>From: Mike McMurrain
>To: Y2K
>Date: Saturday, January 16, 1999 5:34 PM
>Subject: National City Bank prepares for Y2K
>
>
>>Y2K - http://www.maxpages.com/royhuff
>>
>>Hi all,
>>
>>Just received my account statement.
>>Included was a pamphlet on "Confronting the year 2000 issue"
>>
>>also:New checking account rules:
>>
>>"Effective with your next statement, a special linked savings account is
>>opened with every checking account except for the National City Sweep
>>Account and the National City Asset Management Account. At the beginning
>>of each statement period, funds in each checking account that are in
>>excess of a THRESHHOLD BALANCE AS ESTABLISHED BY THE BANK from time to
>>time in ITS DISCRETION, are swept automatically into the linked savings
>>account. If during any ststement period the funds in a checking account
>>fall below the threshhold balance then the funds in the savings account,
>>if any, are automatically swept back into the checking account to
>>restore the
>threshhold
>>balance. On the 6th such sweep during a ststement period all funds in
>>the savings account will be returned to the checking account. YOU CANNOT
>>DIRECTLY ACCESS THE LINKED SAVINGS ACCOUNT. Each checking account and
>>its linked savings account are treated as a single account for purposes
>>of record keeping and fees. The linkage of the accounts will not affect
>>your use of the checking account. Please note that as required by
>>federal regulation, the bank reserves the right to require 7 days
>>written notice from you of intended withdrawls from any savings
>>account." (capitals added for emph.)
>>
>>Who gets it?
>>The bank can now keep me from withdrawing more than the THRESHOLD
>>BALANCE without a 7 day written notice(federal regulation), because
>>anything over the THRESHHOLD BALANCE will be in a savings account, not a
>>checking
>account.
>>
>>I wonder if the threshhold will be the same for everyone? (or a function
>>of balance)
>>
>>Anyone else have a bank making this change?
>>
>>I wonder if this has anything to do with the FDIC know your customer
>>program.
>>
>>If the threshhold was a function of average withdrawls, and you exceed
>>that threshhold x times, you have an abnormal pattern of withdrawls, and
>>are subject to investigation.
>>
>>Time to move to cash.
>>
>>Mike
>>
>>
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>
>
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