Source: www.washingtonpost.com
Yesterday (Wed 7/1) Bank of America said it would accept IOUs from its customers through July 10th. These IOUs are the registered warrants; keep in mind (previous post).
They join Wells Fargo and Addison Avenue Federal Credit Union, yet many other banks still ponder the decision, according to Business Journal. For one thing, the interest rate hasn't been set yet, although it is expected to be about 5%. The registered warrants are redeemable October 1st.
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"“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."
