KXO RADIO - Local Banks will accept the state I.O.U.'s

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Todays is : Friday, 03 September 2010

Written by George Gale
Friday, 03 July 2009
(State begins issuing I.O.U.’s, but where can they be cashed?)….It turns out several local financial institutions will accept the Registered Warrants. The Warrants are payments from the state in lieu of cash. The state Controller ordered the I.O.U.’s issued to pay some of the state’s bills, after legislators failed to adopt a budget for the new fiscal year. Several financial institutions in Imperial County say they will accept the Warrants from existing customers, and some say they will accept them through July. The Institutions accepting the warrants are Golden 1 Credit Union, Rabobank, Community Valley Bank and Desert Commercial Bank. Sun Community and First Imperial have not said if they will accept the I.O.U.’s or not. Friday is a holiday and both credit unions are closed until Monday, and nobody is available to comment. The state has said the financial institutions should be able to collect on the warrants in October.