A. The bug refers to a defect in some older model computers, manufactured before September 1997; where they were programmed to recognize only two digits to represent any given year i.e. 1999.
Because of this, it is uncertain which computers will know to roll the first two digits of the new year over to 2000 rather than remain at 1900.
Q. Is the banking industry prepared for the coming of the new year 2000?
A. Yes. U.S. banks are spending $8 billion to fix computer issues. In addition, bank regulators are requiring banks to meet the Y2K demands by testing and re-testing computer systems. Also, mortgage systems within the banks already recognize the year 2000 and all credit cards are working past the expiration date of the year 2000.
Q. Will all the computers and their programs be affected by this bug?
A. No. Most of the newer computers and software manufactured since September 1997, and some manufactured before that date, have been designed to recognize a four digit year.
Q. What can I, the customer, do to prepare for the new year 2000?>
A. You are probably already doing what will be the most helpful to you, by saving all transactional receipts regarding deposits, loan payments, statements and investments, etc.
Q. Will I be able to access my safe deposit box without any problems?
A. Absolutely. The accessibility to your safe deposit box will not be affected in any way.
Q. Despite all preparations, what if the new system experiences problems?
A. It is most important to remember that all insured accounts are covered against any losses up to the limits provided by the coverage.
Q. Is my money safe?
A. Yes. Your money is insured by the FDIC insurance.
In addition, no depositor has ever lost a cent of insured funds at an FDIC-insured bank or savings institution.
Q. Is anyone or any association outside of the bank verifying that FLAG is taking all necessary precautions regarding the year 2000 issue?
A. Yes. There are five (5) regulatory agencies closely monitoring our progress to ensure all critical steps are being taken to prepare for the year 2000.
Q. Should I take my money out of the bank before the new year 2000 gets here?
A. No. Since there is no risk to your savings it would be beneficial to you to leave your funds in your account so it may continue to earn interest.
Q. What if I expect an error has occurred with my account due to the new year 2000 date change?
A. Our bank keeps backup copies of all account records in our file, so we can access any information you may have in question.
Q. Are all of the computers that are associated with FLAG Financial OK?
A. Yes. We have tested all of our computers up through the year 2099.