Unclaimed Savings Bonds in Texas Estimated to Top $2 Billion
Texas Border Business
HOUSTON – U.S. Senator John Cornyn (R-TX) today announced the U.S. Treasury Department will assist Texans in claiming an estimated $2.1 billion in unredeemed savings bonds:
“Texans deserve access to all of their hard-earned money, whether it’s a bond purchased for grandchildren or during a time of war decades ago,” said Sen. Cornyn. “Instead of having these bonds sit forgotten in the hands of the Treasury, they can soon disburse this money to its rightful owners.”
Sen. Cornyn cosponsored the Unclaimed Savings Bond Act (USB Act) earlier this year that would allow states to actively seek out and assist residents to reclaim funds on unredeemed U.S. savings bonds through the use of their unclaimed property procedures. The amount owed to Texans is estimated at more than $2 billion.
As part of their plan, Treasury will create an online tool that will allow individuals to verify against Treasury records if they have any unredeemed savings bonds dated after 1974. Treasury will also provide shareable links to states so the tool can be promoted through Unclaimed Property Program websites. The records for the newer bonds are in the best physical condition. For the records on the older bonds dating back to World War II, Treasury will gather expert opinions and states’ input on how to digitize them.