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Caring for Members
California Budget Crisis Affects Members |
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California began a new fiscal year on July 1 without a budget, creating great uncertainty for many SESLOC members. For ongoing information about State payments, visit the State Controller's web page. In the meantime, SESLOC remains committed to assisting members affected by the State of California budget crisis. |
SESLOC is Ready to Help |
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| As the State works to resolve its financial issues, we want to assure you that SESLOC stands ready to help our members maintain financial stability during the current budget crisis. If you have any concerns about your personal financial situation, please call or stop by to meet with a Member Services Representative and learn how we can help. | |
Historically Speaking
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| In previous years, the State Controller issued registered warrants when the Governor and Legislature failed to pass a State Budget. A registered warrant is a “promise to pay at a future date" with interest, which the State issues when cash is insufficient to meet the State’s payment obligations. Registered warrants look like checks, but are NOT recognized as negotiable items by the Federal Reserve Bank until their redemption date or until State allows redemption. Acceptance of registered warrants is at the discretion of each financial institution. The SESLOC Board of Directors has reaffirmed its policy on registered warrants in the event these are issued in 2010. |
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SESLOC Policy on Registered Warrants |
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| The SESLOC Board of Directors voted to accept registered warrants from current SESLOC members beginning in July, and to review this policy on a monthly basis while the budget crisis continues. If you are a SESLOC member in good standing with an active account on June 15, 2010, you may deposit registered warrants in your name to your SESLOC account in person at any SESLOC branch or by mail. ATM deposits are not accepted due to the additional processes required to deposit registered warrants. If you have questions, please call us or visit any branch. |
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| (805) 543-1816 (805) 227-1030 (805) 464-5030 |
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