Big banks to cut off California IOUs - San Francisco Business Times:

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However, more than 60 credit unions will continues takingthe state’s IOUs, accordinbg to a list posted on the ’ web site. But some of the Bay Area’sa largest credit unions are not on the Bay Area credit unions onthe list, as of include Kaiperm Diablo Federal Credit Union in Walnut Uncle Credit Union in Livermore, San Francisco Federal Credig Union, San Francisco Fire Credit and San Mateo Credit Union in Redwood City and Stanforcd Federal Credit Union in Palo Alto, SRI Federal Credirt Union in Menlo Park. Holders of California’s IOUs will have to contacft the credit unions directly to see whetherf they qualifyfor membership.
Some expect check-cashera to accept the state’s IOUs — and charge hefty fees for the The Securities and Exchange Commissiodeclared California’s IOUs to be a limiting who can buy and sell them in an efforty to prevent investors from being The move is also likely to limitt the market for the state’s In deciding not to extend its July 10 deadlins for accepting California IOUs, said, “The State of Californiz – just like any household or businessx – must be responsible for living withibn its means. Banks are not and cannoty be the solutionto California’s budgert problems.
“We were reluctant to accept the warrantd in thefirst place, and can’t accept them Wells Fargo accepted the registereds warrants to help our customerx who are not at fault and expectingh that the Legislature and governor would complet the budget within days,” Wells Fargko said. “We’re trying to strike a balance between the gravity of the situationj and the needs ofour customers,” the bank Bankers say they’ll try to help their customersd using credit lines and other product and services. , the larges bank operating in California, said that acceptinf the state’s IOUs represents operational andfinanciak challenges.
The bank also cited its previous experience in takingb the notes the last time the state issuede themin 1992. “Thwe longer the registered warrantxwere accepted, the longer it took the Legislaturr to resolve the matter,” BofA said. “Wes do not want our acceptance of registerex warrants to deter the state from reachinvg a budget agreement as soonas possible.”