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GTE Corp. apologized for advising customers to “withdraw a few weeks’ worth of extra cash” before Dec. 31 to avoid potential problems with bank cash machines or credit cards when year 2000
hits. The advice was sent to about 1.5 million phone customers in California, Florida and Texas in a newsletter item discussing ways customers can avoid snafus at the millennium changeover.
The advice drew criticism as alarmist and potentially harmful to banks. In a statement, GTE said it “is not recommending how people should handle their money, and we sincerely regret any
confusion that may have occurred.” MORE TO READ