Community Chat

[Seannie]

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

[ciao_bella]

@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. 

[SharkE]

@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".  

[proudlyfromNJ]

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

[RollTide2008]

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

[drizzellla]

@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.

[Somertime]

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. 

[Lucky Charm]

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.

[MamaWick]

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

[On It]

@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.