Reclaiming Dormant Savings Bonds From the State Controller’s Office: A Complete Guide
Unclaimed property in California isn’t limited to forgotten bank accounts or uncashed checks—it also includes dormant U.S. savings bonds. Many California residents are unaware that savings bonds purchased decades ago by parents, grandparents, or employers may now be sitting with the California State Controller’s Office (SCO), waiting to be reclaimed. These bonds often go unredeemed because the original owner passed away, moved without updating contact information, or simply forgot about them.
In this comprehensive guide, we’ll explain how savings bonds become dormant, how to check if you or a loved one has unclaimed savings bonds, and—most importantly—how to claim them from the California State Controller’s Office.
What Are Dormant Savings Bonds?
A savings bond is a debt security issued by the U.S. Department of the Treasury to help pay for the federal government’s borrowing needs. They are low-risk and offer a guaranteed return after a period of time, typically 20 to 30 years. There are two main types:
- Series EE Bonds – Earn a fixed interest rate and are guaranteed to double in value after 20 years.
- Series I Bonds – Combine a fixed rate with a variable inflation-adjusted rate.
A dormant savings bond is one that has matured (i.e., stopped earning interest) and has not been redeemed or claimed. After a period of inactivity and failed attempts to contact the bondholder, the funds may be turned over to the State of California’s Unclaimed Property Division.
How Do Savings Bonds End Up With the California State Controller?
Here’s a breakdown of how savings bonds can become dormant and end up with the SCO:
- Maturity and Inactivity: Most savings bonds mature after 20–30 years. If the bondholder does not redeem the bond, it becomes dormant.
- Lack of Updated Contact Information: If the bondholder moves or passes away, the Treasury may lose the ability to contact them.
- Transfer to the State: After years of no activity and failed attempts to reach the owner, the financial institution holding the bond may escheat the funds to the California State Controller.
- Unclaimed Property Status: The bonds are added to the SCO’s database of unclaimed property and remain there until someone claims them.
Are Dormant Bonds Still Redeemable?
Yes. Even if the bonds have matured, the money is still yours or your loved one’s estate. The U.S. Treasury continues to honor matured savings bonds. But if the bond was handed over to California, you’ll need to go through the State Controller’s Office to initiate a claim.
Who Can Reclaim Unclaimed Savings Bonds?
You can claim the bonds if:
- You are the original bondholder.
- You are a heir, spouse, or legal representative of a deceased bondholder.
- You are an executor or trustee of an estate.
- You have legal authority via a power of attorney or court order.
Note: You’ll need to show documentation to prove your identity and your right to claim the funds.
Step-by-Step Guide to Reclaiming Dormant Savings Bonds in California
Step 1: Search the California Unclaimed Property Database
Go to the State Controller’s Office unclaimed property website. Use the last name and first initial of the bondholder (or their full name) to search the database.
Step 2: Review the Property Record
If there’s a match, you’ll see a listing that says “U.S. Savings Bond” or a similar financial asset type. Check the reported owner’s name, last known address, and property ID.
Step 3: Initiate a Claim Online
Click “Claim” next to the savings bond entry and follow the instructions. You’ll be prompted to:
- Verify your relationship to the property
- Enter your contact information
- Submit identity verification documents
Step 4: Submit Supporting Documents
These documents typically include:
- A valid government-issued photo ID (e.g., driver’s license, passport)
- Proof of your Social Security Number (SSN)
- Documentation showing your relationship to the original owner (e.g., birth certificate, death certificate, will, or trust)
- If applicable, court documents proving you are the administrator or executor of the estate
Step 5: Wait for Claim Review and Payment
Processing may take 90–180 days, depending on the complexity of the claim. If approved, the Controller’s Office will issue a check or provide next steps if further documentation is needed.
Tips to Speed Up the Claim Process
- Gather all required documentation up front.
- Ensure your personal identification matches the records (e.g., name changes due to marriage).
- If the bondholder is deceased, get certified copies of the death certificate and proof of heirship.
- Include notarized affidavits if needed.
What If the Bonds Are Not in the SCO Database?
Even if you don’t find the bond in California’s database, you can try the U.S. Treasury’s database:
- Visit TreasuryHunt.gov
- Search using your or the deceased’s name
- Contact the U.S. Treasury directly for assistance with lost or unredeemed bonds
If the bonds have not yet been escheated to the State, they may still be in the possession of the Treasury or the original financial institution.
What Happens to Unclaimed Savings Bonds Over Time?
The funds don’t expire, but if left unclaimed:
- The property remains in the California unclaimed database indefinitely.
- No interest accrues beyond the bond’s final maturity.
- The funds may be used by the state, but are always claimable by the rightful owner or heir.
This means even bonds issued as far back as the 1970s or 1980s can still be recovered today.
Common Situations and Real-Life Examples
Example 1: Forgotten Bonds From a Grandparent
Michael discovered that his late grandmother had purchased savings bonds for all her grandchildren in the 1980s. Michael’s parents never redeemed them, and years later, the funds ended up in the California unclaimed property system. By searching her name and submitting her death certificate and his own birth certificate, Michael was able to claim over $3,200.
Example 2: Employee Incentive Bonds
Many companies issued savings bonds as incentives during the 1980s and 1990s. In one case, an employee who had worked for a now-defunct manufacturing firm located dormant bonds in the SCO database that were never cashed. After proving employment history and identity, the employee was awarded the funds plus accrued interest.
Preventing Dormant Bond Situations
To prevent your savings bonds or those of a loved one from ending up unclaimed:
- Keep digital and physical records of all bond purchases.
- Register the bonds with the Treasury and keep your address updated.
- Tell your heirs about the bonds and how to redeem them.
- Consider converting paper bonds into electronic bonds through TreasuryDirect.gov.
Let CMCP Help You Claim What’s Yours
At Claim My California Property, we specialize in locating, documenting, and reclaiming unclaimed funds—including dormant savings bonds—on your behalf. Our team understands the documentation, timelines, and legal hurdles involved and can:
- Help you search across California and federal databases
- Compile and submit proper documentation
- Handle claims for estates or deceased relatives
- Monitor the status and communicate with state officials
Don’t let your inheritance or financial legacy go unclaimed.
Final Thoughts
Reclaiming dormant savings bonds from the State Controller’s Office can feel overwhelming—but the funds are rightfully yours. Whether the bond was a gift from a loved one, part of a forgotten inheritance, or issued through a former employer, you still have the legal right to claim it.
By understanding the process, preparing your documents, and getting help when needed, you can retrieve what’s yours and potentially uncover thousands of dollars in long-lost savings.
If you believe you or your family has unclaimed property, start the process today—the longer you wait, the more complicated it can get. And remember, at Claim My California Property, we’re here to make the process simple, stress-free, and successful.
25 Helpful Backlinks for More Information
- https://ucpi.sco.ca.gov/UCP/
- https://sco.ca.gov/upd_msg.html
- https://www.treasurydirect.gov/
- https://www.treasurydirect.gov/savings-bonds/treasuryhunt/
- https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_eebonds_eefaq.htm
- https://www.consumerfinance.gov/ask-cfpb/what-is-a-us-savings-bond-en-787/
- https://www.usa.gov/unclaimed-money
- https://www.irs.gov/newsroom/savings-bonds-and-taxes
- https://www.ncoa.org/article/how-to-find-and-cash-in-old-savings-bonds
- https://www.sec.gov/oiea/investor-alerts-bulletins/ib_savingsbonds.html
- https://www.investopedia.com/terms/s/savings-bond.asp
- https://www.nerdwallet.com/article/banking/unclaimed-money
- https://www.kiplinger.com/retirement/602736/how-to-cash-in-old-savings-bonds
- https://www.marketwatch.com/story/you-may-own-lost-savings-bonds-heres-how-to-find-them-11603996871
- https://www.cnbc.com/2023/08/25/how-to-check-if-you-have-unclaimed-money.html
- https://www.nytimes.com/2023/06/14/business/personal-finance/unclaimed-money-treasury-savings-bonds.html
- https://www.wsj.com/articles/unclaimed-savings-bonds-lost-money-11614386927
- https://www.latimes.com/california/story/2023-05-12/how-to-reclaim-unclaimed-money-in-california
- https://www.california.gov/unclaimed-money/
- https://www.forbes.com/sites/robertberger/2021/06/29/are-your-savings-bonds-still-earning-interest/
- https://money.usnews.com/financial-advisors/articles/what-to-do-with-old-savings-bonds
- https://www.federalreserve.gov/pubs/bulletin/2004/winter04_usgovtbonds.pdf
- https://savingsbond.govtools.us/
- https://www.calbar.ca.gov/Public/Free-Legal-Information/Legal-Guides/Unclaimed-Property
- https://www.claimmycaliforniaproperty.com/