My parents recently found some bonds (I think they're municipal bonds, but I don't know for sure) that were given to me by family members 20-some years ago. The thing is, I have no idea how to go about cashing them, so I'm hoping you guys can help me figure it out.
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Yeah, most banks will redeem them for you, walk into a branch (you may or may not need to be an account holder)
Potentially stupid question, but if they say $50 on them, then is that what someone paid for them or what they're worth now that they've matured? Also, do you ever get additional money if they've matured a few years ago?
Where you been bro?
Haha - going though dumpsters and basements looking for bonds!
On a serious note, I've mainly just been working and trying to get in shape. Not much else...
No... that's not the case in the least bit. I will tell you that both Matthias and Dublin are incorrect in their statements. You can't just walk into any bank with a bond and say "Cash it". The answer you want is tied to a few questions.
1) Can you tell who the issuer is on the Physical Certificate? You need to know that because they will direct you to whomever handles their bonds. In some cases, you may need to dig deep in order to determine who the "Current" issuing bank is. I was given some old certs issued by Hanover Bank and Chemical Bank, as well as a few other instruments issued by "acquired" banks (try finding out who owns Elizabethport Banking Company, for example), so you would need to find out who the current "issuing agent is". 2) Are you planning to do this face to face or by mail? As far as I know from the last time I had to do this, one of the options I had was to cash the bond in via mail or cash the bond in at BNY's Bond Window in lower Manhattan. I'd recommend calling them just to be certain they even accept the bonds. 3) Check out who their Transfer Agent is. This is the alternative to having to use the actual bank window. If you know that, you should be able to send them the bond and have them cash it for you, assuming it's matured. If it's not, what they will do is book the bond into electronic (book) entry and allow you to transfer it out to any place you hold your own stocks and bonds.
Everything I said was under the assumption these were US savings bonds. If that's not the case, disregard. But for regular old US savings bonds, you can indeed just walk into a branch and ask them to redeem. I did it six months ago. And with a $50 face value (which yes, is the amount you'll get now at maturity), I'm led to believe these aren't corporates.
The cert has a $50 face value? It means that at Maturity, they are worth $50. There may be the added incentive of additional income, but that depends on the terms of the cert in question. I would, however, assume, that once maturity is met, you're looking at the max you will see paid on that certificate.
Figured the bonds were just US Savings Bonds which you can cash in at most banks. If they are US Savings Bonds go here http://www.treasurydirect.gov/. Otherwise google it, I'm sure one of the 6.8 billion people has had a similar situation before.
LOL
I'm sure if one of those 2B people had one of those bonds they'd figure out a way to cash it in without the interwebs
Econ pointed out that he said that he believed the bonds were Muni Bonds. If he said that he thought they were were treasuries, I wouldn't have said you guys were wrong. Non-treasury bonds are handled very differently and follow the instructions I gave.
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