Questions about the U.S. Savings Bonds • Questions about My U.S. Savings Bond • Questions about the Treasurer’s Suit
Questions about the U.S. Savings Bonds
What is a U.S. savings bond?
A U.S. savings bond is the U.S. government’s promise to pay back money that the bond purchaser has loaned to the government. The U.S. government uses the purchaser’s money to pay for different expenses. After a certain amount of time, the savings bond can be cashed for its face value plus the interest that it has earned.
People purchase U.S. savings bonds as an investment. It is also very common for people to purchase U.S. savings bonds as a gift for their children or grandchildren, who are then the “registered owners” of the bonds. Often, buyers of savings bonds, whether for themselves or others, store them in safe deposit boxes at banks.
Why does the Missouri State Treasurer have these U.S. savings bonds?
Missouri law requires the State Treasurer to have custody of certain U.S. savings bonds. In Missouri, the Treasurer is responsible for collecting and holding the State’s unclaimed property for the owners’ benefit.
The Treasurer frequently acquires unclaimed U.S. savings bonds from banks that have lost contact with people storing bonds in their safe deposit boxes. State law requires banks to provide the Treasurer the contents of safe deposit boxes abandoned by their owners. (This can happen if the owner passes away or relocates.) If the bank has no forwarding information for the owner, the bank must turn over the safe deposit boxes’ contents—which sometimes contain U.S. savings bonds—to the Treasurer.
Also, people have often used their safe deposit boxes to store the U.S. savings bond they bought for someone else, like their children or grandchildren. Thus, when those safe deposit boxes are opened, we find savings bonds that belong to someone other than the owner of the box.
What sorts of U.S. savings bonds does the Missouri State Treasurer have in his possession?
The Treasurer is holding different types of U.S. savings bonds for individuals.
Many of the bonds are still “unmatured,” meaning that the U.S. Treasury doesn’t have to pay the bonds’ proceeds yet. These bonds may have months or years until they are payable.
On the other hand, the Treasurer does hold some bonds that have matured. The U.S. Treasury is obligated to pay these bonds now.
Importantly, not all these types of bonds are part of the Missouri Treasurer’s suit. For instance, none of the unmatured bonds are part of the Treasurer’s suit, and only some of the matured bonds are. Specifically, the Treasurer’s suit only includes those bonds that have matured and been unclaimed—that is, in the Treasurer’s custody—for more than six years. However, any bond in the Treasurer’s possession—even if not part of the suit—can be claimed at any time.
Questions about My U.S. Savings Bond
How do I know whether I have a U.S. savings bond?
You have two ways to find out if you have a U.S. savings bond. However, neither method can completely assure you about who currently holds your bond.
First, try searching for your name in the Treasurer’s U.S. savings bond database: this will show that the Treasurer currently holds a savings bond for you. The Treasurer’s database does not cover those savings bonds not in his custody. Therefore, you could still own a bond that doesn’t show up in the Treasurer’s database.
Don’t forget to search for the names of family members!
Some U.S. savings bonds became Unclaimed Property because people holding the bonds have passed away without securing or disposing of those bonds. If you are related to someone who has passed away, then you may have a right to the bond under Missouri’s Unclaimed Property laws. If you think this may apply to you, be sure to search the Treasurer’s database for names of deceased family members as well.
Similarly, some of your family members may not know that they are entitled to unclaimed U.S. savings bonds. Relatives sometimes keep the savings bonds that they have purchased for loved ones. Because those family members’ names would still be on the face of the bond, you may be able to find a bond that belongs to them. Again, you can search for their bonds on the Treasurer’s database.
You can search the database by going here.
Second, search the U.S. Treasury’s Treasury Hunt webpage using your social security number. Please note that the U.S. Treasury’s database isn’t a complete record of all savings bonds. The U.S. Treasury’s database only provides information on
- Series E bonds issued in 1974 and after, and
- Series EE bonds.
If the bonds you are looking for were issued before then, you would have to use the bonds’ numbers to search the U.S. Treasury’s records.
Does the Missouri Treasurer have my bond?
Maybe. If you own, but do not possess, a U.S. savings bond, then the Treasurer may be holding that bond for you in his role as custodian for Missouri’s lost and found.
If you think the Treasurer is holding your bond for you, you can find out by going here and searching for your name. If your search reveals your name, then, yes, the Treasurer does have a U.S. savings bond with your name on it. Your successful search will provide you an electronic form that you can email to begin the claim process. If your search returns no results, then the Treasurer does not have your bond.
How much is my unclaimed U.S. savings bond worth?
We cannot tell you what your U.S. savings bond is worth without certain information. The amount of a bond will vary depending upon how much was paid for it and the interest that has accumulated. The Treasurer estimates he is holding approximately $1.5 million in unclaimed U.S. savings bonds.
Is my unclaimed U.S. savings bond part of the Treasurer’s suit?
Maybe. The Treasurer’s suit doesn’t include all unclaimed U.S. savings bonds. The Treasurer’s suit only covers those unclaimed savings bonds that
- have been unclaimed for more than six years past their maturity date, and
- are either
- in the Treasurer’s possession, or
- owned by persons with a last known address is in Missouri.
Other types of savings bonds—those that are unmatured or insufficiently past their maturity date—are not part of this suit.
If the Treasurer is currently holding my unclaimed U.S. savings bond, can I get it now?
Yes. If your search shows that Treasurer has your bond, you will be provided an electronic form you can email to the Treasurer to begin the claims process.
How long do I have to claim my U.S. savings bond from the Treasurer?
You can begin the process of claiming your U.S. savings bond from the Treasurer at any time. There is no deadline.
If the Treasurer does not have my bond, is there a way that I can find out if I have a U.S. savings bond?
Yes. The U.S. Treasury keeps a record of each U.S. savings bond’s original owner, and offers a partially-complete online listing of those owners’ bonds. Using the owner’s social security number, you can search for unclaimed U.S. savings bonds, or file a claim for one, by going to the U.S. Treasury’s Treasury Hunt webpage.
Please note, that the U.S. Treasury’s database does not contain a record of all savings bonds: it only provides information on
- Series E bonds issued in 1974 and after, and
- Series EE bonds.
If the bonds you are looking for were issued before then, you’ll need the bonds’ numbers to search the U.S. Treasury’s records.
How can I begin the process of getting my matured U.S. savings bond from the U.S. Treasury?
You can file a claim for your unclaimed U.S. savings bond by going to the U.S. Treasury’s Treasury Hunt webpage.
My search shows that one of my deceased relatives owned an unclaimed U.S. savings bond. Can I claim it?
Maybe. Missouri’s laws regarding Unclaimed Property apply to the bond. This means that, to claim the bond, you will have to follow the required steps, such as proving your identity and your relation to the deceased. The deceased’s other relatives may also have a claim on the bond or its proceeds. To learn more about this process, go to our page of FAQs about Unclaimed Property Moreover, special federal rules apply to claiming unclaimed U.S. savings bonds whose owners are deceased. For more information, see the U.S. government’s regulations governing U.S. savings bonds.
How do you know who the bond belongs to?
The “registered owner” of a U.S. savings bond appears on the face of the bond. However, if this person has passed away, then the bond and its proceeds may legally belong to that person’s heirs.
Questions about the Missouri State Treasurer’s Suit
How do I know whether my U.S. savings bond is part of the Treasurer’s suit?
You can look to see if your name is listed on the Savings Bonds Defendant List page. If your name is on that list, then a U.S. savings bond registered to you is part of the Treasurer’s suit. You can claim your U.S. savings bond from the Treasurer by going to the Savings Bonds Search page and entering your name in the search fields. (Searching for your name will locate which specific bond(s) belongs to you.) After that, you will automatically be provided an electronic form that you can email to begin the claim process.
However, there are two ways you may be entitled to a U.S. savings bond that is subject to this suit, even if your name is not listed.
First, if a deceased family member owned a bond that has gone unclaimed and is now part of this suit, you may have a right to claim that bond and its proceeds. Be sure to search the list for their names too.
Second, even if you don’t know it, you may be entitled to a bond that has been lost, stolen, or destroyed. The Treasurer’s suit may cover those bonds as well. The Treasurer’s suit includes those unclaimed U.S. savings bonds that—
- are not in his possession,
- are six years past their maturity dates, and
- belong to individuals with a last-known address in Missouri.
Because he does not have these bonds, the Treasurer cannot provide you any information about them. The first step in reconnecting these bonds with their original owners is for the Treasurer to redeem them from the U.S. Treasury. Then, using information from the U.S. Treasury, the Treasurer will be able to make those bonds’ proceeds available to individuals entitled to those proceeds.
Why has the Treasurer started this suit?
Missouri law requires the Treasurer to file this suit: section 447.534 of the Revised Statutes of Missouri states the Treasurer “shall commence a civil action” to transfer title of the bonds to the State of Missouri. The law ensures that citizens more quickly get the proceeds from their ready-to-be-paid U.S. savings bonds.
The U.S. Treasury holds billions of dollars in proceeds from matured and payable U.S. savings bonds. However, the U.S. Treasury has done little to nothing to seek out those citizens who are now owed those monies. Many individuals do not even know that this money is owed to them.
To fix this, several state treasurers across the country have been trying to return proceeds from unclaimed U.S. savings bonds to the rightful owners. But, the U.S. Treasury has resisted turning over these proceeds to the state treasurers. The U.S. Treasury has stated that it will only turn over proceeds from U.S. savings bonds to state treasurers after those treasurers have used court proceedings to take title and ownership of the bonds.
Once the Treasurer has title to the U.S. savings bonds in his possession, he will redeem the bonds—that is, get the bonds’ face value and accumulated interest—from the U.S. Treasury, at which time you can claim these proceeds.
Does the law allow the Treasurer to do this?
Yes, Missouri law requires the Treasurer to file this suit. Section 447.534 of the Revised Statutes of Missouri states the Treasurer “shall commence a civil action” to transfer title of the bonds to the State of Missouri. The Treasurer is complying with Missouri law.
Why am I a defendant?
You are a defendant only because the Treasurer wants to ensure that you receive what you are entitled to: the proceeds from your unclaimed and matured U.S. savings bond.
How long is this process going to take?
Litigation timelines are always hard to predict. For the bonds in the Treasurer’s possession, we hope to have the proceeds by early 2017. But you can claim your bond from the Treasurer now and redeem it yourself.
For the bonds not in the Treasurer’s possession, the outlook is less clear. Currently, there is ongoing federal litigation that should determine whether state treasurers can redeem these bonds for their citizens. Neither the Treasurer nor the State of Missouri is currently a party to that litigation.
What happens to my involvement in the suit if I begin the process of claiming my bond from the Treasurer now?
Once you complete the process of claiming your U.S. savings bond from the Treasurer, you will be removed from the suit for any claimed bonds. You can begin that process at any time.
What happens if I am a party to this suit and do nothing?
The State of Missouri will get title to your bond. Then, the Treasurer will attempt to redeem the bonds from the U.S. Treasury. After that, the Treasurer will place your information on his website so that you can claim the proceeds from the bonds.
Where can I read the Treasurer’s petition?
You can read the Treasurer’s petition here
After the Treasurer redeems my U.S. savings bond for me, how will I get my money?
The Treasurer will place your information on his website so that you can claim the proceeds from the bonds.
