Re: Savings bond redemption

Moonlady · ‎03-10-2010

@Cats3000 wrote:
@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.

@Cats3000

I had no problem either.

Apparently, since there's been an increase in fraud with respect to savings bonds, the definition of "new account" was changed earlier this year, and financial institutions are now allowed, at their discretion, to refuse to redeem them if the party hasn't had an account with that bank for 12 months. (The article below includes an interesting link which details exactly how banks are to redeem and submit bonds, acceptable/non-acceptable I.D, and proof of ownership, bond bequests, etc.)

If banks are refusing to redeem bonds for appropriately-established customers, they shouldn't be.

https://www.frbservices.org/news/fed360/issues/020122/treasury-info-sessions

The pain they have cost us, the evils that never happened.

Seannie · ‎05-19-2010

Interesting responses from you all--thanks. I was definitely surprised that U S Bank would not help me since I have been a good customer for over 40 years. The manager I talked to made it sound like no banks would redeem in person. My bonds were EE and found in a safe deposit box.

Can't understand why the Treasury makes people wait 20 weeks. Mainly senior citizens bought these bonds and they may need the proceeds sooner than 20 weeks. Some of us may need the money.

Seannie

bikerbabe · ‎03-09-2010

Many banks don’t want the bother and paperwork to get their money back on cashing bonds - and this predates Covid - but I’m sure that trend has escalated in recent years.

SharkE · ‎08-19-2010

People are getting lazier and lazier. I went to Dillards had to pay my credit card bill anyway, so, I go up to registar she told me to go upstairs to the customer service desk.

I take the escalator up there she says "they could had rung you up on any registar". Woman was just to lazy and would rather peck on her phone.

People nowdays are just a whole different breed from the folks most older people grew up with. Sad.