Family Bond

When I was single, I wanted to set up some regular savings. I realized it worked best if I never saw the money, so I started various types of savings accounts through payroll deduction. I had a short-term savings account through our company credit union, a Christmas Club account, a Vacation Club account, and my retirement savings. But I decided I could eek out just a little more, so I arranged to have $10 deducted per paycheck and put into a holding account. The company I worked for did this all for me.

When $50 accrued in this holding account, in my case, every 2 1/2 months, the company would purchase a $100 savings bond for me and mail it to me. I had to have the bonds made out in someone's name, so I put my name and address and listed my sister as the beneficiary, if I should die without cashing in my bonds.

After a couple of years, they were starting to build up. It occurred to me that they would make a nice graduation gift for my nieces and nephews, so I wrote names on the outside of the envelopes, starting with the oldest nephew and moving down by age. As my brother and sisters had more children, each one got a name on the envelope of a savings bond, earmarked for their high school graduation. I assumed this was the only way I'd ever be able to give each of them $100 as a gift.

Over time, I added the names of my godchildren to the pile. They sat in a drawer accruing interest (a WONDERFUL concept), waiting for the graduation days to begin. Then Don and I married, we had Deanna, and I quit working to be a stay-at-home Mom.

The names on the savings bonds were all in my maiden name, so they had to be cashed by me. But I wanted to pay the taxes on them when they were cashed out, rather than starving college students anyway, so it made sense to not have them transferred into the names of the nieces or nephews I had earmarked them for.

Several years ago, when my brother's oldest son graduated from High School, I took his bond to him in a card, explaining that it was in my name and I had to cash it when he was ready. In fact, I would have to have a copy of my marriage certificate in order to cash them myself.

My nephew seemed a little less than enthusiastic.

"You mean to tell me that you've given me a gift, but it doesn't really belong to me. As a matter of fact, it doesn't technically even belong to you! Thanks alot, Aunt Trish!"

I guess I never really thought of it that way. But I couldn't have done it with the individual names on each one by payroll deduction. Besides, some of these were purchased before the child was even born, giving them a higher value when they graduated from high school because the bond had a longer period of time to accrue interest.

Yesterday, one of my sisters called and explained that one of my nephews needed to cash in his bond. He took it to the bank and they said they couldn't cash it - apparently, he's forgotten everything I told him. He then took it to his mother, whose name also appears on the bond. She endorsed it and tried to cash it. No luck with her, either, because they'd have to have my death certificate. She finally realized they needed to get it to me.

I feel a little sorry for my nephew that he can't get his hands on his graduation money. The good news, however, is that it's now worth over $126.

I'm not sure if they'll let me cash it in now. It has both his endorsement and my sister's on the back. By the time I sign and write my address over top of his, it really will be a "family bond".

I just hope my nephew understands the love that accompanies this bond I have with him.