Savings Bond May Not Be Lost Forever

Bestowed at christenings, tucked into birthday cards and doled out at graduations, the U.S. Savings Bond has been one of the most popular gift items in America throughout the years.

It’s also one of the most misplaced.

Right now, a whopping $6.5 billion in Savings Bonds is languishing out there, past maturity and no longer earning interest, simply because the owners have lost track of them. Some of these unredeemed securities may be collecting dust in basements and attics, others inadvertently thrown away, still others may never have made it to the intended recipient.

“There are a lot of people who don’t realize you can reclaim them,” said Daniel J. Pederson, author of “Savings Bonds: When to Hold, When to Fold and Everything in Between.” “They think they’re like cash and they’re gone forever.”

In fact, with a little work, they could be replaced and eventually cashed in. The federal government keeps records on all the Savings Bonds that have been issued (from the original “E” Series bonds issued in 1941 through today’s newest “I” Series bonds) and will conduct a free search for any bondholder who requests one in writing.

The recovery process may take several weeks or months. It begins by filling out a special form--PDF 1048, “Application for Relief on Account of Loss, Theft or Destruction of United States Savings and Retirement Securities”--and mailing it to the Bureau of Public Debt in West Virginia. The completed form must be certified by a notary public or an officer of a financial institution. If the bonds were stolen, a police report also must be included.

Forms can be downloaded from the bureau’s Web site (https://www.savingsbonds.gov) or requested by telephone ([304] 480-6112). Commercial banks and regional Federal Reserve Banks also have them available.

Detailed questions about issue dates, denominations, serial numbers and inscription are asked on the form. Of course, the more information you can provide the better your chances of success.

Especially important: registered names of individual owners and Social Security and serial numbers as they may have appeared on the bonds.

Peter Hollenbach, a spokesman for the Bureau of Public Debt, says that even if you don’t know all the answers to those questions, it’s still worth sending in the form. “We’ll take a shot at it, [and] if we need more information we’ll ask,” he said.

Among Pederson’s tips: List as many past home addresses as possible and provide several spelling variations of your name.