California Registered Warrants FAQs

USE Credit Union is here to help our members during California's financial crisis.  With the recent news of the State of California facing a budget deficit, USE Credit Union is accepting California Registered Warrants (or IOUs).

Question: If the State of California issues Registered Warrants in lieu of checks, will USE Credit Union accept them?
Answer: Yes. USE Credit Union has made arrangements to accept Registered Warrants from its members should the State issue them in lieu of checks. Individuals who are USE Credit Union members will have the ability to deposit Registered Warrants into their account at USE Credit Union.  Registered warrants will be honored for their face value only.

Question: What should I do if I receive a Registered Warrant?
Answer: If you receive a Registered Warrant issued in your name and you are a USE Credit Union member, we will honor the Registered Warrant for deposit at any of our 10 branch locations throughout California.

Question: Will USE Credit Union charge a fee for accepting Registered Warrants?
Answer: No.  If you are a USE Credit Union member, there is no fee to have a Registered Warrant processed into your account.

Question: Can I deposit a Registered Warrant at a USE Credit Union ATM or a Shared Branch Location?
Answer: No. Because of the additional processes required in handling California Registered Warrants, we are only accepting Registered Warrants for deposit at our branch locations. 

Question:  Will I receive interest from the State of California on my Registered Warrant? 
Answer:  No.  By submitting the Registered Warrant to USE Credit Union prior to the honor date listed on the face of the warrant, you will waive all your rights to interest due.  If you choose to hold the warrant until the honor date and redeem your warrant directly with the State, you will be paid interest.

If you have additional questions regarding Registered Warrants, please contact us today by calling your local branch or our Member Service Center at 866-USE-4-YOU.