If your bank won't handle your Savings Bond transaction, the Federal Reserve will
Wednesday, September 1st, 2004
Categorized as: Cashing in US Savings Bonds • Buying US Savings Bonds
If you can't find a bank that will handle a Savings Bond purchase or redemption transaction for you, here's what to do.
Purchasing Savings Bonds
For purchases, the best option is to open an account at TreasuryDirect. However, you can also buy paper Savings Bonds directly from the Federal Reserve, but you need a multi-part form that can't be downloaded.
Click here to order paper copies of the Savings Bond purchase forms. Enter how many forms you need, then scroll down to the bottom of the page, enter your name and address, and click the Order button.
When the forms arrive, fill them out, write a check to the Federal Reserve for the amount of your investment, and mail the forms and your check to the Federal Reserve bank that handles Savings Bonds in your part of the country (address shown below).
Redeeming Savings Bonds
For redemptions, you don't need a form, but you need to have your signature certified - on the back of the Savings Bonds you want to redeem - by your local bank.
If the bank is reluctant, make it clear that you plan to send the bonds to the Federal Reserve yourself, that you are not requesting that the bank redeem the bonds, and that redemption is impossible without a local bank certifying your signature.
Since the bank's certification is guaranteeing that you are who you say you are, expect the bank to ask for one or more pieces of identification that match your name on the bond. If you are the beneficiary, you will also have to provide the death certificate of the owner.
If there are more than just a few bonds, rather than certifying each one, it's easier to list all the bonds on Public Debt Form 1522 and have the bank certify your signature on the form rather than on each and every bond.
Send your paper work to the Federal Reserve Bank that serves your part of the country:
In the west
Federal Reserve Bank of Minneapolis
P.O. Box 214
Minneapolis, MN 55480
Street address for UPS or FedEx
Savings Bonds Department, OPS-2
90 Hennepin Avenue
Minneapolis, MN 55401
In the east
Federal Reserve Bank, Pittsburgh Branch
P.O. Box 867
Pittsburgh, PA 15230
Street address for UPS or FedEx
717 Grant Street
Pittsburgh, PA 15219
(Average rating: 3.7 stars)
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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