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Published on 08/25/99

Keep Financial Records for Y2K, or Any Year

". . . You need to keep good records all the time, not just because you're worried about the Y2K 'bug.'"

Esther Maddux, UGA College of Family and Consumer Sciences

Computer experts have been working hard to make sure nothing will happen to your bank accounts on Jan. 1, 2000, said a University of Georgia specialist. You need not worry.

"There are some end-of-year statements and paperwork to collect," said Esther Maddux, an Extension Service financial specialist with the UGA College of Family and Consumer Sciences. "But you need to keep good records all the time, not just because you're worried about the Y2K 'bug.'"

Banking and financial institutions began preparation for the 1999-2000 rollover several years ago. So their systems are either compliant or are scheduled to be compliant before the new year.

"The banks are ready," Maddux said. "So banking customers just need to collect records they normally would at the end of the year."

Maddux recommends you have three to six months' worth of these records at the end of the year.

  • Checking and savings account statements.
  • Loan and repayment schedules (including credit cards) and payment receipts.
  • Investment account statements.

With these records, if problems do occur, you'll be able to straighten them out quickly.

For further peace of mind, the Federal Trade Commission offers these precautions to ease your way into the next millennium.

  • Ask your financial service provider how it is dealing with the rollover. If you're not comfortable with the response, consider doing business elsewhere.
  • Ask what type of backup records are kept in case of an emergency. How would these records be used to identify and correct problems affecting your deposit, loan, or other account?
  • Get a copy of your credit report from one of the three major credit bureaus -- Equifax (800-685-1111), Experian (800-682-7654) or TransUnion (800-916-8800) -- before and after Jan. 1, 2000. You may be charged up to $8 for your report. Check for errors and report them to the credit bureau.

For more information about Y2K and your finances, visit these sites on the World Wide Web:

Some people plan to have a little extra cash on hand near the new year, just in case. But remember, cash can easily be lost or stolen. Banking experts say any funds in FDIC-insured accounts are safe, no matter what happens to the computers.

In a recent on-line interview, Federal Deposit Insurance Corporation chairman Donna Tanoue said, "FDIC-insured deposits are safe, just as they always have been. The FDIC's protection of insured deposits will not be affected by the year 2000."

Experts/Sources:
Esther Maddux
Consumer Credit Counseling Services
Federal Deposit Insurance Corporation
Federal Trade Commission
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