Power of attorney for Savings Bonds

Wednesday, February 1st, 2006
Categorized as: Cashing in US Savings BondsSavings Bond registration changes

My dad has some Savings Bonds that he would like to cash in. The problem is that he is in the hospital with kidney failure and can’t go to a bank. How does one go about doing this?

Tom’s response

Some smaller community banks will send their certifying officer to the hospital to help with this.

If that’s not possible, then you can get a Power of Attorney from him so you can handle the transaction. However, for this to work, the Power of Attorney document has to specifically mention Savings Bonds.

The Treasury has a form, Durable Power of Attorney for Securities and Savings Bonds Transactions, which works great for this.

Your dad’s signature will still have to be notarized, but compared to a bank certification, this is easier to get inside a hospital.

In this case, however, only a Federal Reserve Bank can redeem the bonds. Moveover, you will still have to have your signature certified by a bank.

Often the bank that certifies your signature will send the bonds to a Federal Reserve Bank for you, but if yours declines, you can send them in for redemption yourself. Include a letter explaining your situation, how the redemption check should be made out, and where it should be be sent.

Click here for the address of Federal Reserve banks that handle Savings Bond transactions.

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FDIC Insured Certificates of Deposit can pay 1 or 2% more than savings bonds when held for a similar length of time. See top CD Rates Below:

6 Comments

On January 11th, 2010 Ed Nicholas said:

Question relative to the Power of Attorney…… I have power of attorney for my Mom, it states “investments” but not specifically ‘Savings Bonds”. The issue I’m having is my Mom has Alzheimer’s, thought not legally declared incompetent by a Court. We have a Doctor’s letter declaring her incapable of making informed decisions, which we used to name my Sister and I co-trustees of her Trust (bonds are not part of trust).

I have bonds that have matured and want to cash them, and others that I want to replace my father’s name with my sister’s and mine. Can this be done with the current power of attorney I have?

On January 12th, 2010 Tom Adams said:

Ed – Try first with the POA you have and if you run into resistance use this form.

Tom Adams

On February 9th, 2010 Willetta Jones said:

My sister recently passed away and while handling her paperwork, I found a Series EE savings bond. There is a named POD listed; however, that person is also deceased. I have a POA for my sister. Our parents (the named POD) are deceased and I am the only sibling. I have death certificates for both my sister and parents. Does the bond have to be cashed or, can ownership be transferred?

On February 10th, 2010 Tom Adams said:

Willetta – Since your sister has passed away the POA is meaningless. However, it sounds like you are the heir and you can use this form to either cash the bond or have it reissued to you.

Tom Adams

On February 10th, 2010 Jackie said:

My brother is incarcerated and will be released seven years from now. He has some EE bonds which have matured and has made me his POA (Limitted -Jan.1/2010. – Jan.1/2020) over his “legal, medical and financial” matters.

Will the Federal Reserve accept a limitted POA?

On February 11th, 2010 Tom Adams said:

Jackie – The Federal Reserve will never see the POA. You have to get a local financial institution to certify your signature on the back of the bonds as POA for your brother.

Once you’ve had your signature certified in this way by a bank, the Federal Reserve will accept the bond.

The official rules say the POA has to mention Savings Bonds, but most banks don’t know that and will let you use a POA like the one you have.

Tom Adams

Comments Closed

June 1, 2010

After six years, over 400 posts, 3,680 real comments, and over 90,000 spam comments (thank you, Akismet, for making managing a blog with comments possible), I am closing public comments on Savings-Bond-Advisor.com. I will contine to update the main articles on this site, but not the comments.

Virtually every question about Savings Bonds has been asked and answered on this site multiple times. Use the search feature (see the box in the gray area near the top of this page) or the detailed menu on the lower part of the home page to find the information you're looking for. If you have a copy of Savings Bond Advisor, you can ask me a question here.

Tom Adams

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