Police Warn of Fake Savings Bonds in Michigan
Michigan State Police say two attempts to cash $20,000 in counterfeit savings bonds were made at Citizens National Bank branches in northern Michigan.
Updated on Nov. 6, 2026 in Financial Crime
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The Michigan State Police issued a warning Friday about fraudulent savings bonds after two attempted exchanges at Citizens National Bank branches in Indian River and Petoskey on Wednesday. In each case, a man sought to exchange four $5,000 savings bonds, and bank employees recognized the bonds appeared fake.
Why it matters
The incidents show counterfeit savings bonds being presented to banks across the state's northern region, prompting police to alert the public and financial institutions. Bank staff's recognition of the fake bonds helped prevent the exchanges from being completed.
The Michigan State Police Gaylord Post is leading the investigation under case number 73-3673-26. The extraction does not indicate any arrests, charges, or suspect identifications as of the advisory.
The players
Michigan State Police
The state's primary law enforcement agency, which issued the warning and is investigating through its Gaylord Post.
Citizens National Bank
The bank whose Indian River and Petoskey branches were targeted in the attempted exchanges.
The details
A man first presented four $5,000 savings bond checks at the Citizens National Bank branch in Indian River around noon Wednesday and asked for a cashier's check, which staff issued before a supervisor grew suspicious. Between 45 and 60 minutes later, a different man attempted to exchange four $5,000 savings bonds at the bank's Petoskey branch, and employees recognized the bonds as fake, prompting him to leave.
Timeline
Wednesday, approximately 12 p.m.: first fake savings bond exchange attempt at the Indian River branch.
Wednesday, 45 to 60 minutes later: second attempt at the Petoskey branch.
Friday: Michigan State Police issue the fraudulent savings bond warning.
Legal Context
Counterfeit U.S. savings bonds are a recurring form of financial fraud that targets bank exchange procedures designed for legitimate federal securities. The Michigan incidents follow that pattern, with the bonds presented for cashing at local bank branches rather than through a federal channel.
Residents who receive savings bonds should verify them before cashing or depositing, and report suspicious bonds to police. Banks in the region may apply closer scrutiny to bond exchanges following the advisory.
The takeaway
Bank staff who looked closely at the bonds and escalated concerns to a supervisor appear to have stopped both exchanges, a reminder that verifying unfamiliar securities before paying out remains a key safeguard against fraud.
Further reading
For related coverage, see more Financial Crime stories across Michigan.
Live Poll
Would you feel confident your savings bonds are genuine if a bank questioned them?
