Finances(2)

Lee17

I am looking for some guidance re: financial issues. I am POA for my mother who is in MC. She has some EE bonds that are no longer earning interest. I have tried to redeem them at her bank, where the money would go directly into her account (at 3 different branches) and have gotten mixed results. Now, the bank says it can't redeem them.

Has anyone had any success with this sort of financial situation?

Thanks in advance. 

Martin Robbins

I assume her bonds are not in a Treasury Direct account.

I had my mother's POA.  She had the paper Series I Savings Bonds.  I had to send them to a US Treasury facility in Minnesota, I think, to redeem them. 

A commercial bank branch had to certify them wuth a stamp..  If you do not have your POA paperwork on file with that bank, you will need to visit them and do that first.

NOTE: Treasury told me this was the way to do it, yet the first branch I visited said they would not do it for the attorney-in-fact (person w/the POA)  I called Treasury, and they basically said, "Nonsense!"  So, I made an appointment w/ the manager of a branch of the same bank in another nearby town that does much more business.  No problem at all.

Look at the US Treasury's Web site for savings bonds.  Find their contact or help phone number.  As I recall, they treated me well.  There's a form you have to complete and submit with the bonds.

Beachfan

Go to www.treasurydirect.gov.  Savings bonds can no longer be purchased or redeemed at a bank.  It’s all done on line.  It took me awhile to navigate the site and I called for information a time or two.  They were very helpful.  You will have to establish an account and work from there.  As Martin Robbins noted, years ago I redeemed a number of bonds that DH “inherited”. I had to mail them somewhere; it wasn’t a cumbersome process.  Now, I buy bonds online for my grandkids.  They each have their own account; I buy and “drop” the bonds into their account which they can then manage.  

People laugh at savings bonds; 13 years ago I used accumulated bonds to put a down payment on a beautiful beach property in NC.  Who’s laughing now?

MN Chickadee

I have not redeemed them for a PWD but have for myself at my local branch. They are a little tricky, you have to show an ID and they mail special tax documents at the end of the year. I'm guessing it's an issue with them not understanding the POA and you may have to work up to a manager or have your attorney who drew up the POA get involved.

Lee17

Thanks for all your responses.