- If the bank refuses to cash the bond, you can endorse it and mail it to the Federal Reserve Bank Savings Bond Processing Center in your district.
- Savings Notes, Series E, Series EE, and Series I can only be cashed at a financial institution or bank. If it’s a different form of bond, you’ll have to cash it at the Federal Reserve Bank.
What is the most convenient way to redeem savings bonds?
- Whether you have a local bank account and it accepts savings bonds, inquire if it will accept yours. The answer may be contingent on the length of time you’ve had an account there. If the bank will cash your check, find out if there is a monetary restriction on redemptions and what kind of identification and other documentation you’ll need.
- Send these, along with FS Form 1522, to Treasury Retail Securities Services (download or order). The bonds are not required to be signed. You’ll need to verify your identity. The instructions are on FS Form 1522, in the “Certification” section. Our address is also included in the form.
Is it possible for a parent to cash in their child’s savings bond?
Only if the child is too young to sign the savings bond on her own can a parent or guardian cash it. A parent who wishes to cash a child’s bond should generally take the youngster to the bank with him or her to show the bank officials that the bond owner isn’t old enough to sign for herself. A parent cannot cash in a savings bond without having the child sign it in the presence of a bank representative once the child is old enough and aware enough to put her own signature on it.
What do you do with savings bonds for children?
You’ll need to figure out how much the bond is worth first. This savings bond calculator can be used to calculate paper bonds that can be redeemed at most financial institutions. Just make sure you have identification with you. You can check the value of electronic savings bonds in your TreasuryDirect account and redeem them (if you’re ready). Within a few business days of redemption, the cash value will be paid into your bank or savings account.
If you’re redeeming a savings bond for a child, you’ll need to take some extra measures. If the bond is a paper bond, both the parent’s and the child’s names must be written on the back of the bond. They’ll also have to prove that they are the child’s legal guardian in writing. (Guardians are required by the Treasury to use certain phrasing.)
Alternatively, they can fill out this form and send it straight to the Treasury, which may require a certified signature. When it comes to electronic savings bonds, parents can set up a TreasuryDirect account for their child and link it to their own, then redeem the bonds as needed.
To cash a savings bond, what documentation do I need?
If you want to redeem a paper E/EE or I bond, you’ll need a few items. You’ll also need confirmation of identity, such as a driver’s license from the United States. You’ll also need an FS Form 1522 that hasn’t been signed. They’ll see you sign the document and then certify your signature if you go to your local bank or credit union.
The unsigned bonds, along with the signed FS Form 1522 and, if you’re the bond’s beneficiary, accompanying legal evidence or other papers to indicate you’re entitled to cash the bond, should be sent to the US Department of Treasury at:
The same steps apply for series H or HH paper bonds, only you’ll ship the unsigned bonds to the US Treasury at:
Is it possible to deposit a savings bond at an ATM?
Can I use an ATM or a night drop to deposit my savings bonds? Any savings bond transaction, whether depositing or cashing, must be completed in person. The teller processing the transaction must witness the endorsement of the bond, and acceptable identification must be presented.
When you cash in your savings bonds, do you have to pay taxes?
Taxes can be paid when the bond is cashed in, when the bond matures, or when the bond is relinquished to another owner. They could also pay the taxes annually as interest accumulates. 1 The majority of bond owners choose to postpone paying taxes until the bond is redeemed.
Is it simple to redeem a savings bond?
It’s extremely simple to cash in a savings bond (Series EE or Series I). However, you won’t be able to cash one in until you’ve had it for at least a year. As long as you’re the owner or co-owner of a paper or electronic savings bond, you can cash it in at most financial institutions, either online or by mail.
Is it necessary to sign savings bonds at the bank?
The Treasury Department advises financial institutions in its instructions to cashing savings bonds that the bond’s owner or co-owner must sign the savings bond and produce sufficient identification. The signature must be identical to the name on the bond. An employee photo ID, a government-issued trade license, a driver’s license, a state ID card, a US passport, or a green card are all acceptable forms of identification. A bank can cash up to $1,000 worth of bonds based only on identification at its discretion.
Is it possible to sell my child’s premium bonds?
Not a member yet? You don’t need to create an online profile to withdraw money from your or your child’s Premium Bonds. All you have to do is complete a little online form. Make sure you have access to your account information.
Please note that in order to withdraw or close the account, you must be the person responsible for the child’s Premium Bonds.
You can withdraw money from Premium Bonds while ensuring that particular Bonds remain in the draw by filling out a form online.
A cashing in form can also be downloaded, printed, and completed. Then send us your completed form along with the Bond certificates that need to be cashed in (if you have them).