How to sell EE-Bonds / I-Bonds
May 8, 2002 | 11:11 am
#1
Original Poster
Join Date: May 2002
Posts: 29
How to sell EE-Bonds / I-Bonds
I understand that I can buy i-bonds/ee-bonds from the US gov online (and charge it to a ffm credit card). Would I be able to sell the bonds (after the required 6-months) at any bank? What is the procedure? Do I need to have an account at that bank?
Hope one of you can help me on these
Hope one of you can help me on these
May 8, 2002 | 11:56 am
#2
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At my bank (Union Bank of California) they gave me a form to fill out which I mailed with the bond in a business-reply envelope they also provided. Money showed up in my account a few days later.
May 8, 2002 | 11:57 am
#3
Join Date: Oct 2000
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May 8, 2002 | 1:45 pm
#5
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I did a little research on this as I just purchased my first I Bonds. It seemed that most local branches of large banks would cash $1000 of bonds a day, but to cash out a large sum you would need an account with that bank. Bank of America has a fee-free My Access Checking Acct (free with direct deposit) and after a six month history with the account they will deposit my $30,000 of I Bonds directly into my checking account (they have forms to fill out that you deposit with your bonds - treated like any deposit).
Hope this helps.
Hope this helps.
May 8, 2002 | 2:44 pm
#6
Join Date: Mar 2001
Location: Boston, MA
Posts: 48
I thought you had to hold the bonds for a certain amount of time (6 months is what I recall) before you cash them in. Is this not correct? Will banks do it immediately? How long does it take to receive the bonds and get the money back in your checking account?
May 8, 2002 | 3:12 pm
#7
Join Date: Jun 2001
Location: Santa Monica, CA, USA
Posts: 1,013
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Flyalot:
I thought you had to hold the bonds for a certain amount of time (6 months is what I recall) before you cash them in. Is this not correct? Will banks do it immediately? How long does it take to receive the bonds and get the money back in your checking account?</font>
I thought you had to hold the bonds for a certain amount of time (6 months is what I recall) before you cash them in. Is this not correct? Will banks do it immediately? How long does it take to receive the bonds and get the money back in your checking account?</font>
May 9, 2002 | 11:07 am
#9
Join Date: Sep 2001
Location: Connecticut
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FWIW, I bank at Citibank. The branch told me that they do not redeem Series I bonds (but do redeem EE bonds). I called customer service and inquired as to why and to register a complaint. They had no answer and promised to call me back. Never did. They did refer me to the Federal Reserve - which of course says all major banks redeem them. Pretty odd - Citibank is about as "major" as they come.
May 9, 2002 | 1:05 pm
#10
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How much will this end up costing you?
I'm assuming that if you buy the bonds, hold them for 6 months and cash them in you should get back at least what you paid, maybe a bit more.
So, am I correct in thinking that you'll basically get the miles for free at the end of the day, or am I missing something?
d
I'm assuming that if you buy the bonds, hold them for 6 months and cash them in you should get back at least what you paid, maybe a bit more.
So, am I correct in thinking that you'll basically get the miles for free at the end of the day, or am I missing something?
d
May 9, 2002 | 9:43 pm
#12
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by phoenixitc:
There are numerous threads touching on this very topic. If you cash out after 6-months, before 5 years, you lose 1/2 of earned interest. </font>
There are numerous threads touching on this very topic. If you cash out after 6-months, before 5 years, you lose 1/2 of earned interest. </font>
If you cash out before 5 years, you lose only the last three months' worth of interest.
http://www.publicdebt.treas.gov/mar/...restronredempt
Kathy
May 9, 2002 | 10:23 pm
#13
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And to answer the original question, look here:
http://www.publicdebt.treas.gov/mar/...deem.htm#where
Kathy
http://www.publicdebt.treas.gov/mar/...deem.htm#where
Kathy