Cashing Old Israel Bonds
Miriam Nadel
Whenever I go to NY, I find myself in a tug of war with my mother. The
problem being a serious herediary disease in her family, known as the
Schwartz-Lubowsky syndrome and characterized by an inability to throw
things out. At any rate, on my most recent trip, my attempts to persuade
her that there is no valid reason to save 20 year old medical records of
people who are no longer alive, led me to the bottom file drawer in the
study and to a file labeled with my grandfather's name.
And in that file I found some old Israel bonds. Not a huge amount of money's
worth but nothing to sneeze at and issued to my grandfather and his third
wife shortly after they married. Also in the folder were copies of his
divorce decree from that wife, his death certificate and his will (which
left everything to my father). And my mother actually knew where to find
my father's death certificate and will (which left everything to her).
So presumably we have all the paperwork we need and the bonds were 15 year
ones issued in the early 1970's so they should be payable. My only idea
was to dig up the address and phone number of the nearest Bank Leumi branch
(about 10 miles from where she lives) and suggest she call them and find
out what to do.
Does anybody else have any better ideas?
Miriam (only 4 bags of trash this trip, sigh) Nadel
Haran Craig Rashes
>So presumably we have all the paperwork we need and the bonds were 15 year
>ones issued in the early 1970's so they should be payable. My only idea
>was to dig up the address and phone number of the nearest Bank Leumi branch
>(about 10 miles from where she lives) and suggest she call them and find
>out what to do.
I do not beleive that Bank Leumi is the authorized agent for Israeli bonds.
Last I heard, it was Chase Manhattan. There should be a bank name on the
bonds themselves. Unfortunately for your mother, you also may be interested
to know that the Bonds stopped earning interest after the fifteen year term
was up and that the interest is fully taxable.
-------------------------------------------------------------
Haran Craig Rashes Survey Research Center
Computer System Specialist II Institute for Social Research
E-Mail: ha...@umich.edu University of Michigan
Phone: 1 313 764-4417 Ann Arbor, MI 48109
Bruce Broder
Nadel) wrote:
> And in that file I found some old Israel bonds. Not a huge amount of money's
> worth but nothing to sneeze at and issued to my grandfather and his third
> wife shortly after they married. Also in the folder were copies of his
> divorce decree from that wife, his death certificate and his will (which
> left everything to my father). And my mother actually knew where to find
> my father's death certificate and will (which left everything to her).
>
> Miriam (only 4 bags of trash this trip, sigh) Nadel
Your mother should contact Chase Manhattan Bank in N.Y City.
I believe they are the ones who cash in Israel Bonds that
have come due. In addition, for everyone's benefit, I have
been told on good authority that once the Bonds come due,
it is Chase and _not_ the State of Israel who gets the
benefit of the loan you have made. Therefore, if you think
you won't redeem the bond so your loan to Israel will
become a gift to Israel, you are making a big mistake.
Chase Manhattan Bank gets your money (once the bond is
due) and not Israel.
- Bruce Broder (bbr...@tasc.com)
Warren Burstein
the local Chase Manhattan branch where they gave me some forms, filled
out the forms and mailed them with the bonds to the address that
appears on the forms, and they mailed me a check.
Some bonds were mine alone, some were jointly owned, each different
combination of names needed a different form. In the case that one of
the joint owners is deceased the bank said I had to include a death
certificate.
One point is that putting bonds in the mail seems a bit dangerous -
had the bonds failed to get to their destination I don't know that I
would have had any recourse.
--
/|/-\/-\ Yesh mandate.
|__/__/_/
|warren@
/ nysernet.org
Arthur S. Kamlet
>I redeemed some expired Israel Bonds last time I was in NY. I went to
>the local Chase Manhattan branch where they gave me some forms, filled
>out the forms and mailed them with the bonds to the address that
>appears on the forms, and they mailed me a check.
Interesting. I cashed some Israel Bonds at a bank in the old city
(I think at Tifereth Israel?) -- I needed my passport to cash them.
They gave me a voucher which I took to the teller's window for
cash.
>Some bonds were mine alone, some were jointly owned, each different
>combination of names needed a different form. In the case that one of
>the joint owners is deceased the bank said I had to include a death
>certificate.
I redeemed some bonds my mother (a"h) had owned and they wanted the
death certificate plus the court papers appointing me as personal
representative. They had a list of states for which they also would
have required the state to first issue a tax waiver form.
>One point is that putting bonds in the mail seems a bit dangerous -
>had the bonds failed to get to their destination I don't know that I
>would have had any recourse.
Then you have to purchase a bond -- an insurance policy for the
Israel bond -- at a cost of approx 5-10% of the bond itself.
--
Art Kamlet a_s_k...@att.com AT&T Bell Laboratories, Columbus
Paul S. Wolf
In a previous article, a...@cbnews.cb.att.com (Arthur S. Kamlet) says:
>In article <CJCso...@vaccine.worlds.com> war...@nysernet.ORG writes:
>>I redeemed some expired Israel Bonds last time I was in NY. I went to
>>the local Chase Manhattan branch where they gave me some forms, filled
>>out the forms and mailed them with the bonds to the address that
>>appears on the forms, and they mailed me a check.
>
>>One point is that putting bonds in the mail seems a bit dangerous -
>>had the bonds failed to get to their destination I don't know that I
>>would have had any recourse.
>
>Then you have to purchase a bond -- an insurance policy for the
>Israel bond -- at a cost of approx 5-10% of the bond itself.
All you have to do is send them REGISTERED MAIL, and Insured.
That's what registered mail is for, sending items with intrinsic value
through the mails. People have sent DIAMONDS that way.
--
Paul S. Wolf aa...@Cleveland.Freenet.Edu
Sysop, The Freenet Scouting Center President, Great Lakes Region
Greater Cleveland Council, BSA Federation of Jewish Men's Clubs