Going Paperless
AFTER THE DEATH of my father-in-law, I helped my mother-in-law organize and simplify their finances. One task I distinctly remember: taking her to the local bank, where she cashed in dozens of old savings bonds, some past their maturity date. It was a tedious process.
It wasn���t just my late father-in-law who failed to stay on top of such things. Last year, I discovered an envelope full of Series I savings bonds that I���d forgotten about.
With the recent jump in inflation, there���s been a surge of interest in I bonds. This morning, the Treasury Department announced the yield for bonds sold during the next six months���7.12%. That annualized yield only applies for the first six months that buyers hold their Series I bonds. That 7.12% is also the annualized inflation adjustment over the next six months for bonds that were previously purchased.
All this has given me an incentive to complete a task I���d long been meaning to accomplish: Convert my savings bonds from paper to digital.
What���s involved? First, you have to create an account at TreasuryDirect.gov. You���ll need personal information, including your Social Security number, bank account details and e-mail.
Once the account is created, click on the tab at the top that says ���ManageDirect.��� When the ���ManageDirect��� page comes up, find the ���Manage My Conversions��� section and click on the ���how to convert my paper bonds��� link. Follow the directions to create what���s called a ���Conversion Linked Account.��� This is the account that will electronically store your bonds once they���re converted.
Next, designate the registered owner of the bonds, and input the bond type, denomination, serial numbers and issue dates. When you���re done, you create a manifest list that you print, sign and mail to TreasuryDirect, along with the paper bonds.
About a week after I sent in my paper bonds, I received an e-mail from TreasuryDirect stating it had received my bonds and was processing them. When I checked the site 13 days later, I saw the bonds listed in my conversion account.
As a test, I also purchased a new Series I bond. It was easy using the ���BuyDirect��� tab on the main page. Now I have a primary account containing the new bond and a linked account for my converted bonds.
I���m happy I made the effort. I no longer have to worry about losing the physical bonds. It���ll also be easy to redeem bonds whenever I want.
I always felt good about investing in savings bonds. The aerospace companies I worked for encouraged employees to participate by sponsoring easy-to-use payroll savings plans. The TreasuryDirect site can provide that same ease of use to everyone.
It wasn���t just my late father-in-law who failed to stay on top of such things. Last year, I discovered an envelope full of Series I savings bonds that I���d forgotten about.
With the recent jump in inflation, there���s been a surge of interest in I bonds. This morning, the Treasury Department announced the yield for bonds sold during the next six months���7.12%. That annualized yield only applies for the first six months that buyers hold their Series I bonds. That 7.12% is also the annualized inflation adjustment over the next six months for bonds that were previously purchased.
All this has given me an incentive to complete a task I���d long been meaning to accomplish: Convert my savings bonds from paper to digital.
What���s involved? First, you have to create an account at TreasuryDirect.gov. You���ll need personal information, including your Social Security number, bank account details and e-mail.
Once the account is created, click on the tab at the top that says ���ManageDirect.��� When the ���ManageDirect��� page comes up, find the ���Manage My Conversions��� section and click on the ���how to convert my paper bonds��� link. Follow the directions to create what���s called a ���Conversion Linked Account.��� This is the account that will electronically store your bonds once they���re converted.
Next, designate the registered owner of the bonds, and input the bond type, denomination, serial numbers and issue dates. When you���re done, you create a manifest list that you print, sign and mail to TreasuryDirect, along with the paper bonds.
About a week after I sent in my paper bonds, I received an e-mail from TreasuryDirect stating it had received my bonds and was processing them. When I checked the site 13 days later, I saw the bonds listed in my conversion account.
As a test, I also purchased a new Series I bond. It was easy using the ���BuyDirect��� tab on the main page. Now I have a primary account containing the new bond and a linked account for my converted bonds.
I���m happy I made the effort. I no longer have to worry about losing the physical bonds. It���ll also be easy to redeem bonds whenever I want.
I always felt good about investing in savings bonds. The aerospace companies I worked for encouraged employees to participate by sponsoring easy-to-use payroll savings plans. The TreasuryDirect site can provide that same ease of use to everyone.
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