Cashed in some i-bonds today...

[wabmester]

I went to my bank, got a few i-bonds out of my safe deposit box, and cashed them in (due to the low real rates and new inflation adjustment).   Simple, right?

The bank employee left her master key with me after taking me to my box.   I resisted the urge to see what other boxes I could open.

She then redeemed my i-bonds as ee-bonds.   I caught the error, and it took a while to unwind the transaction (seems like it involves a wire transfer from the Treasury or something).

Then she wanted to redeem the bonds for just the interest.   I told her I wanted the principal, too.

Then she was about to give me the redemption value + the accrued interest (double-counting the interest).   I thanked her for the bonus offer, but then showed her the right amount to give me on her print-out.

My bank teller was cute, but not that bright.   I'd hate to think what would happen if I were dead and my wife or kids had to cash out those bonds at the bank.   Savings bonds are supposed to be risk free, but there's always the Dumb Bank Teller risk, I guess.

 

[boont]

You might want to consider a new bank.

b.

 

[returnofbabyape]

There shouldn't be a master key for a safe deposit box. All of them at banks are supposed to have 2 keys. You keep one and they use their 'master'. If you lose your key they have to dril the box to get it opened.

 

[Mwsinron]

Aww going in tomorrow for my godson to get him some IBONDS. Hopefully 20 to 15 years from now he doesnt run into the same lady

 

[Scrooge]

Aww going in tomorrow for my godson to get him some IBONDS. Hopefully 20 to 15 years from now he doesnt run into the same lady

And to add insult to injury, if he does, she may no longer be cute! 

 

[Leonidas]

Aww going in tomorrow for my godson to get him some IBONDS. Hopefully 20 to 15 years from now he doesnt run into the same lady

She'll probably be the vice president.

The bank employee left her master key with me after taking me to my box. I resisted the urge to see what other boxes I could open.

Like ape said, you got to have both keys. But that brings up something I've been curious about. I've got two boxes at two different places and have the same experience at both institutions - so I think it's common to banks and CU's - they have a bundle of "master" keys. It usually takes two or three tries before they find the right "master" key. Does anybody have a clue why they don't have one key? I'm guessing all the boxes are put in at the same time and are made by the same company, so why don't they have just one key for their use?

 

[riskadverse]

She'll probably be the vice president.

Like ape said, you got to have both keys.  But that brings up something I've been curious about.  I've got two boxes at two different places and have the same experience at both institutions - so I think it's common to banks and CU's - they have a bundle of "master" keys.  It usually takes two or three tries before they find the right "master" key.  Does anybody have a clue why they don't have one key?  I'm guessing all the boxes are put in at the same time and are made by the same company, so why don't they have just one key for their use?

Banks consolidate, branches consolidate and split. Normally they can't (won't) go to the customer to empty the deposit box and move it to the new branch, so the easiest thing to do is move the block of boxes. Most banks have a hodgepod of boxes that over the years has moved around. I've owned safe deposit boxes that have moved locations more than I have.

 

[soupcxan]

All of this could be avoided by using TreasuryDirect...no need for a safe deposit box, no clueless tellers, etc.

 

[yakers]

All of this could be avoided by using TreasuryDirect...no need for a safe deposit box, no clueless tellers, etc.

Good point, anyone have experience cashing in ibonds via Treadury Direct? I have a few years until I cash mine in after 5 years, holding them to maybe pay for son's college costs.

 

[cute fuzzy bunny]

My dad has trouble every time he cashes bonds at the bank. Its worst for him because his are from the 70's and 80's and you cant just 'run them through the machine', the numbers have to be hand entered.

Every time he goes in its a training experience for the teller and whoever is 'manager of the day'. He tells them how to do it, they dont believe him and run them through the machine, call someone else, somebody else comes over, then they call someone else who is never in the bank and have to wait for a return call, then they end up doing it the way he originally told them would work and everyone feels enlightened.

 

[eridanus]

Good point, anyone have experience cashing in ibonds via Treadury Direct? I have a few years until I cash mine in after 5 years, holding them to maybe pay for son's college costs.

I just cashed some in that were paying ~2%. I "sold" them on the weekend and the money was in my bank account on Tuesday. The money was getting 5% by Friday.

Someone else here had trouble getting the money sent to their account. Had to get a Medallion signature and couldn't find any bank that could do that, etc. I don't remember why. Did they change banks over the years?

 

[VoyT]

 Savings bonds are supposed to be risk free, but there's always the Dumb Bank Teller risk, I guess.

OMG, I think her brother works at the bank I used. I went in to buy an I-bond, and the guy punched in numbers, and punched in numbers and finally said, "I can't cash this in, I can't find the number."
    "I suppose you can't," I told him. "I'm BUYING THE BONDS."
He wasn't even cute .....