Everyone knows the economy is bad in California, with an unemployment rate at a record 11.6%. But how bad is it if you work for the state or do business with the state? If you have an account with Chase Bank (formerly Washington Mutual), you are out of luck. If you call their 800 number, you will get a message that says "Although Chase temporarily accepted State of California Registered Warrants as a convenience to our customers, we will no longer accept them after July 10."
A representative at Wells Fargo reported that they will accept a check if it is pink, but not if it is green. I wonder how they can tell the color of an automatic deposit.
I then called Bank of America, and after going through a series of phone prompts, and waiting on hold for about five minutes, I was told that they will no longer accept paycheck warrants.
I am now waiting for the "ghouls" to come out and start offering California employees 75 cents on the dollar for their paychecks, and when the economy in California recovers (which it will in some way or another), the ghouls will make a 33% return on their money.