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Reuniting Bondholders with their matured unredeemed savings bonds

Great news for bondholders. Mr. Rockefeller together with Mr. Roberts and Mr. Leahy have introduced a bill to establish a program to reunite bondholders with matured unredeemed United States savings bonds.

The name of the soon to be Act is the “Unclaimed Savings Bond Act of 2009”, according to Rockefeller.

Up until now, little or no effort has been made to locate and contact bondholders that are holding until matured unredeemed savings bonds. There are currently over $16.5 billion in associated bond proceeds that have yet to be claimed. At the moment the Government does not have an organized program to identify the owners of all matured unredeemed savings bonds and return this new found money to their rightful owners.

Although over $1.5 billion of unclaimed money and property is being turned over to their rightful owners by the State Offices, the Federal Government provides very little assistance to help in the State Office locate the bond holders.

“At the moment, the proceeds of the matured unredeemed savings bonds are held in the United States Treasury, these unclaimed bonds are not Federal funds and belong to bond owners, not the Federal Government” says Edward Palonek, president of Foundmoney.com.

According to Mr. Palonek “by having the Federal Government join forces with at the State level, these should substantial increase the likelihood of locating the owners of these bonds which would in turn help stimulate the economy with all this new found money”.

The Federal Government plans to, firstly attempt to identify and locate the owners of specified unredeemed savings bonds and then to provide assistance to States in the form of bondholder location and assistance grants, for the purpose of owner location and notification activities with respect to these bonds.

Foundmoney.com manages millions of records which consist of billions of dollars of unclaimed accounts that still need to be claimed. Since 1995 foundmoney.com has been helping Americans claim money they didn’t even know they had.

Past customers have thanked us for bringing to their attention the possibility of finding money for themselves or family members and have commented on what a wonderful service we are offering” says Mr. Palonek.

The Unclaimed Savings Bond Act of 2009 bill will compel the Federal Government to put the bonds holder records in a digital format and all access to these records of the State Agencies which will then try to locate the owners of these matured unredeemed savings bonds. This will allow State agencies to do a web search to locate a bond holder.

Most of the unredeemed bonds appear to be from Series E which were first issued in 1941 and then reached maturity in 1981. This series was discontinued over 40 years ago.

“This new system to track down the rightful owners and return the bond proceeds to them will help the millions of Americans which are the holders of the more than $16.5 billion in bonds don’t even realize” says Mr. Palonek from foundmoney.

You can be richer than you think. Visit foundmoney.com to see if you are one of those lucky Americans that may have unclaimed money waiting for you.

Posted by Missing Money

Under this act:

Individuals and families are eligible to receive up to $600 for individuals and $1,200 for couples. A minimum of $300 per person and $600 per couple would be available to those with at least $3,000 of earned income. This relief would be available to everyone with adjusted gross income less than $75,000 for singles and $150,000 for married couples filing jointly. It will be phased out for taxpayers above those income thresholds. Taxpayers may qualify by filing a tax return for 2007 and including a valid Social Security number on their tax return.

Everyone eligible for this relief would also receive an additional $300 per child. For example, this would mean up to $1,800 of tax relief for an eligible couple with two children.

Recipients of Social Security and certain veterans' benefits are also eligible for rebates. Those who receive at least $3,000 from any combination of benefits from these programs will receive rebates. The IRS and Treasury Department will be working closely with the Department of Veterans Affairs and the Social Security Administration, along with beneficiary organizations, to ensure that all eligible individuals are able to receive their payments.

However with the IRS unable to deliver some of this money due to various database errors. Much of these errors can be attributed to incorrect mailing addresses. As such IRS has setup a hotline that you can call to claim your money.

With Christmas around the corner, a gift from Uncle Sam would be a very nice gesture. So don’t delay, call the IRS hotline at 1-866-234-2942. As always don’t forget to search for any missing money on our website as well.

December 5, 2008 – Edward Palonek, founder and CEO of foundmoney.com, announced that his unclaimed property department is teaming up with Santa Claus to alert millions of individuals and companies, that they may be the rightful owners of abandoned bank accounts, misplaced payroll checks, forgotten stocks and other unclaimed assets.

Each year, thousands of people lose track of their bank accounts, cash, stocks, bonds, refunds, royalties, safe deposit boxes and other property. People move and forget to furnish their bank, broker, employer or insurance company with a forwarding address. Losing sight of property can happen to anyone, says Mr. Palonek and Santa Claus

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