Counterfeit EE Bonds?

[Lost_in_the_HTTP]

I have some EE bonds due to mature soon. I can send them to Treasury by mail and have the funds direct deposited, but there is a 6-8 week backlog and the risk of them being lost in the mail.

Decided to check with a local bank to open an account so I could cash them locally. My current accounts are with nationally based banks with no local offices within 100 miles or so.

Branch I called said they would only redeem EE bonds for customers with account six months or more older due to a rash of counterfeit bonds.

 

[KB]

I had never heard of this, but it makes sense, especially since printers have gotten so good. Counterfeiting bonds is as easy as counterfeiting checks and there are tons of counterfeit checks out there.
Looks like its been happening for years.

https://oig.treasury.gov/sites/oig/files/Agency_Documents/NADA%20_103008.pdf

 

[sdifox]

Probably easier than cash.

 

[Captante]

So essentially you printed up some EE bonds down in your basement and now the bank where you've only just opened an account won't let you cash them in and you made a thread here to cry about it?

 

[VirtualLarry]

What kind of person, doesn't have a "local" (branch within 100 miles) bank account? How do you live in your community?

 

[Lost_in_the_HTTP]

Lectronical like.

Embrace the digital world, all bills paid automagically. CCs for purchases. Earn rewards and bonuses you can't with cash.

 

[VirtualLarry]

Embrace the digital world, all bills paid automagically. CCs for purchases. Earn rewards and bonuses you can't with cash.

Can't buy Lottery in this state, without Cash. Not even Debit Card.

 

[Lost_in_the_HTTP]

Thank you for your interest in Treasury securities. Due to heavy volume, we are temporarily limiting our communication by e-mail. For us to respond to your e-mail, it must concern a pending case and it must state your case number in the subject line of your e-mail. You may also call us at 844-284-2676. Representatives are available from 8 a.m. to 5 p.m. Eastern Time, Monday through Friday. Note: Call volumes are unusually heavy at this time. Instructional videos (https://www.treasurydirect.gov/indiv/tools/tools_video.htm) and general information is available on our website at, www.treasurydirect.gov. You can also find Frequently Asked Questions at, www.treasurydirect.gov/faq.htm.

(Please note: Replies to this e-mail will not receive a response.)

Sincerely,

Treasury Securities





What the farkle is wrong with these 'public servants'? It takes less time to respond to an email that it does to handle a phone call.

 

[sdifox]

Thank you for your interest in Treasury securities. Due to heavy volume, we are temporarily limiting our communication by e-mail. For us to respond to your e-mail, it must concern a pending case and it must state your case number in the subject line of your e-mail. You may also call us at 844-284-2676. Representatives are available from 8 a.m. to 5 p.m. Eastern Time, Monday through Friday. Note: Call volumes are unusually heavy at this time. Instructional videos (https://www.treasurydirect.gov/indiv/tools/tools_video.htm) and general information is available on our website at, www.treasurydirect.gov. You can also find Frequently Asked Questions at, www.treasurydirect.gov/faq.htm.

(Please note: Replies to this e-mail will not receive a response.)

Sincerely,

Treasury Securities





What the farkle is wrong with these 'public servants'? It takes less time to respond to an email that it does to handle a phone call.

You think a human sent you that? Ahahahhaha

 

[deadlyapp]

Can't buy Lottery in this state, without Cash. Not even Debit Card.

Only poor people buy lottery tickets and everyone on ATOT is a millionaire.

 

[Brainonska511]

I have a bunch of EE bonds received as gifts growing up: about 5 years ago, I did the paper to electronic conversion with Treasury Direct. Probably took about a month to complete; I just sent them in via registered mail to avoid them getting lost and provide definitive tracking/receipt.

Now I don't have to deal with a branch to cash them in and the deposit to my bank is quick when cashing out. Plus, many banks charge a fee for cashing EE bonds, do I avoid that nonsense too.

 

[pete6032]

Contact your local congress creature. They are there to help with things like this.

 

[Shmee]

I am thinking of buying an I bond. Any thoughts on this?

 

[allisolm]

Plus, many banks charge a fee for cashing EE bonds, do I avoid that nonsense too.

Unless the law has changed recently, it is illegal for a bank to charge fees to redeem US savings bonds.

 

[Lost_in_the_HTTP]

Know nuttin' 'bout no 'I's.

I bought these EEs in '92 for $50. Now 30 years later they mature at a little over $200 each. I didn't need the $50 back then, but the $200 will come in handy now. Yes, I know there were other places to put that $50 that would have yielded more, but it was what it was.

 

[Shmee]

I bonds interest rates vary based partly on inflation. Right now they earn over 9% a year, though this rate is adjusted every 6 months.

I bonds — TreasuryDirect

www.treasurydirect.gov

 

[[DHT]Osiris]

What kind of person, doesn't have a "local" (branch within 100 miles) bank account? How do you live in your community?

I've had USAA for over 15 years. Why on earth does anyone need a local branch bank account? There's like a hundred credit unions with great bennies.

 

[Brainonska511]

Unless the law has changed recently, it is illegal for a bank to charge fees to redeem US savings bonds.

That's just what I remember looking at the Citibank fee schedule about 6 years ago. Regardless, just do the paper/electronic conversion and avoid the future trip to the bank.

 

[Lost_in_the_HTTP]

And USAA is kinda suckin' too. Ever try to get someone on the phone? I rarely need to, but there are times. If you make some kind of complaint, some from 'Executive Resolutions' calls you and basically tells you 'too bad, so sad, we really don't give a toss.'

 

[Lost_in_the_HTTP]

I'm probably going to open an account at that local bank, put enough in for long enough to get the $200 bonus and avoid fees, then close it out.


I hate games and I enjoy sticking it to companies that play them.

 

[dullard]

Why on earth does anyone need a local branch bank account?

They do come in handy on occasion. Yes many things can be done online, but some things are much better in person. Here are reasons that I've needed to go into a local bank and online was not an option in the last few years:

• For Medallion a signature guarantee (used when transferring accounts or rolling over account like 401(k), IRA, etc). https://www.investopedia.com/terms/m/medallionsignatureguarantee.asp
• Certified notaries.
• When moving and I needed a proof of address to update my driver's license.
• Free foreign exchange (after a trip and I had spare bills).
• Waiving fees / charges.
• Non-typical banking (think using things as collaterals for a loan, so you don't need to sell them).
• Time-sensitive items like CDs when they expire and you have just a week to handle them.
• Property exchanges.