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Sat, Nov 7, 2009
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Local
Banks Say They Will Honor State Issued IOU's
Santa Barbara, CA-- Several banks have announced they will be accepting state issued IOU's from their customers.
Bank of America will give immediate credit to it's customers in exchange for the California IOU's or warrants. Customers can trade in their IOU's until July 10th. The bank says this gives Sacramento some extra time to solve the budget crisis. However, drawing from their 1992 experience with IOU's, the bank did not want to give lawmakers too much time, that's why the July 10th deadline exists. In addition to Bank of America, Wells Fargo, American Riviera Bank, Rabobank and Heritage Oaks Bank are among those accepting the state issued IOU's. The state will pay an interest rate of 3.75 percent for IOU's. |
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