I don't see anybody panicking in terms of their financial institutions, but perhaps with other products and services they receive. In fact, the way we look at it, if you are an account holder at Bank of Utah, you actually have gone into 2000 and come back out. All your accounts have been tested as if we have gone into 2000, and we feel very confident. Steve Rackham, compliance officer at Ogden's Centennial Bank, said a computer service bureau has tested the bank's systems by advancing it to several dates in the year 2000. Headlee noted that identical tests have be run at all banks big or small, urban or rural.
Every bank is regulated because every bank is insured.
Every one has taken good care that they will be prepared. But banks have contingency plans established in case, say, they need backup electrical service. At the behest of those institutions, Commissioner Ed Leary of the Utah Department of Financial Institutions has authorized them to remain open. And customer recordkeeping may be the key, Walker said. People should take precautions, like we are, and things will be fine.