
