Procedure for Redeeming Registered Warrants (IOUs) In Person

IOUs can be redeemed in person, at the State Treasurer's Office (STO) in Sacramento. The address is 915 Capitol Mall, Sacramento, CA 95814. The walk-in hours will be weekdays, from 9 a.m. through 3 p.m. Please note IOU holders will receive a check, not cash.

INTEREST ON THE IOUs ACCRUED ONLY THROUGH SEPT. 3, 2009.   HOLDERS WILL NOT EARN INTEREST PAST THAT DATE.   IOUs CANNOT BE REDEEMED AFTER SEPTEMBER 3, 2010

The STO will use the following process as long as required by customer demand.

• Individuals presenting IOUs for redemption in person will not have to provide identification. They will have to provide ID to cash or deposit their redemption check at their bank or other financial institution.
• Third parties redeeming IOUs in person will have to provide a notarized bill of sale signed by the person to whom the IOU was issued.

Redeeming IOUs by Mail

Registered warrant holders can redeem their IOUs by mail. The address is: 915 Capitol Mall, Attention Registered Warrant Desk, Sacramento, Ca 95814.

Including mail time, IOU holders should receive their checks in a week to 10 days.

Third parties redeeming IOUs by mail must include a notarized bill of sale signed by the person to whom the IOU was issued.

Lost Registered Warrants

If your registered warrant is lost, you will need to contact the state government agency or department from which you received the registered warrant to place a stop payment on it and have a new warrant issued. The STO is not authorized to issue stop payments or issue replacement warrants.

If your registered warrant was for a tax refund, contact the Franchise Tax Board at 1-800-852-5711; for services or purchases by an agency or department, please contact their accounting office; for Unclaimed Property or if you are unsure of the agency or department who initiated your payment, contact the State Controller’s Office at 916-445-7789. You may find additional contact information for various state agencies and departments under the “Agency Directory” at www.ca.gov.

Bank and Credit Union Policies on Accepting IOUs

Some major banks, many local credit unions, and some community banks accept customers' IOUs. But IOU holders should check with their bank or credit union to obtain information on how the institution will handle customers' IOUs. If customers receive the interest, cashing or depositing IOUs directly with financial institutions is a better alternative than redeeming them with the State, because holders will get their money faster or with less hassle.

The following major banks will accept IOUs from their customers:

• Bank of the West
• Citi

The following major banks will not accept IOUs from their customers:

• Bank of America
• Chase
• Union Bank
• US Bank
• Wells Fargo