If your bank won’t handle your Savings Bond transaction, the Federal Reserve will

Since I live in the Bay Area and there is a Federal Reserve Bank right here in San Francisco, can I walk into the FRB to redeem my saving bonds? Will there be a counter to handle such transactions?

Only the Federal Reserve offices in Minneapolis and Pittsburgh handle Savings Bonds.

And even those two won’t handle Savings Bonds over the counter.

The Federal Reserve wants you to use your local bank for Savings Bond transactions. It provides the mail-in service only as a last resort.

My bank will redeem the bonds but charges $5.00 to redeem each bond. To avoid this fee can you go directly to the Federal Reserve? I have $50 dollar bonds that are now worth about $45 each. Seems like the bank is skimming an awful lot of money. Your thoughts on this would be appreciated.

Scott - the Treasury tells me that if your bank is both taking the fee Treasury pays them for handling Savings Bonds and a fee from you, the bank is breaking its agreement with the Treasury.

They recommended you report this to the Federal Reserve bank that deals with local banks on Savings Bond issues for your area. The address is above.

If you’d rather call, the Minneapolis Federal Reserve is 800-553-2663; Pittsburgh is 800-245-2804.

My “local” bank is 2500 miles away. May I have a notary certify my signature using the PDF 1522 form as it will be difficult to have my local bank certify my signature?

Liz - Sorry, notarized signatures won’t work. You need to get your signature certified by a US bank. It doesn’t have to be a bank where you have an account.

If you live outside the US, see my post on cashing Savings Bonds internationally for more signature alternatives.

Tom Adams

I was just wondering, I have gotten married since I was given my savings bonds (Christmas gifts from grandparents), but the fact that my name has changed won’t matter since I still have the same social security number right?!

My mother-in-law is cleaning out her house after the death of her husband. We’ve found a $5 bond from 12/31/44 for a local creamery. The bond is in the name of her late husband’s father (also deceased). How do we find out if it’s worth anything, and if so, how would we cash it since both the owner and beneficiary are deceased?

Danielle - Savings Bond transactions require you to have your signature certified by a bank. Each bank sets its own rules for acceptable documentation that you are the person named on the bond. The matching SSN will help, but you’ll probably also need to provide some ID that shows your maiden name.

Heidi - If I understand your message correctly, you have a bond issued by a local business, not by the US government. You need to track down the successor to that business, if there is one, and ask your question about redemption there.

Tom Adams

Can I get my signature certified by my local credit union?

Pernell - some Credit Unions (and some Savings and Loans) provide this service and some don’t. You’ll have to ask.

Tom Adams

How can a prisoner cash a savings bond? Visiting a local bank to certify a signature prior to mailing to the FRB is not an option.

Jessica - it may not be possible. However, if it’s possible to get the prisoner’s signature notarized by a prison official, and if the prisoner is willing to give power of attorney for the Savings Bonds to someone else, that could work. There’s more information on our page about power of attorney for Savings Bonds.

Tom Adams

My mother has alziemers. She has some savings bonds that I would like to cash in. She can no longer sign her name. I have a power of attorney but the local bank is reluctant to cash them with my signature.

Hi Wayne - A power-of-attorney often works for this. There’s also this form for voluntary guardians.

But nothing will work for you until you find someone more cooperative at your bank. If they won’t take the Power of Attorney, you need to ask what they will take. If they don’t know, ask them to call their contacts at the Treasury and find out.

Tom Adams

I recently deposited an HH bond to my bank and they said it would go into my bank account that I have with them. That was three weeks ago and I am just wondering who I should call to check on this or on average does it take longer than 3 weeks to be depoisted?

Thanks 🙂

Hi Natalie - three weeks is average once the bond gets to the Treasury. There’s no telling how long your bank spent processing it. If you don’t see the deposit in another week, call your bank and ask them what happened.,

Tom Adams

How can I purchase Savings Bonds using a credit card?

Samuel - The option of purchasing Savings Bonds with a credit card was discontinued a number of years ago. The answer is - you can’t.

Tom Adams

My son is in prison and wants me to redeem his savings bonds for him. He has signed a power of attorney so that I can redeem these bonds for him. Would I be able to sign the bonds and send them in for redemption. Please advise.

Cathy

Cathy - You will have to take the Savings Bonds to a bank to have your signature certified on the bonds. You should also take the Power of Attorney paperwork and your personal ID.

When you send the bonds in to the Federal Reserve, include a copy of the power of attorney and your son’s Social Security Number. Since you’re cashing the bonds for him, not for you, it should go on his SSN. Depending on the value of the bonds, he probably won’t have enough income to actually owe any tax.

Tom Adams

My son is a minor, but we want to cash in some of his savings bonds to prepare him for upcoming college expenses. All of them have his name on them; many of them are in his name only, a couple have my name on them also, and a couple have his father’s name on them in addition to his. How do we proceed?

Kathleen - the information you’re looking for is here. Parents can sign for minors.

Tom Adams

I want to redeem a $10,000 I bond. How long will it take to get the funds and how do I go about doing this. Will the Federal Reserve directly deposit it into my account?

Julie - If you take the route of sending the bond directly to the Federal Reserve, it can take up to three weeks. They will do direct deposit if you provide the required information.

“How” is in the message at the top of this page. If your bank will help you redeem it, that’s preferable to sending it in yourself - you’re going to have to go to a bank in any case to have your signature certified (see above).

There’s more information on cashing bonds here.

The TreasuryDirect website says banks will redeem up to $1000 in bonds but any amount over that needs to be sent to the FRB Minneapolis for redemtion. Other sources, including you, seem to indicate that any amount can be redeemed locally at a bank if all the bonds are certified individually (I have 77 to redeem worth about $7000). Can I redeem all these bonds locally, and if I have to mail them in, what is the usual processing time once the Fed receives them? Thanks in advance for your answer.

John - what the TD web site fails to explain is that most banks will send bonds valued over $1,000 to the FRB for their own customers.

So although what the site says is literally true, from a practical standpoint, most bank customers experience redemption as if the bank cashed the bonds with a hold on the funds.

I can’t answer your question about whether you can redeem your own bonds locally. It depends on the policies of the banks where you have accounts. You’ll have to call and ask.

If you don’t have an account at any local banks, then you’ll have to send them in yourself after getting your signature certified at one of the banks.

Allow three weeks to get a check, direct deposit is quicker.

Tom Adams

My bank accounts are online-only and there are no branches of my bank in my state. I understand the mailing-in process as previously described, but I’m wondering if I can just endorse my bond over to someone else to cash the way one can do with checks (writing “payable to ____” below the signature). Does that work?

Jen - no, that won’t work.

Tom Adams

My deceased husband signed all of his savings bonds prior to his death and cashed all but three of them which I just received from his sisters safekeeping. I possess our marriage certificate, his death certificate and adequate forms of Identification. But I was told that I would have to mail them in to be transfered into my name. which will probably incur a processing fee etc… Since I am a single mom I would prefer not to have to wait 3-5 weeks for this process. Is there any other way to cash them quicker?

Janine - There are strong laws about who gets a deceased person’s property because if there weren’t strong laws it would be easy for people to steal what belongs to others. The delay is the price you have to pay for the guarantee that you get what’s rightfully yours.

Tom Adams

How should I “send” the savings bonds to FRB Minneapolis? I have a large amount of bonds to be redeemed. I assume that I have to use USPS to send them to a PO Box. Should I send them registered mail? Will USPS insure them? What’s the best way to send them?

Sharon - You don’t have to use the Post Office - the article at the top of this page includes street addresses so you can also choose other delivery services.

Given your level of concern, I would recommend Express Mail or the equivalent.

Tom Adams

How can I cash a Series E War savings bond from 1944? I work for an attorney and the executor of an estate we are handling wants to cash a war bond that his late father received from his great grandmother. The bond is issued in the late fathers name “or” the late grandmother’s name. I’m assuming that we will need a death certificate for the father. What next?

Hi Maria - there’s no easy answer to your question. It depends on who died last - the father or the grandmother - and how that person’s estate was handled. There are literally different forms to use based on the answers to these questions. My book has the details and every attorney’s office should have a copy - see the Amazon link on the right near the top of this page.

Tom Adams

Tom:

We all know that when it comes to financial transactions, details are important. This might be one of those details that does not really matter but, if you purchase a paper savings bond direct from the FRB-Minneapolis, I believe your form “PD F 5374” & check goes to P. O. Box 89 . You suggested P. O. Box 214 for all paperwork.

Here’s the link that has me confused.

Ed - I just checked the instructions on some of the common Savings Bond forms and they all say to use PO Box 214 in Minneapolis.

I think the document you found has old information. It refers to programs that no longer exist, like Savings Bonds Direct.

Tom Adams

I’ve called 3 banks and my credit union and none of them redeem EE bonds. Is there a list of participating banks by geographic area or do I just have to keep working my way through the phone book? Can a participating bank require that you open an account w/ them to redeem these bonds?

Joan - Depending on the state you live in, you may find no banks at all that will redeem Savings Bonds for you, if by that you mean you want to walk in and get the cash on the spot. There is no list.

If the bank gives the money to the wrong person they are out the money, so even the ones that do redeem them on the spot often do it only for their own customers who have accounts.

The solution is to stop asking “do you redeem Savings Bonds?” and to ask instead “can you guarantee my signature on a Savings Bond so that I can send it in to the Federal Reserve myself for redemption?”

The article at the top of this page has the details. All banks have the authority to guarantee your signature (this is NOT a notary guarantee, but a “bank medallion” guarantee); but again, they may only do it for their own customers.

Tom Adams

Before my father died he gave me some savings bonds he had inherited-he hadn’t cashed them in. They are quite old and the names on them are his uncle and grandfather. How can I cash them in? They were a gift before he died so they were not included in the estate.

Hi Caroline - Since your father didn’t change the registration to your name, the bonds weren’t legally a gift to you. You just have the pieces of paper. The bonds should have been included in the estate.

This will get complicated, but whoever is the rightful heir can cash the bonds. I recommend you use the “Ask the Treasury” link to the right and above to start your adventures in getting the bonds redeemed. Tell them what you’ve told me and they will help you get the bonds cashed.

Tom Adams

Very new to this process. If I go through treasurydirect and purchase EE bonds, is there a transaction fee at all during purchase? Can you cash them directly through your treasurydirect account for no charge also? Just unsure, local financial advisor told my sister-in-law that there are hidden fees (probably). Is he just trying to get us to use him for the $25 transaction fee?

Thanks,

Chris Rowen

Chris - there is never a transaction fee for Savings Bond transactions at TreasuryDirect. Your sister-in-law’s “financial advisor” is misinformed.

In general, look for a financial advisor who charges by the hour, not by the transaction. This advisor actually has the gall to charge $25 to invest in Savings Bonds for you? I’d recommend a new advisor.

Tom Adams

I work for an attorney who represents the estate of a gentleman who had two War Savings Bonds - Class A from 1942. His wife is deceased and he has two living daughters. How should the daughters go about cashing the bonds?

Hi Sara - there are a variety of forms for this, depending on how the estate was handled. My book, , has complete details about all the different circumstances and the process and forms for each one.

Every estate lawyer should have a copy, as it also answers many other questions about Savings Bonds your clients are likely to have.

Tom Adams

I cashed a bunch of savings bonds that were in my maiden name recently. One came back (like a bounced check) with a copy of the bond but no explanation, all the others were cashed without a problem. Our bank couldn’t figure out the problem and said they would remove the fees and to try again. We just got it back again. We can’t figure out why our bond is “bouncing”. And now we have a copy of a copy we can hardly read. Can you give me some ideas of what the problem might be, or who we can contact? (It is a US Savings bond).
Thanks,
Shannon

Shannon - I’ve never heard of this before, but I suspect that’s because most banks would call up their Savings Bond contacts and find out what the problem was rather than just throwing up their hands and claiming they didn’t know what to do.

I think it’s up to your bank to inquire what the problem is, but if your bank refuses any further involvement, your only choice is to use my ask the treasury link to inquire yourself what’s going on. Include the serial number of the bond in your request for info.

Tom Adams

Tom - I cashed some EE bonds in during 2008 while I was in college. I am now trying to complete my tax return and do not have any paper work on the issue dates or the face values of the bonds. I have contacted the bank and they have said that the only info they have is on the 1099 they sent me. Is there any way to contact the government to see my transactions that were completed over the summer. I would rather not pay the interest since I was using them to fund my higher education.

Michelle - The Treasury doesn’t provide this information, but it’s unlikely that you qualify for the college education deduction anyhow. You can find the rules for that here.

Tom Adams

My son received 2 $50.00 Gift Certificates PD F 5276 10 years ago from our neighbor who has since passed. They re only the Gift Certificate how do we actually get the Savings Bond?

Sandy - you should have gotten the Savings Bonds in the mail within three weeks of when they were purchased (if they were purchased - the gift certificates don’t guarantee that).

I’d suggest you follow the procedure for lost savings bonds.

Tom Adams

My son father purchased EE series saving bonds for him. The way that they are made out is To his dad name and address and below that is POD and my son name. Therefore, before my son can cash these bonds his dad has to pass is that correct?

Thanks

Debra - the answer to your question is here.

Tom Adams

Hello, I’m 30 and my mom just informed me that my grandfather purchased a $5000 educational savings bond for me several years ago and I am now done with school. Can I cash that in now or can it only be used to pay for current tuition?

Frank - If it’s really a U.S. Savings Bond, it doesn’t have to be used for education.

Tom Adams

My mother passed away in 2006 and had several bonds in her name. Her will stated that everything was to be split 50/50 between my brother and me. How do I get them tranfered over to us?

Jim - Have the executor of your mom’s estate read . The answer to your question is quite complicated.

Tom Adams

How do I remove/ replace my moms name to my wifes name on a ton of bonds she left me

Michael - If the bonds have your name on them as well as your mother’s, the information you’re looking for is here.

Tom Adams

I have been having a heck of a time trying to cash in $12,000 worth of bonds. Every bank in town has been reluctant to help me. The ones that are willing to help will only allow me to cash in $1000 per day, and even that is with an “attitude”. Well, you live and you learn. I’ll not be purchasing any more of these as they’re more trouble than they’re worth. I probably spent half of the interest earned on gas running around town. Looks like cash under the mattress isn’t such a bad idea.

Will - I’m surprised that you found a bank that would give you $1,000 in cash a day for your Savings Bonds. Banks only receive a tiny transaction fee, yet take the risk of losing the entire amount if you’re cashing the bonds fraudulently. Consequently, banks typically will only give cash money for Savings Bonds if you have an account.

This page describes what you need to do to get all the bonds cashed at once - by visiting just one bank.

Tom Adams

My grandfather just died and had about 100 Savings Bonds in my mothers name. My mother passed last year and I’m trying to figure out who get the bonds, my father(my mom’s husband) or my sisters and I, or a combination of us both? My uncle is giving them to me and we need to figure out how to cash them and who they belong to?

India - From your message it’s not clear exactly how the bonds are registered.

If both your grandfather’s and mother’s names are on the bonds, then when your mother died it had the legal effect of removing her name. This gets very complicated very fast and is more than I can go into here.

Some of the things that matter are the approximate value of the bonds, exactly how they are registered, and how your grandfather’s estate is being handled.

Your best bet is to spend a weekend reading - especially the chapter on inherited Savings Bonds.

Tom Adams

I have a savings bond with me listed as co-owner. My social security number is typed incorrectly on it. The other owner has passed away. Will I still be able to redeem it at a bank.

I have a complicated case: My father purchased a total of $12,000 in EE savings bonds for his grand-kids. Well, my Mom passed away in April 2000 and my Dad had a full power-of-attorney drawn up for me to handle his affairs in 2001 in case anything happened to him like it did my Mom. Since my Mom passed none of the grand-kids has visited my Dad since and in the last two years he has become ill and last week he called me to do some things for him “just in case he croaks” as he put it. One of the things he instructed me to do was to cash in these bonds and have them deposited into his savings account because of the grand-kids abandoning him. I did exactly as he asked. I took the bonds to his bank and provided them with the original power of attorney but they said that they would not redeem them but they would signature certify them and I would need to send them to the federal reserve with a copy of the POA and instructions to be direct-deposited into his account. Everything sounded good to me and I left the bonds to be signature certified. The bank called the same afternoon and said they were ready for me to pick them up but I had other things to do so I picked them up a few days later. Here is where it gets tricky. The bonds were signed by me, the Power of Attorney for my Dad and witnessed then certified by the bank and ready for me to mail BUT my Dad passed BEFORE I mailed them to the Federal Reserve. I truly want to follow my Dad’s wishes so I need to know what to do. To be clear he had the bonds made out to him OR one of the grand-kids. The bonds WERE certified by the bank BEFORE his passing and the account that they would be direct-deposited in by the Federal reserve IS in his name. I would very much like to do what my Dad instructed me to do and carry out his wishes. The question is, can I? Thank you for your help in this matter.

John - The social security number on the bond is only used for tracking purposes if the bond is lost. Just give your correct SSN when you cash the bond.

Tony - I’m no lawyer, but if the date on the form is prior to the date your dad passed, then you should just send them in as you planned to. You might want to make copies of everything in your files in case questions come up later.

Tom Adams

My son, Andy is in a catholic religious order. He has no financial account/bank to go to to redeem the savings bonds due to vow of poverty. He would like to redeem them and give to me (dad) the proceeds to pay off our parent plus education loans. He can not redeem them at my bank since the individual bonds are worth more than $1000. How can he get the bonds cashed? Can the bonds be transferred over to me or his mother?

Mike - I believe the text at the top of this page already answers your first question. If not, let me know what’s not clear to you.

The bonds could also be transferred to a new owner, but that will also require a bank signature, so it doesn’t gain you anything.

Tom Adams

Name change: I have a saving bonds which was issued when I married to my first husband. I have a copy of my divorce papers and a copy of my social security card. What do I need to submit to cash the bond?

Thanks

Patricia - What you need to submit is proof that you’re the person named on the bond. You should ask the bank where you intend to have your signature certified what documents they want to see. Different banks have different rules about things like this.

Tom Adams

I work for a nonprofit. Years ago (before I worked here) a husband and wife came in and gave my predecessor series E savings bonds. They signed the request for payment section. They intended this as a gift to the nonprofit. My predecessor never did anything with them. Both husband and wife have died. No estate was ever administered (probate or otherwise). We don’t even have a clue where the heirs are (or even if there are any). Anything we can do to cash these for the nonprofit I work for?

Scott - First, please let all your non-profit friends know that if a donor wants to give Savings Bonds that the non-profit must insist that the donor redeem the bonds, donate the proceeds, and take a charitable deduction for the cash gift.

Your donor’s goal was to help your organization while avoiding taxation on the interest income the bonds had earned. Instead your organization got nothing and the government has all the money - a 100% tax on the interest plus the original investment rather than the much smaller tax your donor would have paid (probably zero with a charitable deduction).

My understanding of the rules is that your organization can’t redeem the bonds. However, it’s possible there’s an unadvertised exception that I don’t know about, so I recommend you contact the Treasury yourself to see if there’s anything you can do to recover the money.

Tom Adams

My father passed away and has 20 US savings bonds OF $50 EACH. What is the value of that today? My father is a Filipino citizen and bought those bonds when he visited the U.S. What is needed for my mother to redeem those bonds with her being 81 years old and lives in the Philippines. How can she go about doing this or can we do it for her since we live here in the U.S.?

Marie - there’s a calculator at the top of this page you can use to find out the current redemption value of the bonds.

Your mother will need some paperwork showing that she is now the owner of the bonds. In the U.S. this would involve documentation from a probate court or the use of a form like this one.

She will also need to get her signature certified.

Tom Adams

I HAVE 12 I BOND THAT I ALREADY PAID FOR. HOW CAN I CASH THEM.

Charles - the info you’re looking for is here.

Tom Adams

Hello, I just turned 18 and have an EE bond now worth 1264 dollars. Can I redeem this much of a bond at one time at my bank. Also, my last name was changed when I was about 3. However, I have both social security cards bearing the same number. Will this be sufficient?

Evan - the bank is unlikely to give you that much on the spot, but they will send it in for you and get your money with three weeks. ID requirements are up to the individual bank, but what you have plus a photo ID sounds sufficient to me.

Tom Adams

I am a trustee for a trust. My client is POD on a bond which his father (I am assuming that relationship) is the owner. The father passed away in the 70’s and my client passed away last year. I have the death certificate for my client but nothing for the owner. What do I do?

Michael - My understanding is that you need to obtain a copy of the death certificate of the owner. If there’s some legal reason why this isn’t possible, I suggest you ask the Treasury what recourse you have.

Tom Adams

I have a single savings bond to redeem, I have already had my signature certified at a bank and was wondering what if anything else I need to include when mailing it in?

I am a widow who found a Series EE savings bond issued to my deceased husband. There is no POD on the bond. There was no estate as everything transferred to me in the will. What paperwork do I need to send this in and where do I send it?

Eric - Just continue to follow the process outlined at the top of this page.

Pam - Follow the instructions on this form.

Tom Adams

I have a 1961 OFFICIAL US Saving Stamps Album of when I was in Public Elementary School,PS19 on Rooesevelt Ave and 99 St, Corona, Queens, NYC. They are valued at .10c each . I have only five stamps. I have a bit of the old .Can I cash it?

Gabe - the info you’re looking for is here.

Tom Adams

HI I BUY STORAGE BINS THAT ARE AUCTIONED OFF AND I FOUND A EE SAVINGS BOND IS THERE ANYWAY TO CASH IT IN OR WHAT DO I DO WITH IT THANKS

Russ - the info you’re looking for is here.

Tom Adams

I have a Series E Savings Bond worth $100.00. The Issue Date is Nov 1974. The name on the bond is in my ex-husband’s name only(and he is now deceased). After our divorce, I had him sign the bond on the back. Recently I presented this bond to my bank, along with a copy of his death certificate. Bank personnel said they could not cash it and said that it should legally go to his present wife and if she agreed she could cash it for me. I’m sure she would agree to do this but is this method I should pursue or what would you suggest? Thanks for your advice.

Sandra - Legally the bond belongs to his estate and only his heir can cash the bond. Having him sign the back for you was legally meaningless. You’ll need to discuss this with his wife and assuming she’s his heir then only she can cash it.

Tom Adams

My husband mailed off a bunch of bonds to Pittsburgh to redeem. I got notified that they received them and they were signed for. How long does it take for them the actually process them and deposit the money into our account? We set it up for auto-deposit. Thanks.

Natalie - the standard of service is three weeks.

Tom Adams