|The Postal Savings System was established in
1911. Its popularity declined with a growing U.S. economy
and rising interest rates, and Congress voted for its
termination in 1966. Over one-half million outstanding
certificates worth $65 million were ordered redeemed back
on July 1, 1967, but some 400,000 were never presented
Postal Savings Bonds were securities issued in lieu of Postal Savings Certificates in denominations of $20, $100, and $500. Available in either registered or bearer form, they paid annual interest of 2 1/2%, with a maturity date 20 years from issuance. The Postal Savings Bond program was discontinued on July 1, 1935, replaced by U.S. Savings Bonds.
In addition to unredeemed Postal Savings Certificates and Postal Savings Bonds, the post office is the source of an additional stockpile of unclaimed funds: uncashed money orders.
Although negotiable in perpetuity, domestic money orders are considered unclaimed after going uncashed for two years, at which time the underlying funds are used to subsidize post office operations. Every year, more than $25 million in USPS money orders go uncashed. Because the name and address of the purchasers and payees of domestic money orders is not recorded, no effort is made to contact those entitled to a refund.
For more information on Postal Savings Bonds and Certificates, or to seek replacement of a lost, stolen, or destroyed Postal Service Money Order, go to: Postal Service Unclaimed Funds Search
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Unclaimed Property Associates Copyright strictly enforced.