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Cashing out U.S. Savings Bonds - suggestions?
Posted by: Ammo
Date: April 25, 2022 12:35PM
I have some Series EE Bonds that no longer pay interest that I’d like to redeem. So far, my credit Union and a couple of local banks tell me I’ll have to mail them in to the U.S. Treasury Department, which is OK, but I’d rather find a local place to do it if possible. The closest I’ve found is an independent bank who will do it if I become a member, which seems silly to me as I am otherwise satisfied with my my credit union.

Any ideas on other types of financial institutions to try?



Where is there dignity unless there is also honesty? - Cicero

Be kind, for everyone you meet is fighting a battle you know nothing about. —Wendy Mass
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Re: Cashing out U.S. Savings Bonds - suggestions?
Posted by: ztirffritz
Date: April 25, 2022 12:49PM
I think I took mine to US Bank last time I needed to do this. Admittedly, that was about 10 years ago.



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Re: Cashing out U.S. Savings Bonds - suggestions?
Posted by: msglee
Date: April 25, 2022 01:00PM
[search.yahoo.com]
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Re: Cashing out U.S. Savings Bonds - suggestions?
Posted by: testcase
Date: April 25, 2022 11:01PM
DECADES ago, my local Savings Bank provided this service. What a pain in the neck it was! EACH bond needed to be looked up individually. Probably took over an hour (I had a LOT of bonds back then). I stopped buying bonds after that.
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Re: Cashing out U.S. Savings Bonds - suggestions?
Posted by: Paul F.
Date: April 26, 2022 11:51AM
My mother has been dealing with my grandmothers EE bonds (now that they're maturing, 20 years after she passed).
She's been dealing with the Treasury web site directly. It has been... challenging.

If all it takes is an account with the right bank to get them to deal with it, get the account, deal with the bonds, let them have the deposits for six months, then withdraw everything and close the account.



Paul F.
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A sword never kills anybody; it is a tool in the killer's hand. - Lucius Annaeus Seneca c. 5 BC - 65 AD
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Good is the enemy of Excellent. Talent is not necessary for Excellence.
Persistence is necessary for Excellence. And Persistence is a Decision.

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Eureka, CA
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Re: Cashing out U.S. Savings Bonds - suggestions?
Posted by: NewtonMP2100
Date: April 26, 2022 02:05PM
......yeah, tried to use the Treasury website to convert paper to electronic but the name has to be exact [ or at least has to agree with what info they have ] or it denies the transaction and you have to send proof in.....the issue is one person has multiples names [ back in the day, it was no issue but nowadays causing problems ].....



_____________________________________

I reject your reality and substitute my own!



Edited 1 time(s). Last edit at 04/26/2022 02:16PM by NewtonMP2100.
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Re: Cashing out U.S. Savings Bonds - suggestions?
Posted by: Acer
Date: April 26, 2022 02:12PM
Ugh. I have a handful of EEs that are about done earning interest that I need to move on. So few that I didn't feel an urgent need to deal with it before.
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Re: Cashing out U.S. Savings Bonds - suggestions?
Posted by: richorlin
Date: April 26, 2022 08:46PM
About twenty years ago, when my father passed, I had over a hundred savings bonds that he purchased through the old "payroll savings". I ended up sending them all to what was then The Buereau of the Debt in Parkersburg WV. The bonds paid out over $20k in interest and I got hit with a big tax bill that year.

My only suggestion, however you end up cashing them, is to do it over a period of time to lesson the tax bill each year, unless you want to get it over with and pay it all at once. Just be careful it doesn't push you into a higher tax bracket.



richorlin
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