Olympus E-500 [CF/XD] Card Error

[iKokomo]

I recently just got an Olympus E-500 and it seems to work great until I insert either a Compact Flash or an XD Card.
Whenever I insert either, the red light flashes and then it says CF or XD Card Error. Whenever I try to format it, it says that same thing.

I have recently updated the camera/lens firmware. I have tried different CF/XD cards. I also looked for bent pins in the Compact Flash slot, it seems to be mostly straight and the CF card fully sits.

Still, even if the CF card slot doesn't work, the XD should.

I would like to use this camera, is there a way to fix this? Reinstall the Firmware? Is there some way to reset the camera? Anything?

Thanks!!!