State and federal banking officials moved again today to assure Iowans their money will be safe from any Y2K problems come January 1st. Officials met with reporters today after an elderly woman cashed in a ten-thousand dollar certificate of deposit and put it in her safe deposit box. Iowa Bankers Association President, John Sorenson, says the unidentified woman is losing interest on the money every day. Sorenson says they’ve worked hard to make banks Y2K ready.Sorenson says there are hundreds of scams out there ready to take advantage of millennium bug concerns. As an example, one company is selling books in which you can hide your money. He says the only problem is that the company mails you the book and then knows your address and which book contains the money. Sorenson says you don’t need to put your money in a book or bury it in the back yard.Jeff Jensen is an officer with the Federal Reserve Bank of Chicago. Jensen says the banks, credit unions and savings and loans they oversee have actually been compliant or near compliant since late 1998.Jensen too says they expect a smooth transition into the New Year. Jensen says the Fed Reserve will double the amount of cash it has on hand to supply institutions. He says they’re encouraging everyone to not take out large amounts of money.
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