Promoting Redemption of Savings Bonds
The order directs the Department of the Treasury to digitize records for unredeemed savings bonds, improve the Treasury Hunt search tool, and conduct outreach to help the estimated owners of $27 billion in matured but unclaimed bonds collect what they are owed.
What this order does
What it orders
The order directs the Department of the Treasury to digitize and make electronically searchable records identifying the registered owners of matured unredeemed savings bonds, including names, addresses, and beneficiaries. It requires Treasury to incorporate that digitized data into the existing Treasury Hunt online tool so individuals can search for bonds they own, and instructs Treasury to prioritize digitizing records from bond-issuance years that account for the largest share of unredeemed debt. Treasury must also conduct customer research into why bondholders do not redeem bonds, what barriers they face, and whether redemption methods can be improved. The order further directs Treasury to engage with states to share data, learn best practices, and encourage states to link their unclaimed property websites to Treasury Hunt.
The order does not itself change any law governing savings bonds, create new legal rights for bondholders, or require Treasury to proactively mail notices to owners. Implementation is subject to available appropriations, and no enforceable rights are created against the federal government.
Who it affects
Owners of the estimated 75 million matured unredeemed U.S. savings bonds — including original purchasers, heirs, and beneficiaries — as well as the Department of the Treasury, state unclaimed property programs, and vendors contracted to digitize bond records.
Why it matters
Roughly $27 billion in matured savings bonds has never been redeemed. Easier searchability and better state-level outreach could help ordinary Americans — including heirs who may not know bonds exist — locate and cash out investments they are legally owed.
What must happen and when
How the order is supposed to work
Treasury first completes a pilot project assessing digitization feasibility before year-end 2020, then selects a vendor to begin scanning records. Within 30 days of receiving digitized data, Treasury must update Treasury Hunt to reflect it. Customer research runs in parallel to identify redemption barriers. A six-month report from the Secretary of the Treasury documents progress. State engagement is ongoing with no hard deadline. No independent enforcement mechanism is specified; execution depends on appropriations.
Actions and deadlines
- Complete the pilot project assessing feasibility and cost of digitizing savings bond records
- Select a vendor to begin digitizing savings bond records if the pilot project is successful
- Incorporate digitized records data into the Treasury Hunt tool in a secure, privacy-compliant manner
- Conduct customer research on barriers to savings bond redemption and feasibility of alternative redemption methods
- Engage with states to share data and encourage links to Treasury Hunt on unclaimed property websites
- Secretary of the Treasury to publish a report on actions taken to implement this order