Bank vaults full of extra money emptied and sent back to Federal Reserve
Piles of cash, stacked up in bank vaults across the country, are being emptied and sent back to the Federal Reserve. Billions of dollars in extra currency was pumped into the nation's banking system just in case there was a run on money at the end of the year. There wasn't, and the money is headed home.
It turns out ATM machines had plenty of money so did financial institutions. Americans didn't rush out to the bank on New Year's Eve and withdraw their life savings so the money is going back where it came from.
Armored trucks are busy at banks across the nation. Workers are emptying out the safes and taking all the extra cash back so the influx of bills doesn't have a significant impact on the economy. The Federal Reserve distributed some $80 billion to banks, thrifts and credit unions during the fourth quarter of 1999. That's four-times the amount of money usually pumped into the system at the end of the year.
Now that 2000 has arrived without a run on banks, the banks and other financial institutions started packing up the surplus currency, it's a process which is expected to take several days.
Overall, the nation's banking system appeared to be operating largely free of Y2K glitches. ATM machines are stuffed with extra cash and working just fine as well.
Some people didn't think the banks would make it through Y2K and stored their money at home. In fact, there's one Kansas City woman who should have just let her money sits in the bank.
The woman, who police are not identifying, took all her money out of the bank and put ii in a safe. She also put some stocks and bonds worth thousands of dollars into the safe. She wanted Y2K and the banks to stay away from her savings. What she wasn't counting on were thieves.
Four men used a two-wheeled dolly to take her 5-foot-tall vault from her home. The safe was found abandoned in a field. Luckily, the men couldn't break into the safe and the woman's money was still inside. The four men were later arrested on suspicion of robbery and theft. No Y2K bug to worry about, just human nature!
Source: Associated Press
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