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Calling all banks honoring California IOUs
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So far, I have Bank of America, Wells Fargo and Chase saying they will honor the California IOUs until Friday.
WSJ also puts Citi in the mix.
Here press releases from some others:
http://www.tcbk.com/documents/State-Issued-IOUs-Tri-Counties-Bank.pdf
https://www.cathaybank.com/a_SpecialNotice.asp
http://www.heritageoaksbank.com/
https://www.americanriverbank.com/policy_CA_registered_warrants
https://www.bankofthesierra.com/custom/bankofthesierra/pdf/CA-State_RegWarrants-070609.pdf
The conditions of acceptance also vary:
Heritage Oaks Bank will only accept warrants from customers that have been with the bank for one year.
Tri Counties gives a July 10 cutoff, and says it will only accept warrants made payable directly to customers.
Cathay Bank also gives the July 10 deadline and will only accept IOUs from customers who had an account open as of July 1 – the day before the IOUs started going out.
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The Wall
Could it be that acceptance of California “IOUs” by major banks is another way to channel Federal bailout money to the State of California? That is, IOU traded to bank for cash — bank forwards IOU to the Fed — Fed replaces bank’s cash. So much for not accepting a government bailout. – GML