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State sues Feds over unpaid Savings Bonds

November 18th, 2016 by Mike Vasilinda

The state is currently holding a million dollars worth of US Savings bonds left unclaimed in safety deposit boxes, but as Mike Vasilinda tells us, the state is suing the Federal Government because as much as billion dollars in the bonds could be owed to Floridians.

US Savings Bonds are how average Americans helped pay for World War II.

“The bonds we bought before bought the bombs that won the war, and now we’ve got another bomb to buy” sang Bing Crosby in 1945 in a movie trailer produced by the Treasury.


The baby boomers were brought up buying stamps in school that were later redeemed for bonds.

“The first thing you’ll know, you’ll have enough for a savings bond, just like your dad buys from the payrolls savings plan at work” said George Reeves, the original Superman character in a tv spot.


So now, a million dollars in savings bonds, left unclaimed in safety deposit boxes have been turned over to the state. But there’s a problem. The Federal government won’t redeem them says Ashley Carr from the Dept. of Financial Services.

“The money doesn’t belong to the Federal government. Ultimately it belongs to the individual who purchased that bond, sometimes even years ago. So what we want them to do, you know, is if the Federal government isn’t going to look for these individuals, this is what we do,a nd we happen to it pretty well Mike!” says Carr.

Indeed, Last month alone, more than 35 million was returned to Floridians.

The state has filed suit. It wants to redeem the bonds it holds, but also to gain access to an estimated one billion in unredeemed bonds that were bought by Floridians

“But they feel differently. they want to hold on to those funds, and that’s where we stand. we’re looking forward to the spring where we’ll have our day in court, where we’ll present our case. We fell like we’re on the right side of this fight” says Carr.

Until then, the promise of a better life through buying government bonds will remain unfulfilled, for some.

“Our country stands for law and order in the world. the right of free people to live and work in peace” said John wayne in a 1952 movie trailer.

You can check on the web at FLTreasureHunt.org to see if any of the bonds belong to you or a relative, or if any other unclaimed property such as a utility deposit is ready to be claimed. There is no deadline, the money will always be available to the rightful owner or their heirs.

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