BofA and Wells Fargo to Accept IOUs

When California’s government ran out of cash to give to rightful income tax return recipients, it decided to instead issue thousands of IOUs that would give California time to recuperate its assets. Bank of America and Wells Fargo are now among the banks that will honor these IOUs.
Bank of America will begin accepting IOUs on September 9, immediately honoring the face value of the IOU, and interest will be paid thirty days later. No IOUs will be accepted after October 9, giving the over 100,000 Californian Bank of America customers a month to submit their IOUs. The process, though, has …read more