Savings Bond?

[susandennis]

Ok, so I was just going through the lose stuff of Mom's and found a United States Savings Bond 100 Series EE - looks like - oh heck, lemme just scan it in...

Is this redeemable? For $100? Is it like a check? Or what do I do with it? The back has endorsing place like a check. Anyone know?

Comments

[waygroovy.livejournal.com]

http://en.wikipedia.org/wiki/Savings_bond#Savings_bond

or, the specific EE bond text from wiki

[waygroovy.livejournal.com]

Series EE savings bonds were introduced in 1980 to replace the series E bond. Paper EE bonds are sold at a 50 percent discount to their face value (from $50 to $10,000), and are guaranteed to be worth at least face value at "original maturity", which varies from 8 years to (presently) 20 years depending on issue date. Electronic EE bonds sold thru TreasuryDirect are sold at face value ($25 and up); however, they are guaranteed to be worth at least double their face value at original maturity, so the difference is nominal. EE Bond interest rates vary depending on issue date, and for older bonds, yields on other Treasury securities; the rate on bonds issued between May 2005 and April 2006 is fixed at 3.2% per annum. Series EE bonds issued in May 1997 or later earn interest every month, compounded twice per year, until they reach "final maturity" after 30 years; earlier EE bonds vary in interest accrual, but have the same 30-year final maturity. The interest on series EE bonds purchased since 1989 is exempt from federal and state taxes if it is used for education expenses, so long as the expenses are incurred in the same year as the bonds are redeemed. Since December 11, 2001, series EE bonds purchased thru financial institutions have been inscribed with the words "Patriot Bonds."

Re: or, the specific EE bond text from wiki

[susandennis]

Thanks... I actually found the same info before I sent my entry... What it doesn't say is what I should do with it... how to redeem it or if I even should.

Re: or, the specific EE bond text from wiki

[dizzdvl.livejournal.com]

Just take it to your bank and they can redeem it for you. And yes, go cash it in. You don't earn interest on the interest. (No compounding, you only earn interest on the initial $50.)

[rivendweller.livejournal.com]

Hum. Looks like it was purchased in 1989 and matured on November 6, 2003. You can take it to the bank and they should cash it for you.

[susandennis]

thanks... my bank isn't very handy but maybe I'll give them a call tomorrow and see what they say...

[artisanal_xara]

It should be redeemable, not necessarily for $100. EE bonds are 30 year bonds, but they are usually worth way more than their face value after 30 years. Since this one is nearly 20 years old it's probably worth more than $100, but it depends on the interest rates at the time of purchase.

Take it to your bank, they should be able to help you figure out.

That said I have no idea what the deal is with estates and executors and that sort of thing.

[artisanal_xara]

Ok, looks like I was a little slow on the draw. The EE bonds we sold at the bank were 30 year bonds, but maybe there are different terms. I stand behind everything else I said.

[susandennis]

Thanks! I think that my choices are do something fast - since it lists me as the POD or send it to the trust folks to add into the estate. But you answered my real question... bank will know the answer.

all that's right ...

[henare.livejournal.com]

one more thing, tho--if there's one, there may well be more than one. lots of folks bought these on regular weekly or monthly plans ...

[legalmoose]

Go to US Gov't Savings Bond Calculator and enter the serial number and issue date and it'lll fill you in on the details (Issued for $25, $50 Bond, next accrual of interest is 08/2006, final maturity in 08/2019, and should be worth $60.74 right this moment).

I'd wait until August at the earliest to cash it in, since it'll accrue more interest by then, but have fun with it. :)

[legalmoose]

Oh, and you should obscure the SSN that appears in the upper left side. :-/

[susandennis]

Ok, you are my favorite moose tonight!!! Your comment is the one that cleared out the cobwebs... now I get it. The POD is pay on death. There ain't no hurry!! I will absolutely wait until August and do something memorable and fun with it and remember Mom.

Thank you!

And, doh about the SSN. It's all gone. Thanks again. You are on a roll tonight. And I'm very glad!

[dizzdvl.livejournal.com]

And POD bypasses probabte, so it's yours. When you take it to the bank you will probably have to show a copy of the death certificate.

[susandennis]

Cool, thanks. And yeah, I remember when Daddy died, everyone on the planet wanted to see a copy of the death certificate. I ordered 25 copies for a starter kit.

[vasilatos]

I cash savings bonds at my bank pretty often, no problem. I'm kind of a savings bond junkie.