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Message
Redeeming Treasury Series I bonds in person
Posted on 7/1/24 at 12:16 pm
Posted on 7/1/24 at 12:16 pm
As part of an estate succession, I need to redeem some fairly high-value I bonds (call it north of $50K in total).
It seems like local institutions (like banks) simply don't do this anymore (with the possible exception of really small lots).
I really hate the fact that the instructions to mail them in to the Treasury show a PO Box. I DO NOT want to put high-value, physical notes into the Postal Service system and not be able to track etc.
Anyone know any hacks for this problem? TIA
It seems like local institutions (like banks) simply don't do this anymore (with the possible exception of really small lots).
I really hate the fact that the instructions to mail them in to the Treasury show a PO Box. I DO NOT want to put high-value, physical notes into the Postal Service system and not be able to track etc.
Anyone know any hacks for this problem? TIA
4
Posted on 7/1/24 at 1:17 pm to Big Scrub TX
Posted on 7/1/24 at 1:22 pm to gpburdell
Thank you, but I don't think that applies to this situation given the succession complication - basically, the deceased's names appear on the paper, so hoops must be jumped through with death certificates and the like. This is the type of thing that would be very easy to do in person, but nobody seems to do it!
Posted on 7/1/24 at 1:28 pm to Big Scrub TX
Following. I have no idea, but I can see it as quite an easy conundrum. I’m shocked you don’t want to put $50k into the mail! lol
Posted on 7/1/24 at 1:48 pm to baldona
quote:
I’m shocked you don’t want to put $50k into the mail! lol
right?Posted on 7/1/24 at 2:17 pm to Big Scrub TX
quote:
I DO NOT want to put high-value, physical notes into the Postal Service system and not be able to track etc.
Use USPS Priority Mail and you will get a tracking # and you can require a signature if you want to pay extra for the service.
Posted on 7/1/24 at 2:32 pm to weadjust
I just did this last year. It's fairly easy. Fill out the form and include the bonds in the envelope. I Certified mailed mine just in case they claimed they never got it.
Posted on 7/1/24 at 3:16 pm to Big Scrub TX
First Horizon did my paper ibonds for me last year. It took a long time because they all had to be done individually. It was only 5k though, but lots of small denomination ones.
Posted on 7/1/24 at 3:28 pm to Big Scrub TX
I believe the paper is voided before you mail it in.
I just did a paper EE bond and the process was to redeem it electronically first. And then I had to mail in the voided paper bonds so they could verify the paper is out of circulation. Then they put it in the treasurydirect.com account as C&I and then I had to just transfer to my bank account.
I just did a paper EE bond and the process was to redeem it electronically first. And then I had to mail in the voided paper bonds so they could verify the paper is out of circulation. Then they put it in the treasurydirect.com account as C&I and then I had to just transfer to my bank account.
Posted on 7/3/24 at 9:19 am to Big Scrub TX
quote:
Redeeming Treasury Series I bonds in person
It seems like local institutions (like banks) simply don't do this anymore
When I used to work for a national bank 30 years ago, as opposed to a state-chartered bank, one of the required services of a national bank was to redeem any physical Treasury bond or interest coupon on a T-Bond. (Yes, coupons to receive interest used to be attached to bonds and had to be physically clipped off the bond to be redeemed.)
National banks must have the word "national" or "N.A.", meaning "National Association" in its name.
I don't know if you've taken your bonds to a national bank or not. They may require you to open an account for the redeemed bonds to be deposited into rather than pay out cash. That's up to the bank's policy.
Of course, it's possible the redeemed bond requirement for a national bank has changed but it's probably worth a phone call.
Posted on 7/3/24 at 12:07 pm to LSURussian
quote:Thanks. Chase flatly refused. I spoke to someone else in the know yesterday and they basically said Covid has been used as an excuse to get out of this low/non margin business. I'm likely stuck with having to mail them in. Fingers crossed.
When I used to work for a national bank 30 years ago, as opposed to a state-chartered bank, one of the required services of a national bank was to redeem any physical Treasury bond or interest coupon on a T-Bond. (Yes, coupons to receive interest used to be attached to bonds and had to be physically clipped off the bond to be redeemed.)
National banks must have the word "national" or "N.A.", meaning "National Association" in its name.
I don't know if you've taken your bonds to a national bank or not. They may require you to open an account for the redeemed bonds to be deposited into rather than pay out cash. That's up to the bank's policy.
Of course, it's possible the redeemed bond requirement for a national bank has changed but it's probably worth a phone call.
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