Better Cash in Those Bonds

Tuesday, September 08, 2009 , , 0 Comments

WSJ has an article on "dusting off savings bonds" worth checking out but this begs the question: do we even have $16.7 billion in cash lying around?

What would you call a Treasury bank run anyway? Financial Armageddon? Anyway. Here, have some fluff. Jr Deputy Accountant humbly suggests here that you get in line and quick. You don't want to be the asshat standing at the end of the line curling around IndyMac now do you?

Remember those savings bonds your grandparents gave you for your second birthday?

Now might be a good time to dust them off and see how much they're worth, especially if decades have passed since you received them.

"There are $16.7 billion of matured savings bonds out there that people have not redeemed," says Joyce Harris, a spokeswoman for the Treasury Department's Bureau of the Public Debt. "It's money that can be used in tough times."

Savings bonds are sold by the U.S. Treasury to raise money for the U.S. government and can't be sold to other investors. In other words, you can only redeem them; you cannot trade or sell them.

The bonds never expire, but they do reach maturity and stop accruing interest. Savings bonds that are no longer earning interest include Series E bonds issued from May 1941 through September 1979, Series H bonds issues from June 1952 through September 1979, and Series HH bonds issued from January 1980 through September 1989, according to the Treasury Department's financial-services Web site,

"savings bonds" LOL. As Skeptical CPA says, got gold? Get more.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.