Redeeming Ontario Savings Bonds

[Correct Motorcycle]

What's the safest and cheapest way to redeem $7,000 worth of Ontario Savings Bonds?

The OSB website (http://www.ontariosavingsbonds.com/question.html#maturities) says: "Bonds that have already matured can be redeemed at any time at a Canadian financial institution where you have an account. Please note that no interest is earned on OSBs after their maturity date."

I have accounts at PCF and ING.

PCF said that I should deposit them into a bank machine at face value and that they would calculate and adjust the interest for me afterwards. Is this safe? I've read complaints about RFDers depositing cash in bank machines.

ING said to deposit in my chequing account.

TD said that it would be free to redeem them there in person if I had an account. The phone rep didn't know whether there would be any charges for non-account holders. Their website (http://www.tdcanadatrust.com/accounts/fees.jsp#foreign) mentions a $7.50 fee for "Redemptions of coupons/bonds" and $6.50 for bank drafts. Ouch!

So what should I do? :confused:

[gedwards]

I personally have never had problems even depositing cash in ATM's. An OSB should be even more secure considering they are issued in your name (assuming you are the bondholder).

If you still have concerns:

Have you called CIBC to see if there is a charge? I ask because the actual banking services of PCF are run by CIBC and with a PC bank card you can use CIBC ABM's without charge. As such I wasn't sure if you could redeem the bonds at CIBC for no charge / minimal charge.

Worse case why not just setup a simple bank account at TD/CIBC or wherever. You can then redeem and deposit into your new account and then transfer the funds to PCF or ING.

[Symcor]

I would suggest you go to a branch to cash these Ontario Saving Bonds.

Since the OSB you are holding are matured account, you should be able to receive the face value plus the interest rate.

To only deposit the face value and let the bank to adjust your account. First, you don't know if the calculation is correct. Second, if they calculate the interest wrong, your OSB will be looping between Bank of Nova Scotia and the source bank until the amount is finally corrected.