"We have met the enemy and he is us"?Pogo

When we decided to write this entire issue about Y2K, we set out to research all we could about who was saying what. I don't know about you, but I'm sick of hearing about it. We've been preparing for Y2K for the last two years, and if the truth be known, we're more than ready.

At the Bankers' Hotline Security Officers Workshop in May, we addressed the security issues of Y2K, and Security Officers on the whole have a pretty good grasp of what has to be done, and where our problems may be most critical.

Even the media is coming around and starting to look at us in a more favorable light. Probably because, of all the industries and governments, both here and abroad, the financial industry is the most prepared of any for the year 2000. We have had calls in this office from the major news channels and publications asking us to comment on the ability of the financial industry to handle the Y2K "crisis" and have attempted to reassure them that there is no "crisis" and leaving your money in an insured institution is still the safest place for it - and will be the safest place for it come New Year's Day, 2000. The banking industry has trained its front lines how to respond to consumers' concerns, printed up millions of pamphlets, and written dozens of columns and articles assuring our customers that all will be well. But, every now and then, we shoot ourselves in the foot.

The American Banker newspaper, which to many almost represents our industry, is considered to be our daily, updated "Bible" and usually gives us straightforward, informative material and news. Therefore, I was stunned to see the irresponsible statement they chose to highlight in an article on May 19 about Y2K. The interview was with a banker who was commenting on the extra cash he expects to have in his vault in December. Pulled as a direct quote, in bold, quarter-inch high letters, it reads, "I am afraid it's going to be 'kill-a-teller week'" The article goes on to say that this particular bank sits 25 miles from the Mexican border, and 100 miles from any sizable town, and therefore "...we are a long way from help and offer a quick getaway across the border. I guarantee robbers are just licking their chops thinking about this." After reading that about your bank, would you want to show up for work in December?!

If they had emphasized the sub-heading inside on page 18, "Banks Plan to Beef Up Security to Guard Cash Reserved for Year-2000", it might have read a little easier, but the headline on page 1 reads, "Small Banks Fear Rash of Robberies When Vaults Fill Up with Y2K Cash." It's too bad the reporter has obviously never worked on the front line of a financial institution. He might then have pulled an earlier quote from the same banker about importing law enforcement and "beefing up security" instead of the one about the teller.

Security Officers know they have their work cut out for them, and almost all I've talked to have added in-depth training, increased and reviewed security measures, arranged for extra protection in the form of armed guards, rehearsed opening and closing standard procedures, and made other appropriate changes, if they were necessary. In this area, as in our deposited funds area and our computer systems, we will be prepared. That's the message we have to get out - without doing damage to ourselves in the process.

Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 5, 6/99