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CALIFORNIA REGISTERED WARRANTS INFORMATION
With recent news regarding the State's revene shortfall and the various options being considered to offset this situation, California Community Credit Union announces its plan to accept California Registered Warrants (or IOUs). When the State begins to issue Registered Warrants in lieu of paychecks, be assured that California Community Credit Union stands ready to assist its state employee members.
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Will California Community accept Registered Warrants if they are issued in lieu of paychecks?
Yes. Individuals who were California Community Members as of June 30, 2010, and are in good standing at the time of deposit, are able to deposit their Registered Warrant in their California Community account.
What should I do if I receive a Registered Warrant?
If you receive a Registered Warrant issued in your name and you are in a California Community member, we will honor it for deposit at any one of our 5 offices.
Is there a fee charged for the credit union accepted Registered Warrants?
California Community members who have an active checking accuont with Direct Deposit will not experience a fee for depositing a Registered Warrant into their account. Otherwise, there is a fee that can be avoided by sigining up for direct deposit along with a checking account.
Can Registered Warrants be deposited into my account at an ATM machine?
No. There is an additional process required in hadling California Registered Warrants. Therefore, we will only accept them for deposit in person at one of our branches.
Can I cash the Registered Warrant at a branch office?
Registered Warrants are for deposit only; however, once the warrant is deposited the member will then be able to perform other transactions such as money orders or cash withdrawals.
