Posted on Oct 28, 2014
Do "bonds" purchased in boot camp expire?
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I remember having an option to buy a few $50 "bonds" during USMC boot camp back in 1996. I remember the purchase was automatic and withdrawn from my paycheck for a few months to cover the 3 or 4 bonds I had agreed to purchase. I don't remember what the bonds were for exactly. They may have been war bonds. However, I do remember that they were supposed to mature in 7 or 10 years to $100 each.
I remember thinking about it a lot, because as an E-1 $50 was a lot of money. I remember looking at my LES and realizing there would be a few hundred dollars worth when they matured, but I don't remember being given any certificates of ownership or any paperwork proving that I ever purchased them, other than the withdrawals from my LES's, which obviously I no longer have those LES's. I remember asking an admin clerk about them, and was told it should be recorded in my SRB. So I didn't think anymore about it, until after I had separated.
I separated in 2001 due to injury. I remember waiting a few years to inquire about the bonds, which would have been in 2004 and 2005. I did not find any mention of them in the copy of my SRB I have. I tried to contact the VA about it, and was transferred to or given several phone numbers to contact. It seemed I was being given the run around, and no one connected to the VA resources I was in contact with had any idea what I was talking about. Finally, I remember being given a specific number to call and put in a request to have them investigate the issue, but I never heard anything back.
I did some research online about it, but never found anything solid. To be fair, the folks investigating the issue may have sent me some information in the years that followed, but I had moved and lost the numbers I was given, so if they sent anything, I never got it. I haven't been able to find that number since.
Does any one remember buying bonds in boot camp?
Has anyone had any luck finding out how to retrieve them and cash them in?
I would appreciate any feedback. Thanks.
I remember thinking about it a lot, because as an E-1 $50 was a lot of money. I remember looking at my LES and realizing there would be a few hundred dollars worth when they matured, but I don't remember being given any certificates of ownership or any paperwork proving that I ever purchased them, other than the withdrawals from my LES's, which obviously I no longer have those LES's. I remember asking an admin clerk about them, and was told it should be recorded in my SRB. So I didn't think anymore about it, until after I had separated.
I separated in 2001 due to injury. I remember waiting a few years to inquire about the bonds, which would have been in 2004 and 2005. I did not find any mention of them in the copy of my SRB I have. I tried to contact the VA about it, and was transferred to or given several phone numbers to contact. It seemed I was being given the run around, and no one connected to the VA resources I was in contact with had any idea what I was talking about. Finally, I remember being given a specific number to call and put in a request to have them investigate the issue, but I never heard anything back.
I did some research online about it, but never found anything solid. To be fair, the folks investigating the issue may have sent me some information in the years that followed, but I had moved and lost the numbers I was given, so if they sent anything, I never got it. I haven't been able to find that number since.
Does any one remember buying bonds in boot camp?
Has anyone had any luck finding out how to retrieve them and cash them in?
I would appreciate any feedback. Thanks.
Money
Investing
Boot Camp
Posted >1 y ago
Responses: 13
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I had the same question and have never been able even to find the records of the bonds.
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LtCol William Bentley
https://www.dfas.mil/militarymembers/bondretrieval.html
Here is the official DFAS guidance on hunting down and claiming any remaining US Savings Bonds that are held "for safekeeping." That is the official title of what most of us remember from the "old days" of US Savings Bonds: we used part of our paycheck to directly purchase savings bonds, Type E or EE or I, etc., and those "bonds" were "held for safekeeping." This meant your money went somewhere, the US Govt used it for something, and when you decided you wanted to cash out your Savings Bonds, they figured out how much it was worth after interest was added, and printed it out for you, and mailed it to you. This all ended in 2014: all the US Savings Bonds held in safekeeping for armed forces members were supposed to have been printed out and mailed to the servicemembers...
This is EXACTLY what happened to me in 2014, shortly after I retired. I got a huge stack of US Savings Bonds, in paper form, in the mail, along with an itemized inventory of every bond I had bought and placed in safekeeping. I also got instructions on how to register those savings bonds back into the new system, so they could continue to grow. Or I could have just taken them down to the bank and cashed them out. I chose to register them, did the online thing, and mailed the entire lot to the new location "for safekeeping." Where they were presumably destroyed in their paper form and converted back into digital money...until some day when I decide to cash them out.
They usually mature at 30 years, after that typically they don't earn anything more, but you don't have to cash them out. Could just have it sit as digital savings, waiting for an event that minimizes the tax hit, such as using them for higher education for a child. Or convert to something else.
Many of my bonds were bought back when interest rates were more favorable, and some are drawing quite impressive returns (by today's standards of savings bonds and CDs, at least).
If the initial attempts to contact using their POCs fails, keep trying. Or just call DFAS customer service. Sometimes you have to work the system to get through the call screening and get results at DFAS: be persistent. Find the bonds. Verify if you still even have any, or if they mailed them to a long-forgotten address you lived at years ago. It's your money!
Here is the official DFAS guidance on hunting down and claiming any remaining US Savings Bonds that are held "for safekeeping." That is the official title of what most of us remember from the "old days" of US Savings Bonds: we used part of our paycheck to directly purchase savings bonds, Type E or EE or I, etc., and those "bonds" were "held for safekeeping." This meant your money went somewhere, the US Govt used it for something, and when you decided you wanted to cash out your Savings Bonds, they figured out how much it was worth after interest was added, and printed it out for you, and mailed it to you. This all ended in 2014: all the US Savings Bonds held in safekeeping for armed forces members were supposed to have been printed out and mailed to the servicemembers...
This is EXACTLY what happened to me in 2014, shortly after I retired. I got a huge stack of US Savings Bonds, in paper form, in the mail, along with an itemized inventory of every bond I had bought and placed in safekeeping. I also got instructions on how to register those savings bonds back into the new system, so they could continue to grow. Or I could have just taken them down to the bank and cashed them out. I chose to register them, did the online thing, and mailed the entire lot to the new location "for safekeeping." Where they were presumably destroyed in their paper form and converted back into digital money...until some day when I decide to cash them out.
They usually mature at 30 years, after that typically they don't earn anything more, but you don't have to cash them out. Could just have it sit as digital savings, waiting for an event that minimizes the tax hit, such as using them for higher education for a child. Or convert to something else.
Many of my bonds were bought back when interest rates were more favorable, and some are drawing quite impressive returns (by today's standards of savings bonds and CDs, at least).
If the initial attempts to contact using their POCs fails, keep trying. Or just call DFAS customer service. Sometimes you have to work the system to get through the call screening and get results at DFAS: be persistent. Find the bonds. Verify if you still even have any, or if they mailed them to a long-forgotten address you lived at years ago. It's your money!
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I have had the same questions but have never been able to find out an answer. My time frame was 87.
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LtCol William Bentley
https://www.dfas.mil/militarymembers/bondretrieval.html
Here is the official DFAS guidance on hunting down and claiming any remaining US Savings Bonds that are held "for safekeeping." That is the official title of what most of us remember from the "old days" of US Savings Bonds: we used part of our paycheck to directly purchase savings bonds, Type E or EE or I, etc., and those "bonds" were "held for safekeeping." This meant your money went somewhere, the US Govt used it for something, and when you decided you wanted to cash out your Savings Bonds, they figured out how much it was worth after interest was added, and printed it out for you, and mailed it to you. This all ended in 2014: all the US Savings Bonds held in safekeeping for armed forces members were supposed to have been printed out and mailed to the servicemembers...
This is EXACTLY what happened to me in 2014, shortly after I retired. I got a huge stack of US Savings Bonds, in paper form, in the mail, along with an itemized inventory of every bond I had bought and placed in safekeeping. I also got instructions on how to register those savings bonds back into the new system, so they could continue to grow. Or I could have just taken them down to the bank and cashed them out. I chose to register them, did the online thing, and mailed the entire lot to the new location "for safekeeping." Where they were presumably destroyed in their paper form and converted back into digital money...until some day when I decide to cash them out.
They usually mature at 30 years, after that typically they don't earn anything more, but you don't have to cash them out. Could just have it sit as digital savings, waiting for an event that minimizes the tax hit, such as using them for higher education for a child. Or convert to something else.
Many of my bonds were bought back when interest rates were more favorable, and some are drawing quite impressive returns (by today's standards of savings bonds and CDs, at least).
If the initial attempts to contact using their POCs fails, keep trying. Or just call DFAS customer service. Sometimes you have to work the system to get through the call screening and get results at DFAS: be persistent. Find the bonds. Verify if you still even have any, or if they mailed them to a long-forgotten address you lived at years ago. It's your money!
Here is the official DFAS guidance on hunting down and claiming any remaining US Savings Bonds that are held "for safekeeping." That is the official title of what most of us remember from the "old days" of US Savings Bonds: we used part of our paycheck to directly purchase savings bonds, Type E or EE or I, etc., and those "bonds" were "held for safekeeping." This meant your money went somewhere, the US Govt used it for something, and when you decided you wanted to cash out your Savings Bonds, they figured out how much it was worth after interest was added, and printed it out for you, and mailed it to you. This all ended in 2014: all the US Savings Bonds held in safekeeping for armed forces members were supposed to have been printed out and mailed to the servicemembers...
This is EXACTLY what happened to me in 2014, shortly after I retired. I got a huge stack of US Savings Bonds, in paper form, in the mail, along with an itemized inventory of every bond I had bought and placed in safekeeping. I also got instructions on how to register those savings bonds back into the new system, so they could continue to grow. Or I could have just taken them down to the bank and cashed them out. I chose to register them, did the online thing, and mailed the entire lot to the new location "for safekeeping." Where they were presumably destroyed in their paper form and converted back into digital money...until some day when I decide to cash them out.
They usually mature at 30 years, after that typically they don't earn anything more, but you don't have to cash them out. Could just have it sit as digital savings, waiting for an event that minimizes the tax hit, such as using them for higher education for a child. Or convert to something else.
Many of my bonds were bought back when interest rates were more favorable, and some are drawing quite impressive returns (by today's standards of savings bonds and CDs, at least).
If the initial attempts to contact using their POCs fails, keep trying. Or just call DFAS customer service. Sometimes you have to work the system to get through the call screening and get results at DFAS: be persistent. Find the bonds. Verify if you still even have any, or if they mailed them to a long-forgotten address you lived at years ago. It's your money!
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I attempted the first option, which required me to scan and email a signed letter requesting any bonds to [login to see] , which resulted in this auto response:
We are no longer accepting Bond Release Requests. All requests received by April 16 have been processed. If you sent a release request, we ask that you allow 30 days for receipt of your bonds from the April 16 date. If you do not receive your bonds after 30 days, you must claim non-receipt with the Department of Treasury using their Treasury Direct website. Should you wish to change the owner or co-owner name, and/or beneficiary on your U. S. Savings Bond(s) you must complete form PD F 4000, it is available on the Treasury Direct website, see hyperlinks below.
All bonds remaining in Safekeeping after April 16 will be electronically forwarded to the Federal Reserve Bank - Minneapolis for them to print and mail; they will accomplish this over an eight week period. Please do not contact the FRB. Printing will be scheduled by denomination and series so you may not receive all your bonds in the same envelope or timeframe. All bonds should be printed and mailed by the end of July. A SmartDoc will be issued to confirm the completion of this task. The Department of Treasury will not have a record of your bond purchase(s) until the bond(s) are printed, as the serial number is assigned at that time. The bond's registration date will reflect the actual month and year you purchased your bond.
TreasuryDirect information:
* Guided Tour of TreasuryDirect: This online demo shows you how to open an account, purchase securities, and manage your account holdings: http://www.treasurydirect.gov/indiv/TDTour/default.htm
* Opening a TreasuryDirect Account: Video clip provides easy instructions on opening a TreasuryDirect account: http://www.treasurydirect.gov/readysavegrow/video/vid_howtoopen.htm
* A quick reference tip sheet that provides the necessary steps to open a TreasuryDirect account is also available here: http://www.treasurydirect.gov/instit/savbond/otc/HowtoopenanaccountinTreasuryDirecttipsheet.pdf
* Logging on to Your TreasuryDirect Account: Instructional video that explains the account log in/access process for TreasuryDirect: http://www.treasurydirect.gov/indiv/myaccount/myaccount_demo.htm
* Converting Paper Savings Bonds to Digital: You can trade in your paper bonds for digital bonds using TreasuryDirect's SmartExchange program: http://www.treasurydirect.gov/readysavegrow/start_saving/converting_bonds.htm
So, I have created an account with Treasury Direct, and submitted a contact us form, requesting for them to research this issue.
I'm starting to feel that familiar "run-around" again, but I will post any pertinent correspondence.
We are no longer accepting Bond Release Requests. All requests received by April 16 have been processed. If you sent a release request, we ask that you allow 30 days for receipt of your bonds from the April 16 date. If you do not receive your bonds after 30 days, you must claim non-receipt with the Department of Treasury using their Treasury Direct website. Should you wish to change the owner or co-owner name, and/or beneficiary on your U. S. Savings Bond(s) you must complete form PD F 4000, it is available on the Treasury Direct website, see hyperlinks below.
All bonds remaining in Safekeeping after April 16 will be electronically forwarded to the Federal Reserve Bank - Minneapolis for them to print and mail; they will accomplish this over an eight week period. Please do not contact the FRB. Printing will be scheduled by denomination and series so you may not receive all your bonds in the same envelope or timeframe. All bonds should be printed and mailed by the end of July. A SmartDoc will be issued to confirm the completion of this task. The Department of Treasury will not have a record of your bond purchase(s) until the bond(s) are printed, as the serial number is assigned at that time. The bond's registration date will reflect the actual month and year you purchased your bond.
TreasuryDirect information:
* Guided Tour of TreasuryDirect: This online demo shows you how to open an account, purchase securities, and manage your account holdings: http://www.treasurydirect.gov/indiv/TDTour/default.htm
* Opening a TreasuryDirect Account: Video clip provides easy instructions on opening a TreasuryDirect account: http://www.treasurydirect.gov/readysavegrow/video/vid_howtoopen.htm
* A quick reference tip sheet that provides the necessary steps to open a TreasuryDirect account is also available here: http://www.treasurydirect.gov/instit/savbond/otc/HowtoopenanaccountinTreasuryDirecttipsheet.pdf
* Logging on to Your TreasuryDirect Account: Instructional video that explains the account log in/access process for TreasuryDirect: http://www.treasurydirect.gov/indiv/myaccount/myaccount_demo.htm
* Converting Paper Savings Bonds to Digital: You can trade in your paper bonds for digital bonds using TreasuryDirect's SmartExchange program: http://www.treasurydirect.gov/readysavegrow/start_saving/converting_bonds.htm
So, I have created an account with Treasury Direct, and submitted a contact us form, requesting for them to research this issue.
I'm starting to feel that familiar "run-around" again, but I will post any pertinent correspondence.
(0)
(0)
LtCol William Bentley
https://www.dfas.mil/militarymembers/bondretrieval.html
Here is the official DFAS guidance on hunting down and claiming any remaining US Savings Bonds that are held "for safekeeping." That is the official title of what most of us remember from the "old days" of US Savings Bonds: we used part of our paycheck to directly purchase savings bonds, Type E or EE or I, etc., and those "bonds" were "held for safekeeping." This meant your money went somewhere, the US Govt used it for something, and when you decided you wanted to cash out your Savings Bonds, they figured out how much it was worth after interest was added, and printed it out for you, and mailed it to you. This all ended in 2014: all the US Savings Bonds held in safekeeping for armed forces members were supposed to have been printed out and mailed to the servicemembers...
This is EXACTLY what happened to me in 2014, shortly after I retired. I got a huge stack of US Savings Bonds, in paper form, in the mail, along with an itemized inventory of every bond I had bought and placed in safekeeping. I also got instructions on how to register those savings bonds back into the new system, so they could continue to grow. Or I could have just taken them down to the bank and cashed them out. I chose to register them, did the online thing, and mailed the entire lot to the new location "for safekeeping." Where they were presumably destroyed in their paper form and converted back into digital money...until some day when I decide to cash them out.
They usually mature at 30 years, after that typically they don't earn anything more, but you don't have to cash them out. Could just have it sit as digital savings, waiting for an event that minimizes the tax hit, such as using them for higher education for a child. Or convert to something else.
Many of my bonds were bought back when interest rates were more favorable, and some are drawing quite impressive returns (by today's standards of savings bonds and CDs, at least).
If the initial attempts to contact using their POCs fails, keep trying. Or just call DFAS customer service. Sometimes you have to work the system to get through the call screening and get results at DFAS: be persistent. Find the bonds. Verify if you still even have any, or if they mailed them to a long-forgotten address you lived at years ago. It's your money!
Here is the official DFAS guidance on hunting down and claiming any remaining US Savings Bonds that are held "for safekeeping." That is the official title of what most of us remember from the "old days" of US Savings Bonds: we used part of our paycheck to directly purchase savings bonds, Type E or EE or I, etc., and those "bonds" were "held for safekeeping." This meant your money went somewhere, the US Govt used it for something, and when you decided you wanted to cash out your Savings Bonds, they figured out how much it was worth after interest was added, and printed it out for you, and mailed it to you. This all ended in 2014: all the US Savings Bonds held in safekeeping for armed forces members were supposed to have been printed out and mailed to the servicemembers...
This is EXACTLY what happened to me in 2014, shortly after I retired. I got a huge stack of US Savings Bonds, in paper form, in the mail, along with an itemized inventory of every bond I had bought and placed in safekeeping. I also got instructions on how to register those savings bonds back into the new system, so they could continue to grow. Or I could have just taken them down to the bank and cashed them out. I chose to register them, did the online thing, and mailed the entire lot to the new location "for safekeeping." Where they were presumably destroyed in their paper form and converted back into digital money...until some day when I decide to cash them out.
They usually mature at 30 years, after that typically they don't earn anything more, but you don't have to cash them out. Could just have it sit as digital savings, waiting for an event that minimizes the tax hit, such as using them for higher education for a child. Or convert to something else.
Many of my bonds were bought back when interest rates were more favorable, and some are drawing quite impressive returns (by today's standards of savings bonds and CDs, at least).
If the initial attempts to contact using their POCs fails, keep trying. Or just call DFAS customer service. Sometimes you have to work the system to get through the call screening and get results at DFAS: be persistent. Find the bonds. Verify if you still even have any, or if they mailed them to a long-forgotten address you lived at years ago. It's your money!
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