You can use the money
Got any unclaimed money out there? I’m not talking that quick cash loan with your name on it. I don’t mean the pennies from heaven that fall when you implore the universe to “Give me my cash now!” I’m talking about funds owed to you by the government. If you aren’t sure, take a look at www.TreasuryHunt.gov. It could mean money in the bank.
David Bogoslaw reports for Business Week that there are billions of dollars in unclaimed assets in the United States, held by state controllers and the U.S. Treasury. The Bureau of Public Debt goes so far as to say that there is currently more than $16.6 billion in unredeemed, mature U.S. savings bonds that are no longer earning interest – just sitting there doing nothing.
With www.TreasuryHunt.gov, you can put bonds to work that may be waiting for you. They can work at filling your wallet with cash. All you need is the original bond owner’s Social Security number. Most people don’t realize that even if the original bond holder is deceased, heirs can still redeem. Find documents at www.TreasuryHunt.gov that establish the relationship. A will or estate agreement will be necessary here, and you absolutely don’t want to provide false information. Doing so can expose you to perjury charges, according to the Treasury.
Piles and piles of money out there
Did you know that at the close of 2008, over $32 billion in unclaimed money in twiddling its thumbs in state treasuries across America? Nebraska Treasurer and National Association of Unclaimed Property Administrators (NAUPA) President Shane Osborn points out that such unclaimed money might include final paychecks employees never collected, retail gift certificates, forgotten bank accounts, overlooked stocks and bonds hidden away, consumer product rebate checks and utility deposits.
Series E and H savings bonds
Bonds are among the most common money sources tracked by www.TreasuryHunt.gov. The two types are Series E and Series H. There are more than 42 million of the former that were purchased between 1941 and 1978 and are now fully mature and no longer collecting interest. Typically, the E bonds ranged in issue value from $25 to $10,000 at 75 percent of face value. They can be redeemed for between four and 12 times face value now, says Stephen Meyerhardt of the Bureau of Public Debt. Meyerhardt states that “the highest multiples apply to those bonds that locked in peak interest rates for 10 years if they entered an automatic 10-year extension period when those higher rates were in effect, such as between November 1981 and October 1982.”
On average, consumers with E bonds to cash in can expect a redemption value of around $400 and five percent are good for over $500, he says. “People who had larger securities were more apt to keep track of them and turn them in than those with very small amounts.”
Keep in mind that E bonds issued in 1974 or later are easiest to find at www.TreasuryHunt.gov and cash at a band, as the bond owner’s Social Security number is attached for quick identification purposes. Before that time, most bonds didn’t require this. Meyerhardt says that it isn’t impossible to cash earlier bonds, it just takes a few more steps. A letter from a claimant is needed to begin the process in this case.
In addition to E Series savings bonds, the U.S. Treasury has another $62.8 million in matured H bonds (issued from 1952 through 1979). These paid interest semi-annually before maturity. Now that can only be cashed at face value since there is no outstanding interest left to be paid.
When to use a lawyer
www.TreasuryHunt.gov is a great resource for beginning your search for money being held in your own name, but if you’re looking to claim money that once belonged to an ancestor, it would be wise to consider getting a lawyer involved if the sum is large. This is essential for probate cases with $10,000 or more in them, as a lawyer will be required for representation in reopening the case.
Reclaiming lost money can lead to a significant payoff. Resources like www.TreasuryHunt.gov and www.missingmoney.com can settle once and for all whether you have money waiting for you. It might be a $50 rebate check, or it could be something more. The more you pay attention to where your money (or your extended family’s) is going, the more likely you are to retain control of your financial future. Sing that you want “my cash now” and see if www.TreasuryHunt.gov can’t help before you go for that next quick cash loan.
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