Of the more than 89,000 letters issued to Californians who have
not redeemed an estimated $50 million worth of state IOUs, 103 are
being sent to San Benito County individuals or businesses
– who have left a total of nearly $26,000 unclaimed.
Of the more than 89,000 letters issued to Californians who have not redeemed an estimated $50 million worth of state IOUs, 103 are being sent to San Benito County individuals or businesses – who have left a total of nearly $26,000 unclaimed.
State Controller John Chiang and Treasurer Bill Lockyer announced last week that their offices would begin mailing letters to those who have not cashed their registered warrants, which were issued to state payees last July to prevent a $2.8 billion cash shortage. Some 450,000 IOUs were printed from July 2 to Sept. 3 of last year, and redemption began Sept. 4.
The IOUs accrued interest through Sept. 3, 2009, but not after that. The letter includes redemption instructions and contact information for IOU holders who have questions about the redemption process.
Registered warrant holders can redeem their IOUs by mailing them to 915 Capitol Mall, Attention Registered Warrant Desk, Sacramento, CA, 95814. IOUs can also be redeemed in person at that address in person between 9 a.m. and 3 p.m. on weekdays.
IOU holders can also contact their financial institution to see if it will honor the registered warrant, and if charges apply.
The State Treasurer’s Office operates a toll-free telephone help-line to answer questions about the redemption process at 888-864-2762. Representatives are available Monday through Friday from 7 a.m. to 4 p.m. and an automated version of the help-line is available 24 hours a day, seven days a week.
