OHIO’S STATE-CHARTERED FINANCIAL INSTITUTIONS

ARE WELL PREPARED FOR Y2K

All of Ohio’s state-chartered financial institutions have received the highest rating for Y2K preparedness, according to Superintendent of Financial Institutions F. Scott O’Donnell.  Y2K encompasses the potential computer problems that might be experienced on or around January 1, 2000. 

“Ohio’s financial institutions have  taken significant steps in order to make an uneventful transition into the Year 2000,” Superintendent O’Donnell said.  “This extraordinary effort by the financial institutions is designed to ensure that their customers will be able to conduct business as usual before and after January 1.”

Superintendent O’Donnell pointed out that while he cannot guarantee that there won’t be an occasional glitch, he said that many of Ohio’s financial institutions are already successfully using their Y2K-ready systems.   

“The greatest assurance that the public can receive is that their accounts are insured,” the superintendent said.  “As Donna Tanoue, Chairman of the Federal Deposit Insurance Corporation (FDIC), has said, ‘Y2K will not affect deposit insurance in any way.  There are few guarantees in life but the FDIC and the credit union insurance fund offer one of them:  No one has ever lost a penny of insured funds.  That’s a guarantee you can depend on now and in the year 2000.’ ” 

In addition, Superintendent O’Donnell urged Ohioans to check with their financial institution to ensure that their account relationships don’t exceed the insurable amounts.

He said that the decision to withdraw money from a financial institution account is a personal one.  Before making this decision, the Superintendent encourages Ohioans to consider the security and safety risks associated with having large amounts of cash on your person or in your home.  “I plan on withdrawing a few extra dollars over the New Year’s weekend – just as I typically do for any long holiday weekend.  That’s it; the vast majority of my money is staying in my insured accounts,” Superintendent O’Donnell said.   

O’Donnell also has a special warning for senior citizens who might be thinking of withdrawing large sums of money from their accounts.  “Recent examples nationwide unfortunately show that scam artists and thieves will target seniors during a time of uncertainty.   By withdrawing large sums of money from your accounts, seniors may become tempting targets for muggings or robberies.  I strongly encourage seniors to leave the vast majority of their money in their accounts and not become tempting targets for thieves,” Superintendent O’Donnell said.  O’Donnell was referring to a California senior citizen who withdrew $12,000 from her account, went to a department store and was mugged.  In Texas, scam artists gave seniors free book safes shaped like bibles.  Soon afterward many of the safes were stolen. 

In preparation for January 1, 2000, the Division of Financial Institutions recommends that consumers contact their financial institution to ask about their Y2K preparations.  In addition, the Division recommends that consumers maintain copies of their transaction receipts and compare them against their regular statements.   “This should be done every month and not just during the Year 2000 transition,” Superintendent O’Donnell said. 

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(This material is a “Year 2000 Readiness Disclosure” statement containing information believed to be accurate.)

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