FAQ Friday: Bonds

On Friday, October 27th, Ms. Karla Horn discusses treasury bonds.

Specifically, paper bonds. Recently, fewer banks are managing paper bonds. In order to cash a paper bond you would have to fill out the necessary paperwork and submit it to the treasury department.

In our recent experience, it is taking 6 months to complete this process. We suggest to either start this process now if needing to cash it in the near future or to convert your paper bond into electronic.

All the characteristics of the bond would stay the same. In order to convert your bond, you would go to www.treasurydirect.gov. On this website, you would click on manage savings bonds and then “convert bonds” in order to learn more about this process.

You will need to have a Treasury Direct account in order to move forward. There is no fee for the conversion. However, you will need to link your bank account so interest income can be sent via direct deposit.

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