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02-07-2009, 05:40 PM
Bank of America said Wednesday that it will accept IOUs from the State of California from its customers through July 10.
“To support our customers, while giving the government additional time to pass a budget, we will accept California state-registered warrants - or IOUs -from existing customers and clients,” the bank said. “Based on state disbursement estimates, we will accept the registered warrants through July 10.”
Richmond-based Mechanics Bank said late Wednesday that it, too, will accept California IOUs from the bank's "established customers."
Wells Fargo and Chase had not made a decision as of Wednesday evening on whether to take the IOUs.
The state may start issuing IOUs as early as Thursday.
“To support our customers, while giving the government additional time to pass a budget, we will accept California state-registered warrants - or IOUs -from existing customers and clients,” the bank said. “Based on state disbursement estimates, we will accept the registered warrants through July 10.”
Richmond-based Mechanics Bank said late Wednesday that it, too, will accept California IOUs from the bank's "established customers."
Wells Fargo and Chase had not made a decision as of Wednesday evening on whether to take the IOUs.
The state may start issuing IOUs as early as Thursday.