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Where to cash in old savings bonds?

Posted on 2/16/18 at 1:11 pm
Posted by LSUsmartass
Scompton
Member since Sep 2004
82364 posts
Posted on 2/16/18 at 1:11 pm
We found some old savings bonds that have gone well past maturity, I tried to deposit/cash them in at my credit union and was told credit unions do not fool with bonds.

Sooooo, where can I cash them in that doesn't require me having an account?
Posted by YoungManOldMan
Member since Dec 2017
1882 posts
Posted on 2/16/18 at 1:12 pm to
What the amount and maturity date?
Posted by b-rab2
N. Louisiana
Member since Dec 2005
12576 posts
Posted on 2/16/18 at 1:16 pm to
bank.
Posted by LSUsmartass
Scompton
Member since Sep 2004
82364 posts
Posted on 2/16/18 at 1:17 pm to
They all matured in early 2000s, couple thousand worth all together
Posted by LSUsmartass
Scompton
Member since Sep 2004
82364 posts
Posted on 2/16/18 at 1:20 pm to
Any bank?
Posted by YoungManOldMan
Member since Dec 2017
1882 posts
Posted on 2/16/18 at 1:21 pm to
I'm curious. How did someone forget about a few thousand in savings bonds?
Posted by YoungManOldMan
Member since Dec 2017
1882 posts
Posted on 2/16/18 at 1:23 pm to
Savings bonds are subject to federal income tax, but not state and local taxes. So good luck with that.
Posted by LSUsmartass
Scompton
Member since Sep 2004
82364 posts
Posted on 2/16/18 at 1:23 pm to
It can happen
Posted by YoungManOldMan
Member since Dec 2017
1882 posts
Posted on 2/16/18 at 1:25 pm to
#lifegoals. To be wealthy enough to put a bunch of money in savings bonds then find them when cleaning out a closet.
Posted by LSUsmartass
Scompton
Member since Sep 2004
82364 posts
Posted on 2/16/18 at 1:33 pm to
It's more simple than that actually...parents put them away for the wife over years while she was growing up. Her family gave bonds for birthdays and such.
Posted by GoIrish02
Member since Mar 2012
1390 posts
Posted on 2/16/18 at 2:18 pm to
Check the treasury.gov website and punch in your address. Just about any federal bank will redeem them. Credit unions aren't federal banks and wouldn't qualify. Probably something to do with reporting the redemption and reflecting the taxes due at year end.
This post was edited on 2/16/18 at 2:22 pm
Posted by LSUsmartass
Scompton
Member since Sep 2004
82364 posts
Posted on 2/16/18 at 2:20 pm to
Looks like we can cash them in digitally and have funds electronically deposited
Posted by GoIrish02
Member since Mar 2012
1390 posts
Posted on 2/16/18 at 2:23 pm to
Great outcome. My wife find some paper bonds last week and they're too old so we can't redeem electronically.
Posted by TigerintheNO
New Orleans
Member since Jan 2004
41180 posts
Posted on 2/17/18 at 11:08 am to
quote:

Any bank?


If your aren't a customer I believe the limit is $1K.
Also the registered owner(co-owner works) must be present.


You also can cash them in through the Treasury Dept, via US Postal service if you can't do it electronically.
This post was edited on 2/17/18 at 11:11 am
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