Sep 2nd, 2009 - bizjournals
Bank of America and Wells Fargo said Wednesday that they will soon start cashing California IOUs for their customers.
Wells (NYSE: WFC) will start cashing IOUs on Sept. 4, the same day the state will begin redeeming its IOUs. BofA (NYSE: BAC) said it will start accepting them Sept. 9.
Both banks will credit interest paid by the state to their customers’ accounts. But Wells said it will only do so if the interest amount exceeds $5. Wells will stop crediting customers for interest due after Sept. 30, but will continue to cash them for face value after that date.
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Related videos from YouTube:
4:04California Hands Out IOUs (07/07/09)
The Golden State is in a financial mess thats anything but golden. Things are so bad, the state has begun issuing IOU's to some unlucky parties. Jared explains how banks are handling them, as well as which companies may be affected.
