Thu, Jul 9th, 2009
NEW YORK (CNNMoney.com) -- Californians will have fewer places to redeem IOUs issued by the cash-strapped state after Friday.
At least two major banks, Wells Fargo (WFC, Fortune 500) and Bank of America (BAC, Fortune 500), will stop accepting the IOUs, while JPMorgan Chase (JPM, Fortune 500) has not yet decided whether it will extend its original July 10 deadline.
More than 60 credit unions, however, will continue to accept the paper.
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People holding California state IOUs -- including taxpayers, vendors and local governments -- will soon have a tougher time redeeming them, as most major banks are standing firm on a vow not to cash the vouchers after today.
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Wells Fargo and Bank of America will take state IOUs | FTB
From Tom Petruno's Money & Company blog in the LA Times: Wells Fargo and Bank of America said today they would resume allowing customers to deposit California IOUs, which both banks had stopped accepting in early July. Read More...(Business & Finance)
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California has over $17 billion on deposit in banks that have refused to honor its IOUs, forcing legislators to accept crippling budget cuts. These austerity measures are unnecessary. If the state were to deposit its money in its own state-owned bank, it could have enough credit to solve its budget crisis with funds to spare.(Business & Finance)
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JP Morgan bank bails out California with a loan to pay off its IOUs. But the bank, itself, was bailed out by Congress. There is no free market left in banking.(Business & Finance)
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