First Union
(704) 374-2292
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September 21, 1999
First Union Marks 100 Days to Year 2000; Launches Customer Awareness Campaign
CHARLOTTE - Approaching the 100-day countdown to the new millennium, First Union confirmed the company is ready for the Year 2000 and launched a customer awareness campaign to help customers prepare for the turn of the century. September 23 marks 100 days to Y2K.
"First Union is Y2K ready, and we are now focusing on educating our customers and employees," said Austin Adams, executive vice president of First Union's Automation and Operations Group. "We've had a dedicated team working exclusively on our Year 2000 Project since 1996. First Union identified 70 million lines of code and 69 mission-critical applications that were tested, modified and certified ready by June 30, 1999. We expect business as usual on Jan. 1, 2000."
First Union's customer Y2K awareness campaign includes: - Y2K messages on ATM screens and ATM receipts;
- A Y2K hotline, 1-888-Y2K-FUNB, which offers Y2K tips; callers can also leave questions for First Union's Y2K Project Team;
- Messages on customer statements;
- Brochures to be inserted in statements mailed in late September and October to First Union's 16 million retail and commercial customers;
- Branch merchandising to go on display in November and December;
- Civic presentations; First Union has given more than 300Y2K presentations to community groups since 1996;
- Customer brochures available to individuals as well as companies; the consumer brochure is also available in Spanish;
- Website: www.firstunion.com, which offers articles on how to prepare your finances for Y2K, how to prepare your home PC for Y2K, and First Union's readiness;
- Employee education through television broadcasts, training sessions and print materials to help employees talk to customers about Y2K.
First Union receives more than 44,000 monthly transmissions from 6,000 service providers, suppliers, and vendors, and 28,000 commercial customers, and must ensure that all transmissions meet new standards for the Year 2000. First Union has checked their certification status and (Note: This document is a Year 2000 Readiness Disclosure by First Union Corporation.)
First Union Launches Y2K Customer Awareness-page 2
constantly monitors their Y2K readiness. Throughout the rest of 1999, First Union will test and retest the many interfaces between its own systems and those of its business partners.
First Union's deposit system and largest application, known as Emerald, was designed to be Y2K ready in the 1980s. As First Union completed more than 80 acquisitions since 1985, the company has converted its merger partners onto a single systems platform, rather than maintaining multiple systems platforms. That meant that First Union had to make Y2K fixes to only one deposit systems platform instead of many. This strategy, plus its early start on Y2K, resulted in Y2K expenditures for First Union of only $65 million - significantly less than other large U.S. banks.
To ensure a smooth transition into 2000, First Union will set up a network of Y2K Control Centers throughout the corporation that will operate around the clock from Dec. 30, 1999, through Jan. 10, 2000. These centers will monitor the status of operations and coordinate all communication efforts.
To help consumers prepare financially for Y2K, First Union offers the following tips: - Always keep hard copies of your financial records, regardless of Y2K.
- Don't make yourself a potential robbery victim. Leave your money in the bank, where it is insured by the Federal Deposit Insurance Corporation up to $100,000 per depositor. The FDIC does not insure cash stashed at home.
- Don't fall for Y2K scams. If someone calls your home and offers you the chance to move your money into a "safe" holding account, decline. Don't give out account information over the phone to an unknown caller.
- Heed the advice of Federal Reserve Chairman Alan Greenspan: "Consumers should prepare for the century date change as they would for any long weekend. Those people who do cash out a significant part of their deposits only increase the risk that they will become victims of crime or fraud."
First Union Corporation (NYSE:FTU) is a leading provider of financial services to more than 16 million retail and corporate customers throughout the East Coast and the nation, as well as 130 countries. First Union is the nation's sixth largest bank holding company and eighth largest brokerage company, based on assets of $230 billion as of June 30, 1999.
(Note: This document is a Year 2000 Readiness Disclosure by First Union Corporation.)
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