The California State Controller announced that the state will begin issuing registered warrants, or IOUs, beginning July 2, 2009. The state must issue IOUs in lieu of checks because of a cash shortfall. The first round of registered warrants is scheduled to be mailed July 3 or July 6.

While Kinecta does not know what steps the state will need to take to meet its obligations, we want to reassure our members that the credit union is prepared to assist you with issued IOUs.

To find out how we may be able to assist you, call our Member Contact Center at 800.854.9846. This program is subject to change.

To learn more about state-issued registered warrants, visit the California State Controller’s Office Web site at http://www.sco.ca.gov/5935.html.