The following is a list of actions that financial institutions can pass along to their customers to help them prepare for any possible detrimental effects of the Y2K computer bug.
- Stay Educated: Customers should not hesitate to ask their financial institution what it is doing to address the Y2K bug.
- Keep Copies of Financial Records: Keeping records of financial transactions, especially for the last few months of 1999 and the first few months of 2000, will be important for customers.
- Pay Attention to Finances: Customers should always balance their checkbook and check their financial institution receipts for accuracy.
- Make Prudent Preparations: If one payment option does not work, customers should remember that several others are available (checks, credit cards, debit cards, etc.).
- Guard against Y2K Scams: Customers should be skeptical about those who ask for their account information or try to sell them a product, service or investment that's supposedly "Y2K safe."
- Review Deposit Insurance Coverage: The federal government's protection of insured deposits will not be affected by Y2K. Customers with more than $100,000 in an insured bank, thrift or credit union will want to make sure they understand the insurance rules at their financial institution.