Banks believe they and their customers could be more vulnerable because so many people plan to take out at least a little additional money before the new year, just in case the Y2K computer glitch temporary paralyzes financial systems when the clock ticks over to Jan. 1, 2000. In a Gallup Poll last month, in fact, two-thirds of people surveyed said they planned to take extra cash out of the bank in the days before Jan. 1. Hallock said Columbia's Y2K task force spent time discussing security measures when it met this week. Equally important, Hallock said, will be alerting customers to be careful with all the money they'll be stuffing under the mattress and into cookie jars. We're especially worried about the people who flim-flam senior citizens.
Government officials are worried, too.
In April, five federal agencies that regulate financial institutions put together a Y2K checklist for consumers. Most bankers believe that although people will need to be careful, the danger should turn out to be minimal. Banks, after all, are already used to protecting themselves at times when they hold extra cash, such as payroll and Social Security days. Be cautious about taking a lot of cash out. We have to educate people about those things.