topic Re: Savings bond redemption in Community Chat

Savings bond redemption

Seannie — Wed, 07 Dec 2022 21:39:54 GMT

My national bank refuses to redeem these for customers, even if I wanted to deposit the proceeds. My credit union will cash for me but only until the year's end.

After that, must send in to US Treasury by mail. Will get the proceeds deposited in a bank account in 13 to 20 weeks.

Just wanted to warn you all about the poor customer service if you have any bonds.

Seannie

Re: Savings bond redemption

ciao_bella — Wed, 07 Dec 2022 22:27:44 GMT

@Seannie Just two weeks ago, I went to my bank and cashed in some bonds to help pay for a car that I bought. I didn't have any trouble cashing them in. I had the bank make out a bank check to the car dealership for the total amount. Perhaps it's your bank's policy, but it doesn't appear to be for all banks.

Re: Savings bond redemption

SharkE — Wed, 07 Dec 2022 23:04:01 GMT

@Seannie You speak the God's honest truth ! I had I Bonds from yrs ago. My husband died last yr and I managed to cash one in 2021. So, this yr. I said to self I'll go back and cash one per yr till I dispose of them.

Well, that bank had merged with another bank and I don't have an account with them. Gov. Bonds good as gold and I went to 5 different banks and nobody will touch them any more.

One bank gave me the Treasury Direct # and said to get the ball rolling to give them a call they're the only place that will handle them now. Nobody wanted them even if I started a temporary account with them for thousand bucks I would have to show proof of this and that even though some were just in my name and some in joint names with me listed as POD.

So, I called and waited for 50 minutes for somebody to answer finally they said you have to file a form, with all the information they will need and to read the online directions. I have to show death certificate, drivers license picture, sign the back of the form in front of a notary public.

Bank has to swear by their seal that I am who I say I am. Plus, give them my checking account information. Routing information , checking account #, etc.

Then , after all that if they need anything else they will contact you by phone # or your email.

I said to self I'm not going thru this every yr. So, I mailed in all that with all the I Bonds at one time and if I pass Treasury will deposit in bank in up to 3 months. Whether or not I hear from them before they do that I don't know.

I just check account every few days and oh by the way they will send you by the next Jan. your tax form. Of course , they want taxes.

What made me so mad was I was made to feel like a old fossil when I went to banks that are all ran now by young kids that don't know squat. One girl said "Let me see, let me see, I've never seen an I Bond before". One young man said "I've never seen them since I started working here".

Re: Savings bond redemption

proudlyfromNJ — Wed, 07 Dec 2022 23:22:58 GMT

We were advised years ago not to put our money in savings bonds.

Re: Savings bond redemption

RollTide2008 — Wed, 07 Dec 2022 23:24:07 GMT

If I still have paper bonds, I would convert them to electronic. I did this for my aunt. It was fast and easy.

Re: Savings bond redemption

drizzellla — Wed, 07 Dec 2022 23:24:42 GMT

@Seannie Thank you so much for mentioning this.

We have been having the hardest time moving money from one financial institution to another. Somehow our IRAs ended up in a Financial Institution we never heard of but because of bank mergers they ended up there.

They will not release any money to us. We have to have a Fiduciary THAT THEY APPROVE OF request the money be transferred. Plus they insist on a Medallion Certificate.

We went to our bank. They no longer do Medallion Certificates. We went to several other banks all said they will not do Medallion Certificates. We found a Credit Union that will sign one for us. So now we have to open an account at the Credit Union to get the Medallion Certificates signed.

We are trying to consolidate accounts not open new accounts.

We also have Savings Bonds from when my son was born. We put them away and forgot about them. I guess we better dig them out and do something with them. Thanks for the heads up.

Your National Bank sounds just like ours.

Re: Savings bond redemption

Somertime — Thu, 08 Dec 2022 00:10:15 GMT

I have Series EE bonds (paper kind) that I am able to redeem at my bank which is BOA with no problem. Five years ago, I went to purchase a bond for my granddaughter and found out that paper bonds are no longer issued but are virual and are purchased online only. That ended any purchase of a savings bond for me.

Re: Savings bond redemption

Lucky Charm — Thu, 08 Dec 2022 00:46:43 GMT

I bought 3 for my grandaughter and two for my grandson 11 and 12 years ago. When I went back to purchase another one or two, they were no longer done at the bank, you had to do it online. Phoey with that, they weren't paying that well.

So I do CDs for my grandkids now. Which up until a minute ago, the rates stunk. Now they stink less.....

I should figure out what to do with the SBs I do have, I don't even have the actual bond, only the paperwork...Oy.

Re: Savings bond redemption

MamaWick — Thu, 08 Dec 2022 01:27:22 GMT

Can you can then at a Federal Reserve Bank? Many larger cities have these.

Re: Savings bond redemption

On It — Thu, 08 Dec 2022 01:33:46 GMT

@Seannie Thank you for posting. I thought my husband had one from his childhood. He does, so he will take it in to see if our bank which is local will cash it. It was a small one that someone gave him as a child. It will be fun to see how much interest accumulated over his lifetime.

Re: Savings bond redemption

RollTide2008 — Thu, 08 Dec 2022 01:55:22 GMT

Series EE bonds don’t accrue interest after they mature.

Re: Savings bond redemption

Lucky Charm — Thu, 08 Dec 2022 02:02:09 GMT

@On It wrote:
@Seannie Thank you for posting. I thought my husband had one from his childhood. He does, so he will take it in to see if our bank which is local will cash it. It was a small one that someone gave him as a child. It will be fun to see how much interest accumulated over his lifetime.

@On It

It will be fun!

I had a small stack handed to me one winter night in 1999. They went all the way back to the time I was Baptized. Some were for only $25. They totalled in face value $325.

When I went to the bank to cash them in, they were worth $10,640. I told the teller not to cash them, I wanted to know how much longer for a larger figure and she said they were done (for like 17 years!) accruing interest.

But, I actually started a little *cottage industry* with that 'lil windfall. It paid off.

Re: Savings bond redemption

Moonlady — Thu, 08 Dec 2022 02:06:49 GMT

I had decades of EE bonds, offered through my employer until the early '90s when they stopped doing that. When each one matured, monthly, I redeemed and deposited it at our bank with no problem. I redeemed my last one in April.

Re: Savings bond redemption

SharkE — Thu, 08 Dec 2022 02:37:56 GMT

I'm afraid with the present political situations nothing is doing any good.

Yes, bonds quit paying after 30 yrs. Mine aren't that old like 17-20 something like that. Back in the day when they had higher rate of interest they were good.

Now, I just need to hear I did everything in order and

get my investment back.

Re: Savings bond redemption

Somertime — Thu, 08 Dec 2022 03:36:48 GMT

If you have an account at these banks, you can cash your Series EE Bonds (paper) at the following banks according to Kiplinger:

Citibank

Bank of America

BB&T

FYI: The interest earned on the bonds are taxable in the year they are cashed. If they are used for education, non taxable.

Re: Savings bond redemption

chrystaltree — Thu, 08 Dec 2022 04:31:55 GMT

13 to 20 weeks!!!!!! Omg....

Re: Savings bond redemption

Puppy Lips — Thu, 08 Dec 2022 04:45:50 GMT

My sister gave my sons savings bonds years ago. I think their time is up. I need to dig those things out, if I can find them.

Re: Savings bond redemption

SharkE — Thu, 08 Dec 2022 05:11:51 GMT

guess it takes so long because everybody is figuring out banks in most towns won't handle them. I'm not starting an account just to cash a I bond. Why I'm getting rid of all of mine in one fell swoop.

Re: Savings bond redemption

Cats3000 — Thu, 08 Dec 2022 11:47:55 GMT

@Seannie Don't know what you're talking about. I had a load of savings bonds. Cashed them in at my local bank with no problems.

Did you talk to the branch manager? If you didn't, you should have.

Re: Savings bond redemption

SharkE — Thu, 08 Dec 2022 15:42:57 GMT

may depend on the bond, too

H etc.