Which Institutions Will Honor a 2009 Registered Warrant?
This page will be updated as new information is received by the State Controller's Office
September 1, 2009, Update:
State of California registered warrants (IOUs) issued in 2009 will be payable beginning Friday, September 4, 2009. If you want to receive interest that has been earned on the IOU, you must present the warrant to the State Treasurer's Office at 915 Capitol Mall, Sacramento, CA. You may also mail it to the Treasurer's Office at Attention: Registered Warrant Desk, State Treasurer's Office, 915 Capitol Mall, Sacramento, CA 95814.
For more information about redeeming an IOU, please call the State Treasurer’s Office at 1-888-864-2762 or visit them online at www.treasurer.ca.gov.
IOU recipients who are interested in cashing their IOUs with a local financial institution (rather than directly with the State Treasurer’s Office) should contact the financial institution to determine whether it will honor the IOU and whether it will collect the interest earned or pay the interest to the IOU recipient.
A registered warrant is a “promise to pay,” or an IOU, that is issued by the State when there are not enough funds to pay all of its General Fund obligations. Registered warrants bear interest and are redeemable by the State Treasury only when the General Fund has sufficient money.
Assuming there is adequate cash in the Treasury, registered warrants issued in 2009 may be redeemed beginning October 2, 2009. Both the issue and the maturity date will be printed on the warrant. (Please see update above.)
If the Pooled Money Investment Board (PMIB) determines there is sufficient cash available for redemption at an earlier date, the warrants may be redeemed earlier than October 2, 2009. (Please see update above.)
How can I redeem the warrant?
When registered warrants are eligible for redemption, they can be presented in person or by mail to the State Treasurer’s Office, Attn: Registered Warrant Desk, 915 Capitol Mall, Sacramento, CA 95814.
Will my financial institution honor a registered warrant (IOU) before October 2, 2009?
Recipients of registered warrants (IOUs) should contact their financial institution to determine whether it will honor the registered warrant before the redemption date. (Please see update above.)
IOU holders interested in cashing their IOUs with a financial institution (rather than directly with the State Treasurer’s Office) should confirm that the institution is accepting IOUs, and how the institution will handle the interest owed.
Following is information on financial institutions and government agencies that have publicly reported they will accept registered warrants. Please note that this information has been furnished by the institutions or their trade associations and should be verified by the customer on an individual basis. The State Controller's Office does not represent this as a complete list of financial institutions or other entities accepting registered warrants, and the list is subject to change without notice.
The State Controller's Office offers its sincere thanks to all financial institutions - including those not referenced on this page - that have accepted registered warrants through this difficult time. These actions have helped to reduce the hardship on California families and businesses during this severe financial crisis.
- For information on paying certain State tax obligations with registered warrants (IOUs), please see the State Franchise Tax Board Web site and the State Board of Equalization Web site.
- The City of Sacramento has announced an IOU redemption program for city residents and businesses.
- For a list of California credit unions accepting IOUs, please visit the website of the California and Nevada Credit Union Leagues.
- Although some of the State's larger banks have declined to accept IOUs issued in 2009, here is a partial list of large banks (updated 10-09-09) that have indicated they will honor these registered warrants for their customers. Please contact your bank for updated information.
- For additional information on redeeming registered warrants, please visit the California State Treasurer's Web site.