Posted on 12/19/2020 10:24:30 AM PST by ransomnote
Section 1. Purpose. Since 1935, the Department of the Treasury (Department) has issued savings bonds to the American public. Backed by the full faith and credit of the United States Government, these bonds are extremely safe investments that were designed to be accessible even to inexperienced investors. Indeed, over the years, savings bonds have proved to be a popular birthday or graduation gift, helping introduce younger Americans to the rewards of investing in our country’s future. Among other things, savings bonds provided the United States with a critical source of financing during World War II.
By law, savings bonds never expire, and there is no deadline for owners to redeem them. It is currently estimated that more than 75 million matured savings bonds, issued as far back as 1935, remain unredeemed. The total value of these unredeemed savings bonds is approximately $27 billion.
Above and beyond any legal requirements applicable to savings bonds, the Department should take all appropriate action to make sure that those Americans who invested in the future success of their country have the opportunity to receive the remuneration to which they are lawfully entitled. Under my Administration, the Department has already undertaken significant measures to reunite matured savings bonds with their rightful owners. For example, the Department in 2019 released an online tool known as “Treasury Hunt” to help individuals determine if they are the owners of matured unredeemed savings bonds. This order is the next step in ensuring that owners of matured savings bonds have a full opportunity to redeem their bonds.
Sec. 2. Updating Records. The Department shall work to digitize and make electronically searchable sufficient information to identify the registered owner of any matured unredeemed savings bond, including the name and registered address of such owner and of any registered beneficiaries. In particular, the Department shall complete its ongoing pilot project to assess the feasibility and cost of digitizing and making these records searchable and accessible, which is being carried out in conjunction with multiple vendors, before the end of calendar year 2020. If the pilot project is successful, a vendor shall be selected to begin digitizing savings bond records. When digitizing records, the Department shall, to the extent feasible, focus first on the bond-issuance years that represent the highest percentage of matured unredeemed debt.
Sec. 3. Information Accessibility. Within 30 days of beginning to receive data from the digitization of records described in section 2 of this order, the Department shall incorporate into the data accessible through Treasury Hunt information collected from the digitized records, in a secure manner and consistent with applicable law, including the Privacy Act. The Department shall work to ensure that this information can be used through Treasury Hunt to help individuals determine if they are the owners of matured unredeemed savings bonds.
Sec. 4. Customer Research. The Department shall conduct customer research to determine why individuals do not redeem savings bonds upon maturity, any barriers individuals encounter when they do attempt to redeem their bonds, and the feasibility of modifying redemption methods or developing alternative redemption methods in order to mitigate, overcome, or avoid any such barriers.
Sec. 5. Collaboration with States. The Department shall engage with States and State associations to obtain additional data and information to help the Department identify owners of unredeemed bonds, to learn best practices employed by the States regarding the redemption of mature bonds, and to encourage the States to add direct links to Treasury Hunt to States’ unclaimed property websites or other appropriate State publications or information portals.
Sec. 6. Public Reporting. Within 6 months of the date of this order, the Secretary of the Treasury shall publish a report on actions and initiatives undertaken by the Department to implement this order.
Sec. 7. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department, agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
Bttt.
5.56mm
What does this do that a bond holder can’t already do? The redemption process is a PITB so they just sit in the safe.
He’s trying to make it easier to discover if your deceased parents or grandparents had bonds that they neglected to tell you about.
Under my Administration, the Department has already undertaken significant measures to reunite matured savings bonds with their rightful owners. For example, the Department in 2019 released an online tool known as “Treasury Hunt” to help individuals determine if they are the owners of matured unredeemed savings bonds. This order is the next step in ensuring that owners of matured savings bonds have a full opportunity to redeem their bonds.
It is like an unclaimed funds search. If your grandparents had bonds, died, and no one redeemed them for the estate...there could be an inheritance waiting for you that you were unaware existed. Same as my family bought bonds when we were born...no everyone holds those bonds in a safe deposit box. Ours were destroyed in a house fire. Fire was so hot that documents inside the strong box were destroyed to ash. If we hadn’t known they were in there we would have lost out.
Everything is a PITA
Treasury Hunt® Results
Reference Number:
Your Search on:
SSN/EIN: ***-**-
Has found possible matches in following area(s):
Savings bond(s) no longer earning interest
See the topic that applies to you:
If you have bond(s) in your possession
If you have bond(s) in your possession, you can cash your E bonds, EE bonds, and Savings Notes at some financial institutions. Treasury doesn’t keep a listing of local banks that redeem bonds, so check with the banks in your area. When you present the bonds, you’ll be asked to establish your identity. You can do this by:
Being a customer with an active account open for at least 6 months at the financial institution that will be paying the bonds, or
Presenting a document for identification, such as a driver’s license.
If you’re not listed as the owner or co-owner on the bonds you’re redeeming, you’ll have to establish that you’re entitled to redeem the bonds. It’s always a good idea to check with your financial institution before presenting the bonds for payment to find out what identification and other documents you need.
As an alternative, you may wish to use Smart Exchange to move your savings bonds into a TreasuryDirect account where the proceeds from the bonds will be deposited into your Certificate of Indebtedness (C of I). You can then use your C of I to purchase an electronic savings bond or another Treasury security such as a T-bill, so that your money can start working for you again.
If you believe you are missing bond(s)
If you believe you are missing bonds, please give as much of the following information on FS Form 1048, Claim for Lost, Stolen or Destroyed United States Savings Bonds, so we may search our records.
Series (E, EE, H, HH, I or Savings Notes)
Issue Date (months and years the bonds were purchased)
Denominations ($25, $50, $75, etc.)
Names (including middle names and initials that could appear on the bonds)
Addresses (street and number, city and state) that could appear on the bonds, and the approximate year each address was used
All nine numerical digit social security numbers and/or employer (estate) identification numbers that could appear on the bonds. If any bond was purchased as a gift, give the purchaser’s SSN.
A description of any bond(s) in your possession should also be provided on FS form 2490, Description of United States Savings Bonds/Notes.
All persons named on the bonds, or their authorized representative(s), must sign FS Form 1048 in the presence of an authorized certifying officer, available at most financial institutions. Please include the Reference Number provided at the top of your inquiry screen if available. Your request, along with the FS Form 1048, may be sent to the address listed on the form.
If you are inquiring on behalf of another person
If you are asking on behalf of another person, you should know that information about Treasury securities and transactions for those securities is confidential. On request, account information will be given to a legally appointed representative such as a guardian, conservator, or similar representative for the estate of a living owner or co-owner, such as, a minor, incompetent, aged or infirm person, absentee, etc., or of a personal or testamentary trust.
Also, if you are asking on behalf of the estate of a deceased registrant, information will be given to the legally appointed representative of the deceased person’s estate. If you are asking on behalf of:
A living owner or co-owner, a certified copy of the letters of appointment under seal of the court having jurisdiction must be provided.
The estate of a deceased registrant, a certified copy of the death certificate and a certified copy of the letters of appointment under seal of the court having jurisdiction must be provided. Death certificates must be certified or sworn to by the state or local registrar, under seal or stamp, as true and correct copies taken from the official records.
If the estate is now closed, or was NOT formally administered through the court (where you received letters of appointment), please let us know and further instructions will be provided.
The above information is required under our regulations to decide entitlement to Treasury securities. Your request along with FS Form 1048, available at http://www.treasurydirect.gov/forms/sav1048.pdf, may be sent to the address listed on the form.
If you have purchased gift bond(s)
If you have purchased gift bond(s), the recipient of the bond can file a claim on FS Form 1048 if he or she knows the bond is lost. Due to the Privacy Act of 1974, we have to decide entitlement to information on any request made through Treasury Hunt. Since Treasury Hunt can be accessed by anyone, unless we are given enough proof that the person making the inquiry is the purchaser, we are limited as to the information we can give.
I have a crumpled up $50 savings bond in my late Mom’s name. I think the redeem date was 1974. I can hardly imagine the effort to cash it out being worth as little $50.
Cash your chips, now.
You have the right to *have* your money.
The government and its many actors, do not.
- signed, Trump
Bookmark
If it is an E or H bond it continued to grow interest for 30 years. Cash it in
How is redeeming savings bonds difficult? You go to the bank, they give you money. End of transaction. You get tax documents in the mail at the end of the year.
Correct. This is highly unusuall. The US has a Senate Bill to go to a cashless digital “ currency”. It is in committee. It is called Fedcoin. Trump had the move authorizing a cashless system removed in the last stimulus. The Demoncrats and Fed Reserve are pushing for cashless, this may have something to do with it.
Have to make an advance appointment to see any of the staff in the bank; have to manually fill out the back of each bond (try that if you bring in 25 or 50 bonds at one time), wait for staff to look up each bond, take nap, receive money.
25 to 50 bonds? How big is your family?! I’ve been cashing them in for the last 10 years one at a time. I couldn’t imagine more than 10 at a time. Sheesh.
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