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Savings bond question
Old 10-21-2021, 12:50 AM   #1
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Savings bond question

I feel stupid for asking this given my academic credentials in finance...

I have an old savings bond I was awarded over 25 years ago as employee of the month in an old job. I looked it up probably 15 years ago and determined i was still earning interest but decided not to cash it in at the time, forgot to is probably more accurate than "decided."

Now I am pretty sure it has stopped earning interest. The face value is $100. How do I cash it in? Do I just take it to any bank and give i to the teller?

I am completely ignorant about how to cash in a savings bond! Please help.
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Old 10-21-2021, 02:53 AM   #2
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Yes, any bank can do it for you. You'll likely have to sit down with a rep to do it. They'll likely want to see some id, they'll validate the bond, calculate how much interest it's earned, etc. Will probably take 15 minutes to do it.

If your bond is series EE, it continues to earn interest for 30 years from issuance date.
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Old 10-21-2021, 05:21 AM   #3
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Check here at Treasury Direct. Probably answer your questions and also calculate the current value. YMMV

https://www.treasurydirect.gov/
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Old 10-21-2021, 09:13 AM   #4
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Check here at Treasury Direct. Probably answer your questions and also calculate the current value. YMMV

https://www.treasurydirect.gov/
Worth doing, as DW has been cashing old bonds, and a couple of times the bank calculated the wrong interest amount. She corrected them
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Old 10-21-2021, 12:52 PM   #5
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Worth doing, as DW has been cashing old bonds, and a couple of times the bank calculated the wrong interest amount. She corrected them
I actually feel kinda sorry for the banks that have to do the cashing (or selling) of US bonds. We bought our last I-bonds (ca 2006) at a bank and it took 45 minutes cause they didn't know how to do it. Had to call some mgr. or someone, anyway at HOME to figure it out. I guess they have to do it because they participate in the FED system. In any case, I'm sure they hate seeing anyone come in with a paper bond but YMMV.
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Old 10-21-2021, 05:24 PM   #6
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I've been to three banks/CUs, none of which were willing to cash a savings bond. Including one where I have an account. (It has minimal balance, I keep it for the safe deposit box...which also seem to be disappearing from financial institutions)

I hate to open up an account just to cash savings bonds.

Given the collection I have from purchases during work 'savings bond drives' + I bond purchases with tax refunds it will be a lot of work to convert to Treasury Direct, but that may be my least undesirable path forward.
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Old 10-21-2021, 06:49 PM   #7
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I feel stupid for asking this given my academic credentials in finance...

I have an old savings bond I was awarded over 25 years ago as employee of the month in an old job. I looked it up probably 15 years ago and determined i was still earning interest but decided not to cash it in at the time, forgot to is probably more accurate than "decided."

Now I am pretty sure it has stopped earning interest. The face value is $100. How do I cash it in? Do I just take it to any bank and give i to the teller?

I am completely ignorant about how to cash in a savings bond! Please help.
yup...any bank *can* redeem it, most will. otherwise you can redeem it by mail with the treasury. if it's an E or EE bond they earn for 30-yrs. use this to determine your bond's current value.

https://www.treasurydirect.gov/BC/SBCPrice
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Old 10-21-2021, 08:13 PM   #8
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We had received some savings bonds for wedding gifts. Long story short, 35 years later we finally decided to cash them in. One we thought might be complicated because the person put both our names on it but with the wrong middle name for both of us. We took them to the branch of a local bank that we have an account with, and they cashed them for us without issue.
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Old 10-21-2021, 10:58 PM   #9
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If struggling to find a bank which will work with you on redeeming bonds, look for one at a time when they are not busy. I'm guessing that will help. You might also remind them that they use FED funds and see if that loosens thing up. I'm under the impression that they are committed on that basis - but I've been wrong before so YMMV.
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Old 10-22-2021, 12:08 AM   #10
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Yes, any bank can do it for you. You'll likely have to sit down with a rep to do it. They'll likely want to see some id, they'll validate the bond, calculate how much interest it's earned, etc. Will probably take 15 minutes to do it.

If your bond is series EE, it continues to earn interest for 30 years from issuance date.
Thank you! It is series EE. I got online to check its value and it is about $102 and issued in 1995. So not a big decision - do I hold on until 2025 to get maybe $105 or sell now? (just kidding)
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Old 10-23-2021, 10:55 PM   #11
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If struggling to find a bank which will work with you on redeeming bonds, look for one at a time when they are not busy. I'm guessing that will help. You might also remind them that they use FED funds and see if that loosens thing up. I'm under the impression that they are committed on that basis - but I've been wrong before so YMMV.
I use ASB here in Hawaii. Far from being busy, whenever I go into my branch they are so bored that everyone gets involved in helping me! It is usually staffed with 3 people which is probably a minimum for safety/security purposes (what if someone goes to the bathroom or lunch? Probably not good practice to have only one employee in a bank.)
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Old 10-24-2021, 05:28 PM   #12
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I use ASB here in Hawaii. Far from being busy, whenever I go into my branch they are so bored that everyone gets involved in helping me! It is usually staffed with 3 people which is probably a minimum for safety/security purposes (what if someone goes to the bathroom or lunch? Probably not good practice to have only one employee in a bank.)
Yeah, ASBs are everywhere. Tried to get a loan from them once. Maybe I'll drop in and talk "bonds." Thanks.
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