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BUSINESS
December 14, 2008 | Kathy M. Kristof, Kristof is a personal-finance author and syndicated columnist.
Looking for cash to tide you over during these lean times? The Treasury Department is urging Americans to quiz their parents and grandparents this holiday season about whether they squirreled away U.S. savings bonds that have stopped earning interest. The reason: About $16 billion of these bonds haven't been redeemed. The government suspects that the owners have either died or forgotten about the investments that they bought in the 1940s, '50s, '60s and '70s.
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BUSINESS
November 4, 2011 | By Tiffany Hsu, Los Angeles Times
Making their final appearance in Christmas stockings this season: paper U.S. savings bonds. A popular and colorful gift for children, the securities will no longer be available at banks and other financial institutions or through mail-in order after this year. Instead, starting in 2012, the Treasury Department will offer Series EE and I bonds only online through http://www.treasurydirect.gov. The move to electronic versions is projected to save $70 million over five years in printing, storage and processing fees, the government said.
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BUSINESS
November 4, 2011 | By Tiffany Hsu, Los Angeles Times
Making their final appearance in Christmas stockings this season: paper U.S. savings bonds. A popular and colorful gift for children, the securities will no longer be available at banks and other financial institutions or through mail-in order after this year. Instead, starting in 2012, the Treasury Department will offer Series EE and I bonds only online through http://www.treasurydirect.gov. The move to electronic versions is projected to save $70 million over five years in printing, storage and processing fees, the government said.
NATIONAL
October 18, 2009 | David Cho, Cho writes for the Washington Post.
Nearly 70 years ago, the federal government began issuing hundreds of billions of dollars in savings bonds to finance the greatest war effort in the nation's history, with President Franklin D. Roosevelt buying the very first one. But the bonds came with a catch: They wouldn't be paid off for 40 years. As the decades passed after World War II, $16.7 billion worth of bond certificates were either forgotten in dusty attics or thrown out in the trash. That treasure has remained unclaimed, but a lawsuit could change that.
NEWS
January 29, 1985 | Associated Press
Sales of U.S. savings bonds totaled $4 billion last year, a gain of 4% over 1983 and the best performance since 1980, the Treasury Department reported Monday.
NEWS
September 24, 1987 | Associated Press
The Treasury Department today suspended the sale of U.S. savings bonds for the third time this year because President Reagan has not signed a bill raising the national debt limit. Banks and other financial institutions were ordered to stop selling the bonds until further notice. The Senate gave final approval Wednesday and sent to Reagan a measure to raise the debt ceiling to $2.8 trillion.
REAL ESTATE
March 24, 1985
Each of the two children of Frederick M. and Engran Saffold, Vennecia, 3, and Janeice, 2, has received a $500 savings bond from the Mead Trust because their parents are the 500th buyers of a new home from the nonprofit developer. The Saffolds occupied their two-story, 1,588-square-foot home on 117th Street on Jan. 26 and it was discovered that they are the 500th Mead Housing family in the course of the follow-up paper work. Mead builds free-standing individual homes for moderate-income
BUSINESS
May 2, 1986
The rate for U.S. savings bonds dropped to 7.02%, the lowest rate since the bonds were switched to a market-based interest system in 1982, the government said. The interest rate for savings bonds is changed twice each year--on May 1 and Nov. 1. The new rate, down from 8.36% for the preceding six months, is based on average market yields on five-year Treasury securities for the past six months.
BUSINESS
March 21, 1995 | From Bloomberg Business News
The U.S. Treasury said it will start to pay market-based interest rates on savings bonds issued on or after May 1. Currently, the Treasury pays a fixed rate of interest on savings bonds held up to five years and a variable rate on those held five years or more. The change announced Monday will make the yield on savings bonds held for less than five years variable also, thereby ensuring that the interest the Treasury pays on savings bonds is in line with market rates.
BUSINESS
May 24, 2000 | Associated Press
Uncle Sam wants you to check your attic, basement and closets for forgotten savings bonds. The Treasury Department's Bureau of Public Debt is launching a radio and print advertising campaign aimed at encouraging savings bond owners to cash in the matured bonds they hold. More than $7 billion worth of savings bonds have matured but haven't been redeemed, the government says. Ads are expected to begin surfacing next week.
BUSINESS
December 14, 2008 | Kathy M. Kristof, Kristof is a personal-finance author and syndicated columnist.
Looking for cash to tide you over during these lean times? The Treasury Department is urging Americans to quiz their parents and grandparents this holiday season about whether they squirreled away U.S. savings bonds that have stopped earning interest. The reason: About $16 billion of these bonds haven't been redeemed. The government suspects that the owners have either died or forgotten about the investments that they bought in the 1940s, '50s, '60s and '70s.
NATIONAL
July 23, 2006 | From Times Wire Reports
A homeless man searching for returnable bottles in a trash bin in Detroit found 31 U.S. savings bonds worth nearly $21,000 in a bag of clothes. Charles Moore, 59, took the bonds to a 24-hour walk-in homeless shelter, where a staffer tracked down the family of the man whose name was on the bonds. "They belong to him," Moore told The Detroit News. "I did the right thing." Ernest Lehto's family had given away many of his clothes after his death in 2004.
BUSINESS
May 2, 2006 | From a Times Staff Writer
U.S. Series EE Savings Bonds issued between now and Oct. 31 will earn a fixed annualized interest rate of 3.7% for their life, up from 3.2% on bonds issued in the previous six months, the Treasury said Monday. The Treasury changes the rate on new bonds every six months, based on market interest rates. The annualized rate on Series EE bonds issued from May 1997 through April 2005 will be 4.11% for the next six months, up from 3.61% in the previous six months.
BUSINESS
December 4, 2005 | Tom Petruno
A near-7% return on a U.S. government bond? It may sound like a scam, but it's real -- for a while, at least. The Treasury's inflation-adjusted savings bonds, known as Series I bonds (or just "I bonds" for short), currently pay an annualized return of 6.73%. That rate applies to bonds purchased between Nov. 1 and April 30. I-bond rates have two components: a fixed return and a variable return. The fixed return, now 1%, is set for the 30-year life of the bond.
BUSINESS
August 28, 2005 | Kathy M. Kristof, Times Staff Writer
Jack Quinn got interested in savings bonds several years ago when he found a forgotten stack of them in the bottom of a drawer. Now, he runs a company that provides consumers with information about the venerable U.S. government savings program, which offers an investment that is widely misunderstood. And he's urging Americans to search through their papers and safe deposit boxes to unearth old savings bonds as he once did. The reason: An astounding $13.
BUSINESS
April 5, 2005 | Tom Petruno, Times Staff Writer
The U.S. Treasury said Monday that it would end a program that assured buyers of Series EE savings bonds an automatic earnings boost in times of rising market interest rates. The change is a sign that the government expects rates to keep climbing -- as they have for the last year -- and is seeking to save taxpayers money at the expense of savings bond buyers, some analysts say. Series EE bonds are popular with people of limited means because they can be purchased for as little as $25.
BUSINESS
July 19, 1989 | From Associated Press
The Treasury Department announced on Tuesday a schedule of maturity dates for U.S. savings bonds designed to reduce confusion among bondholders who are unaware of when their bonds stop earning interest. "Financial institutions and savings bond and note owners will now only have to recall an easy to remember '40-30-20' formula to determine how long bonds will earn interest," the department said in a statement.
BUSINESS
November 4, 2003 | Tom Petruno, Times Staff Writer
Treasury bond yields have jumped since spring, but interest rates on popular U.S. savings bonds will be lower in the next six months than in the last six, the Treasury Department said Monday. Rates on so-called inflation-indexed savings bonds will fall sharply. The government adjusts rates on new and outstanding savings bonds twice a year, on Nov. 1 and May 1. For traditional Series EE bonds, the interest rate is pegged to the five-year Treasury note yield.
BUSINESS
May 6, 2003 | Kathy M. Kristof
The Treasury Department on Monday launched a program allowing savers to buy Series EE savings bonds over the Internet. The move is part of an ongoing effort to reduce the cost of issuing, tracking and replacing the roughly 700 million individual savings bonds outstanding, said Peter R. Fisher, under secretary for domestic finance. Savers now can buy EE bonds by setting up an account through the TreasuryDirect program (www.treasurydirect .gov).
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