Paper savings bonds are safe, long term investments – but you can only get a return on them if you do not lose them. Which, of course, begs the question, “What to do if you lose a savings bond?” Fortunately, the U.S. Treasury department has provisions to help those who lose a savings bond recover that bond.
What to do if you Lose a Savings Bond: Tip #1
First, don’t panic! With just a little information, the U.S. Treasury Department can locate a record of your savings bond and either reissue it (with the original issue date) or redeem it for you. So relax, and don’t worry if you have lost a savings bond.
What to do if you Lose a Savings Bond: Tip #2
Next, do a quick search to make sure the savings bond is really lost. Look in junk draws, safety deposit boxes, the bottoms of filing cabinets – anywhere you may put important papers. You can have a savings bond reissued, but it will take a bit of time and paperwork on your part. The best option is to find it.
What to do if you Lose a Savings Bond: Tip #3
If you cannot find your savings bond, you will need to gather information to send to the Treasury Department. At a minimum, you will need your name and social security number. If the savings bond was a gift to you, the social security number associated with that bond might be the givers; in that case you will need the givers’ social security number. Additionally, if you can locate the issue date, know the denomination, or know the serial number of the bond reissuing your bond will be easier. The more information you have, the more likely it is the U.S. Treasury Department will be able to find a record of your bond.
What to do if you Lose a Savings Bond: Tip #4
Next, if you lose a savings bond you will need to fill out Public Debt Form 1048. This form can be downloaded from the Treasury Department’s website. Alternatively, you can request that a hard copy be mailed to you. Using the information you have gathered, fill out Public Debt Form 1048 and mail it to the indicated address. Indicate on the form whether you want the lost savings bond reissued to you at your current address or redeemed into a bank account of your choosing. Once filled out, you signature of the form must be notarized; this can be done for a small fee at most local financial institutions.
What to do if you Lose a Savings Bond: Tip #5
Finally, wait for the reissue or redemption to arrive. Once the Treasury Department gets your Public Debt Form 1048 it will search its database for a record of your savings bond. If that record is found, the savings bond will be reissued and mailed to you or redeemed into your bank account according to your preference.
These days, the U.S. Treasury Department allows savings bonds to be bought and stored electronically in a personal account you set up. If you are prone to losing savings bonds, you may want to convert your paper bonds to electronic ones through the Treasury Department’s website. Once converted, you will no longer have to worry about lost or stolen paper savings bonds.
Sources:
Individual – EE/E Savings Bonds FAQ, Department of the Treasury
Savings Bonds Forms Ordering, Department of the Treasury
Public Debt Form 1048, Department of the Treasury
