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Technology Stocks : Discuss Year 2000 Issues
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To: Technologyguy who wrote (6377)7/8/1999 5:52:00 AM
From: John Hunt  Read Replies (4) of 9818
 
Re Cash on hand

If anyone feels uncomfortable with too much cash at home, put part of it in a safety deposit box. I think that it is unlikely that the banks will physically close their doors at all and certainly not for more than a few days. Opening a second account for a few months at another bank is probably a prudent move.

IMHO, what is more likely is that public panic will cause the banks to restrict the amount that you can withdraw in cash, above a minimum amount, to some percentage (say 50%) of your average cash usage in previous months. You will still be able to write checks or use debit and credit cards for purchases, payments, etc. Check clearing times might lengthen if any other banks in the system are having problems.

John
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