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BofA puts 7-day hold on California IOUs
SFBizjournal ^
| 6/6/09
Posted on 07/06/2009 2:08:29 PM PDT by anniegetyourgun
Bank of America will accept California IOUs, but it won’t credit depositor accounts for at least a week.
The fine print was included in an interview in Monday’s American Banker with a BofA spokeswoman.
(Excerpt) Read more at bizjournals.com ...
TOPICS: Business/Economy; Government; News/Current Events; US: California
KEYWORDS: bofa; ca; fail; financialcrisis; ious; unconstitutional
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BREAKING: CA credit rating now junk.
To: anniegetyourgun
2
posted on
07/06/2009 2:10:37 PM PDT
by
Miss Behave
(OMG, my tagline is stalking me.)
To: anniegetyourgun
When the bank starts holding your checks, you are in serious trouble.
3
posted on
07/06/2009 2:10:37 PM PDT
by
GonzoGOP
(There are millions of paranoid people in the world, and they are all out to get me.)
To: wafflehouse; Leisler; PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; nicksaunt; ...
Per the UCC (via Wikipedia), IOUs (in California, registered warrants) are not considered negotiable instruments, so it's a wonder that the banks are accepting them for deposit at all. Certainly, availability of funds is not governed by the Fed's Reg CC.
4
posted on
07/06/2009 2:15:16 PM PDT
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: anniegetyourgun
So what's the latest poop with BoA?
The Kenyan owns Government Motors. He fixed it so the auto union will own it in a few years.
Hussein owns a big chunk of Bank of America. Unions paid The Obammunist a lot of bucks. The Service Employees International Union owns stock in B of A. SEIU wants to unionize banks.
Connect the dots.
yitbos
5
posted on
07/06/2009 2:15:17 PM PDT
by
bruinbirdman
("Those who control language control minds.")
To: GonzoGOP
Has anybody actually seen one of this instruments. Does it really have a picture of Maria Schiver naked on it?
6
posted on
07/06/2009 2:16:14 PM PDT
by
Oldexpat
To: SmithL
7
posted on
07/06/2009 2:16:15 PM PDT
by
Miss Behave
(OMG, my tagline is stalking me.)
To: anniegetyourgun
“Bank of America will accept California IOUs, but it won’t credit depositor accounts for at least a week.”
Ok, I’m confused. This sounds a lot like a laundering scheme or a debt rollover or something.
8
posted on
07/06/2009 2:17:49 PM PDT
by
DonaldC
To: GonzoGOP
Except the California registered warrant’s aren’t checks at all.
IMHO, they’re time-limited bills of credit, forbidden by Article 1, Section 10 of the United States Constitution.
Regardless, does anyone here actually think California will have the cash to satisfy the warrants on the redemption date? [I don’t think so.]
9
posted on
07/06/2009 2:19:46 PM PDT
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: Oldexpat
It's this shot, without the clothes:
10
posted on
07/06/2009 2:19:53 PM PDT
by
ConservativeMind
(The UN has never won a war, nor a conflict, but liberals want it to rule all militaries.)
To: anniegetyourgun
B of A used to be headquartered in California, but that changed 5 or so years ago —does anyone now know where they’re based?
Does anyone here doubt that part of BofA’s decision had something to do with the fact that they left California? That if they had stayed, that they would have come under higher pressure to simply deposit the IOU’s...?
11
posted on
07/06/2009 2:20:18 PM PDT
by
gaijin
To: Oldexpat
Does it really have a picture of Maria Schiver naked on it?
Oh ouch, bad image alert.
12
posted on
07/06/2009 2:21:10 PM PDT
by
GonzoGOP
(There are millions of paranoid people in the world, and they are all out to get me.)
To: anniegetyourgun
I am so glad I no longer live in the Communits state of California.
13
posted on
07/06/2009 2:21:40 PM PDT
by
Danae
(Conservative does not equal Republican. Conservative does not compromise.)
To: gaijin
B of A used to be headquartered in California, but that changed 5 or so years ago —does anyone now know where they’re based?Charlotte, North Carolina.
14
posted on
07/06/2009 2:22:05 PM PDT
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: All
Bank of America has a history of “holding” checks while your drafts clear causing them to bounce so they can collect overdraft fees, they have been sued many times for this. I wonder if they are just doing it again, this time using the IOU scheme as a ploy?
BoA is a bunch of crooks, left them a long time ago...
To: Travis McGee; TigerLikesRooster; sickoflibs
Looks like California is really f-ed this time around.
16
posted on
07/06/2009 2:22:43 PM PDT
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: GonzoGOP
Was Maria Schiver ever attractive?
17
posted on
07/06/2009 2:23:17 PM PDT
by
DonaldC
To: DonaldC
but it won’t credit depositor accounts for at least a weekcan I pay my bills with my IOU,s? I don't mind if the bank holds them for a week if they'll just pay my bills for me.
18
posted on
07/06/2009 2:23:20 PM PDT
by
MrPiper
To: Miss Behave
"
Right on schedule." Or is that "Left on Schedule"
19
posted on
07/06/2009 2:24:08 PM PDT
by
editor-surveyor
(The beginning of the O'Bummer administration looks a lot like the end of the Nixon administration)
To: The Magical Mischief Tour
I don’t disagree with you; the folks at BofA are bastards. However, these IOUs aren’t checks at all.
20
posted on
07/06/2009 2:24:12 PM PDT
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
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