Post # 1
Oh jeez… so my friend’s daughter’s 1st bday party was last weekend, and we wanted to give her a savings bond. We’ve never bought one before, but my fiance tried to go to the bank the morning of the party to get one, only he found out that you have to do it all online.
So yeah, we screwed that one up- so we gave her a card with a note that the savings bond was coming.
Well, I just tried to buy it and it’s all sorts of complicated. The parents have to have a Treasury Direct account online, I have to know their account number, etc etc etc. You don’t get an actual paper bond. I need to know her SS number (apparently you always had to know this… but I didn’t know this..)
Anyway, I feel like a jerk. Very irresponsible of me… I didn’t realize what a process this would be. I’m not sure how to handle this now- call my friend, ask her to open an account- get the account number and the baby’s SS number? Or just give her a $25 check and have her buy the savings bond?
I know my friend doesn’t already have an account for her daughter- when she opened my card and told her I didn’t know you had to buy savings bonds online, she said she didn’t know either.
What would you guys do?
Post # 3
@September29: I’d give them the check and ask them to invest it in her. Bonds are a great idea, but if her parents are responsible, they most likely already have savings for her.
Post # 4
I’d just give her the check for $25 and let her do what she wants with it. They made buying savings bonds so incredibly complicated now and it’s really a shame. I used to buy them all the time for my niece and nephew. Now they get money.
Post # 5
I didn’t realize it was so complicated. I’d probably just give the parents the check and let them open a savings account or let them get the savings bond if they want.
Post # 6
Just send her a check now for the amount and tell her that you didn’t realize all the personal information was needed for you to buy a savings bond for her child. I’m sure she appreciates the effort.
Post # 7
Does she have a 529 plan? I didn’t think you needed a SS number to deposit into that…
Anyway, if that’s the case, just write her the check with a note saying you’d like to donate to her college fund, and ask for deposit slips for the future (most of these kind of accounts give the owners deposit slips).
Post # 8
Thank you, all. We’re going to mail a check w/ a note tonight. It is a shame.
@les105: And I have absolutely no idea. But thats good to know, thanks!
Post # 9
okay, and 1 more question- my fiance brought this up.
we were going to get her a $25 bond, so when it matured it would be $50.
do you think we should just give her a $50 check now?
Post # 10
I would giver her a check for $25 and have her parents invest it how they want. I personally hate savings bonds and think the interest rate is ridiculous on them. With another investment, they will be able to double the money with time anyway.
Post # 11
That sounds like a pain in the arse. I’d just give her the cheque!
Post # 13
Why did that have to make this so difficult? I just bought a bond not too long ago for our friends daughters baptism. I must have gotten it right before they made the change. Fwiw, you didn’t always have to have the recipients SSN. There was an option to use your own or the parents, if you happened to know theirs. I always just opted to use my own.
In your case, I agree with the PP’s. I’d just send them a check with a note explaining what happened. I’d personally probably opt to send $50 since that’s what the bond would have matured to but $25 is still a very thoughtful gift.
I’m probably in the minority but I rather like savings bonds. Then again, I was also basically showered with close to 100 of them that were stowed away in a forgotten about safety deposit box from when I was born/baptized until only about a year and a half ago (so that was 25 years of maturity, untouched). Imagine my surprise when I got that call from the Treasury. 🙂