BofA, Wells Fargo will take California's IOUs

Sep 2nd, 2009 - Reuters

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SAN FRANCISCO, Sept 2 (Reuters) - Bank of America Corp(BAC.N) and Wells Fargo & Co (WFC.N) said on Wednesday theywill accept IOUs issued by California's state government topreserve its dwindling cash during its budget crisis.

Bank of America will accept the IOUs, technicallyregistered warrants, beginning Sept. 9, honoring the principalinstantly. Interest on the IOUs will be paid up to 30 dayslater. The window closes on Oct. 9.

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