Fri, Jul 10th, 2009
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California’s large banks are sticking with their decision to stop accepting California IOUs after today.
However, more than 60 credit unions will continue taking the state’s IOUs, according to a list posted on the California Credit Union League’s web site. But some of the Bay Area’s largest credit unions are not on the list.
Bay Area credit unions on the list, as of Friday, include Kaiperm Diablo Federal Credit Union in Walnut Creek, Uncle Credit Union in Livermore, San Francisco Federal Credit Union, San Francisco Fire Credit Union, and San Mateo Credit Union in Redwood City and Stanford Federal Credit Union in Palo Alto, SRI Federal Credit Union in Menlo Park.
Related stories from top sites:
Big banks stop cashing California IOUs
Jul 6th, 2009 - CNNMoney
NEW YORK (CNNMoney.com) -- Californians have fewer places to redeem IOUs issued by the cash-strapped state. At least three major banks, Wells Fargo (WFC, Fortune 500)...
More banks refuse California IOUs
Jul 6th, 2009 - UPI.com
SACRAMENTO, July 11 (UPI) -- Four major banks, including Bank of America Corp., say they stopped accepting IOUs Saturday from the cash-strapped state of California.Bank of America...
California IOUs to be shunned by big banks after today
Jul 6th, 2009 - Los Angeles Times
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.
Big banks to stop cashing California IOUs
Jul 6th, 2009 - CNNMoney
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...
Big Banks Don't Want California's IOUs
Jul 6th, 2009 - Wall Street Journal
A group of the biggest U.S. banks said they would stop accepting California's IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap.
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- Major Banks May Not Honor...Thousands of vendors who do billions of dollars of business with the state of California are scrambling as major banks say they will no longer honor the state's IOUs.
Related stories from Digg:
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)
FeedTheBullThu, Sep 3rd, 20091 Diggs, 0 CommentsHow California Could Turn Its IOUs into Dollars
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)
racetoinfinityWed, Aug 26th, 20092 Diggs, 0 CommentsCalifornia Bailed Out by JP Morgan
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)
tracyaustinMon, Aug 24th, 20091 Diggs, 0 Comments
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