IOU time

"That's as good as money sir. Those are I.O.U.s"
Dumb & Dumber

Bank of America said it will accept IOUs from existing customers until July 10, with no dollar limits. Wells Fargo and Bank of the West have not yet decided whether to accept them.

Wow.... so what happens after July 10th? (I wonder...?)

Read on:

California plans to begin issuing billions of dollars in IOUs today to scores of creditors, including private businesses and county governments.

Bank of America said it will accept IOUs from existing customers until July 10, with no dollar limits. Wells Fargo and Bank of the West have not yet decided whether to accept them. About 19 California credit unions will accept the IOUs, including Chabot in Dublin, Contra Costa in Martinez, SRI in Menlo Park, Provident in Redwood City, San Francisco in San Francisco and Kaiperm Diablo in Walnut Creek."
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/07/02/MN3E18HI04.DTL&tsp=1&ref=patrick.net
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