Bonus Bonds disappearing

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Forums › Finance and wealth management › Bonus Bonds disappearing

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#2549971 26-Aug-2020 12:33

So I have a vague recollection of being given some ($100?) many many years ago. I don't know that I've ever had any statements or other correspondence from ANZ in all that time. I am more sure that little Miss MDF was given some a few years ago, but again, she has never had any statements or correspondence about them.

Is there a way of checking whether you have some or not? Ideally one that doesn't involve the real prospect of rage quitting the process and leaving ANZ with thousands of small bonus bond holdings to take to their bottom line?

Oblivian

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#2549992 26-Aug-2020 13:17

There's a number of various methods to identify and take back ownership on the site. You don't need the physical bonds anymore. But may have to dig out birth certs or other IDs that they were setup with

I linked mine digitally last time I actually visited a bank for anything other than foreign exchange (like. 12yrs or so ago)

If you have updated your details with them, they still send a paper certificate on winnings. And if you don't cash it (it was a cheque) it was reinvested after 2 months.

nzkiwiman

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#2550012 26-Aug-2020 14:02

I started with $1000 in bonds approx 30 years ago and had it set to reinvest all winnings. I've made $465 in that 30 years and was waiting till I got to $1500 to cash up.

Guess I'll be doing that sometime in September.

blackjack17

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#2550054 26-Aug-2020 15:07

nzkiwiman:

I started with $1000 in bonds approx 30 years ago and had it set to reinvest all winnings. I've made $465 in that 30 years and was waiting till I got to $1500 to cash up.

Guess I'll be doing that sometime in September.

If you had put that $1000 dollars in an index fund like NZ50 (did they exist 30 years ago) and made 8% PA you would be sitting on over $10,000 now. Even at 3% you would be looking at $2500

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mattwnz

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#2550103 26-Aug-2020 15:30

The reasoning of low interest rates doesn't make too much sense IMO, as in the UK, Premium bonds are still a big thing, and they work in a similar way, and their bank interest rates are even lower.

I withdrew most of mine earlier this year. Have won a bit over the years, but nothing over the last year.

This statement is interesting

“Those who choose to stay during the wind-up phase will have their investments locked in during this process, which may take up to 12 months.

“The board believes current reserves are sufficient for bondholders to be confident they will receive back their initial investment. The reserves represent the surplus of the value of assets in the scheme over the claims of bondholders.”

Does that mean they will definitely get back the full amount they put in(initial investment)? Or if people reinvested their winnings, do they risk not getting back the winnings. I would have thought their would have said 'current balance' rather than 'initial investment'.Is there a possibility that people will get more than their current balance?

I think I am just going to close my account now. End of an era, as have had bonus bonds since I as one, and still have some of those bonds on paper.

michaelmurfy

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#2550117 26-Aug-2020 15:58

@mdf If you're an ANZ customer just give them a call - they should be able to find them for you however bets are the call centre is quite busy currently :)

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#2550125 26-Aug-2020 16:05

Wife went to local branch, got the money transferred to her account, done.

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#2550134 26-Aug-2020 16:32

I wonder if this scheme had passed the money-laundering test? Anyone know? Surely, as it stands, it was a bundle of free money for the ANZ to play with.....

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#2550135 26-Aug-2020 16:38

Username01:

I wonder if this scheme had passed the money-laundering test? Anyone know? Surely, as it stands, it was a bundle of free money for the ANZ to play with.....

All banks have to comply with AML as a whole - this is no exemption.

freitasm

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#2550136 26-Aug-2020 16:43

Seeing some people might have some bonds that are 30 years old, I think it's fair to assume AML wasn't high up back then... Who knows where some of this money comes from?

Also, note a lot of people died and won't ever access the money. I'd rather see it going to the government instead of staying with the bank.

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mattwnz

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#2550187 26-Aug-2020 16:58

You can also do it all online. Transfer the money out etc. However there website is down, suspect there is now a big rush on the bank to get their money out.

As the online system looks pretty outdated, so I wouldn't be surprised if this was in the works for some time as interest rates continued to drop, and people saw better places to put their money etc. I think there is a place for it, but I would have liked to see it back to being run by the government to fund the government, so potentially that funds could be then underwritten by the government. eg Similar to premium bonds in the UK.

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#2550217 26-Aug-2020 18:19

freitasm:

Seeing some people might have some bonds that are 30 years old, I think it's fair to assume AML wasn't high up back then... Who knows where some of this money comes from?

Also, note a lot of people died and won't ever access the money. I'd rather see it going to the government instead of staying with the bank.

The bank had made enough off them with its ridiculous fees. Maybe it could provide a generous donation to the hungry homeless.

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Oblivian

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#2550227 26-Aug-2020 18:34

I thought dinner time might be a hopeful spot short of 0100 to login.

Got hope from the main page. Then kaput.

Only enough time to notice there was someone reportedly getting $1M in chc this month..

They must have a LOT of bonds. I believe the chances go up the more you had

/edit.. and the news now say that 'reported' 'winner' was must be lucky.. each $1 has a 1:3.1B chance lol!

Oblivian

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#2550330 26-Aug-2020 20:58

Guess I'll be visiting too then and saying transfer please.

The web is no good for it so can't see why it's been useless all day

Despite seeing it in the ANZ app, you can't login with ANZ details. And to signup you need all sorts of info, bank acct, download and agree to all their statements (that you get in the post anyway having a linked one already). Only for it to then need you to call them to activate the account.

Yeah, nah.

invisibleman18

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#2550375 26-Aug-2020 21:30

Parents bought $20 worth for me when we arrived in NZ in 1993 (having also had Premium Bonds in the UK). Zero return in 27 years.

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