Customer Communication on Y2K

The FDIC encourages banks to communicate with their customers about Y2K. In fact, this may be the most important means of minimizing Y2K problems that result from consumer fears.

FDIC has released guidance on how to communicate with customers. This guidance has been mailed to all state non-member banks and is also available on the FDIC's website.

FDIC recommends four key points to address in communicating with customers: Describe the Y2K issue; address customer concerns and expectations, including the importance of customer information and attitude; describe your bank's Y2K project plan; and describe your contingency plans.

The FDIC Consumer News issue dealing with Y2K (Fall 1998) is also available for reprinting and distribution.

Copyright © 1999 Compliance Action. Originally appeared in Compliance Action, Vol. 4, No. 3, 3/99