My father had some bonds (not sure what kind). He is senile by now and not able to take care of himself. My sister has his power of attorney, and she and my mom wanted to cash some of the bonds. The banks/government made a big fuss, as they wanted his signature on the bonds, but he isn't capable of informed consent at this time. They eventually (with the help of an attorney) were able to redeem the bonds, $30,000 worth. Mom said the money came as cash in the mail, 30 $1000 bills. She wasn't able to give much more information than that (she is barely competent herself).

Does anyone know what happened here? I didn't even know there were $1000 bills issued.

TIA.

cliff

Mom said the money came as cash in the mail, 30 $1000 bills.

I find that VERY hard to believe. Suggest you check to make sure that was the case.

Bob

cliff: I didn't even know there were $1000 bills issued.


According to the Treasury's website FAQ, production of $1000 bills stopped during WWII and the Federal Reserve stopped distributing them in 1969. They are still legal tender and in circulation, but when they are received by Federal Reserve Banks, they are removed from circulation and destroyed.


http://www.treas.gov/education/faq/currency/denominations.html#q3

I know absolutely nothing about your family and the lawyer but this sure sounds like a story that needs to be fully checked out.

I am sure that folks in this disscussion group would be interested in knowing how this all comes out. Many of us have elderly parents and know of some of problems in dealing with them. That is of course if you feel comfortable in sharing with us.

Good Luck.

Jim Sullivan aka 8128

"Government bonds" covers many things.
Treasuries, held by private citizens, would either be in a brokerage account or in Treasury Direct. Treasury Direct transfers cash when interest is paid or a bond matures by direct deposit to the owwner's bank account, according to directions previously given. If there is a reason for not doing the direct deposit, they would send a check.
Savings bonds would want a signature. If your sister has power of attorney to present a copy of it to the bank when wishing to cash the bonds should suffice,with your sister's signature.

I find the proceeds coming as cash very difficult to believe. If true, it should have come by registered mail, which is quite safe. The usual practice would be for proceeds to be in the form of a check, or to be deposited directly into your mom's/sister's account.

Best wishes, Chris

"I find the proceeds coming as cash very difficult to believe.

Hi Chris,

I'm with you... I'm not saying it is, but, one wonders about money laundering... Who deals in cash like this... Too wierd.

Regards, Ken

I called my sister, and she essentially corroborated Mom's story. The Feds sent cash through the mail. Sis saw the deposit slip. Amazing that one arm of the gummit is sending out bills that another arm is collecting and destroying. Even more amazing that they didn't cut a gummit check.

Series E savings bonds, fwiw.

cliff
... and thanks for the many responses.

About the $1000. bills comming in the mail, I think your statment pretty much gives the answer..

She wasn't able to give much more information than that (she is barely competent herself).

There is no way the Federal Government will send CASH in the mail.

By the way no offence to your Mom, just going by what you said.

SONNET (who took care of his Mom with stroke related demintia for a year and a half after my Step Dad died till close to when she died last year...lung cancer, pneumonia and then cardiac arrest.)

It's really tough thing, but no matter what you always love them just as much no matter what, and when they are gone you really miss them so much.