HH Bond

[tuixiu]

My wife has acquired a HH Bond due to death of elderly relative. We have the physical note with her name as POD on it, but can't figure out what to do with it. Some googling said to local bank can help, we have a Wells Fargo account so she took it there but they seemed puzzled by it and couldn't do anything for her.

Any advice on how to cash this thing in would be appreciated.

Thanks in advance.

[Mulligan]

Quote:

Originally Posted by tiuxiu My wife has acquired a HH Bond due to death of elderly relative. We have the physical note with her name as POD on it, but can't figure out what to do with it. Some googling said to local bank can help, we have a Wells Fargo account so she took it there but they seemed puzzled by it and couldn't do anything for her. Any advice on how to cash this thing in would be appreciated. Thanks in advance.

This link appearing on Treasury Direct website, seems to have the info you need to move the process along. Good luck!

http://www.treasurydirect.gov/indiv/...s_hhredeem.htm

[kaneohe]

If it suits your plan, you might consider retitling in her name. Some of
them are yielding 4% which is hard to match these days.

[Koolau]

Quote:

Originally Posted by tiuxiu Some googling said to local bank can help, we have a Wells Fargo account so she took it there but they seemed puzzled by it and couldn't do anything for her.

Banks seem to have either lost interest (sorry 'bout that) or experience in handling gummint bonds, in general. DW and I spent 45 minutes with 2 bank employees (and later a supervisor) buying I-bonds a few months back. We had nothing better to do (I guess) so it wasn't a major problem for US, but I wonder if the banks can afford to lose the kind of money they lost on us as they "rediscovered" the process for selling I-bonds. I realize that they are getting out of that business at the end of the year. Still, I assume the gummint forces them to redeem the bonds that are already out there.

Perhaps their plan is to not train their people, let folks get frustrated and hope that folks contact the Treasury directly. In any case, I was surprised by the whole affair. YMMV

[Dimsumkid]

Quote:

Originally Posted by Koolau Banks seem to have either lost interest (sorry 'bout that) or experience in handling gummint bonds, in general. DW and I spent 45 minutes with 2 bank employees (and later a supervisor) buying I-bonds a few months back. We had nothing better to do (I guess) so it wasn't a major problem for US, but I wonder if the banks can afford to lose the kind of money they lost on us as they "rediscovered" the process for selling I-bonds. I realize that they are getting out of that business at the end of the year. Still, I assume the gummint forces them to redeem the bonds that are already out there. Perhaps their plan is to not train their people, let folks get frustrated and hope that folks contact the Treasury directly. In any case, I was surprised by the whole affair. YMMV

My bank told me they don't make any money selling govt. bonds. Probably a tradeoff for getting FDIC insurance.

I told a friend about the I bond rate before the int rate dropped to buy it at their bank. Apparently, the employees were shocked and stated the I bond rate couldn't be 4%, but was probably < 1%. Some banks don't have a clue, my bank didn't know until I told them. She went back to the bank and opened it anyway after I told her to check the treasury website to verify and the bank apologized to her for the misinformation.

[tuixiu]

Thanks for kind replies. Leaving it sit as cash portion of portfolio is especially interesting thought.

[kaneohe]

Best to check w/ Treasury to see what yield is/will be

Individual - Series HH/H Savings Bonds Rates & Terms

[tuixiu]

Looks like since bond is from 1993 the interest will stop in 2013, so I'll have to figure out something anyway. Plus the cash would be good for the army of midgets I'm planning on purchasing to attack my neighbor.

Side note - Kaneohe I'm from Kailua!