can you cash savings bonds at your bank?

can you cash savings bonds at your bank?
Diane asked this question 3 years ago
  • Bank of America • 2146 answers • 92% helpful

    You can cash H,EE, and I bonds.
    Depending how much you have, you might want to sign them before hand and put in your new address on the back of the form.
    The teller will print you a form that will show you the amount redeem and interest.

    The teller will also ask you for ssn and address since they have to fill out the form for the government.

    1 other expert is backing this answer

  • 2706 answers • 91% helpful

    This expert is helping you out because there weren't many active Bank of America experts.

    Hi Diane,

    If you have a BoA account the answer is yes. They usually have a limit of the number of savings bonds you can cash per day, I think it is like 10 or 12. If you have a lot more than that I suggest you speak with the branch manager.
    Make sure to keep your Id along with you.

    Let me know for further help.

    1 other expert is backing this answer

    • D
      do you have an account to cash the savings bonds
    • 2706 answers • 91% helpful

      There's no specific a/c for cashing the savings bond. You just need to have a regular account at BOA for cashing savings bonds.

      Let me know for further help.

  • Bank of America • 438 answers • 89% helpful

    Yes Diane you can ;0))) Bring your proper ID and yes , even if you don't have an account with BOA you can cash your EE or I bond , also you can go to check how much would it be your total before you come in , will give you an idea ... Let me know if you need more help
    Have a nice day ;0)))
  • 1706 answers • 88% helpful

    This expert is helping you out because there weren't many active Bank of America experts.

    Yes, you can cash saving bonds at BOA.

    Before cashing keep in mind few points mentioned below:

    Ensure that the bond is eligible to be redeemed. You must wait until a Series EE Savings Bond is 12 months old before cashing it. This is determined by the month in which it was bought, so a bond bought in a particular month is able to be cashed on the first of that month, one year later.

    Make sure you are the owner of the savings bond. If you are the owner of a bond, you won’t have any trouble cashing it in. If you are a parent of a minor, a beneficiary or legal representative of the person who holds the bond, you'll probably have to jump through a few hoops to get it done. Savings bonds are non-transferable, so you cannot cash a bond if it comes into your possession some other way. If you buy that bond online, you may as well frame it because it’s no longer valid as an investment.

    Send your savings bonds to the Federal Reserve. Anyone can do this. But if you’re cashing all at once bonds worth more than $1,000, you must send them to the Federal Reserve. You're required to go to a bank to have your signature verified before sending in the bonds, so this method isn't a time-saver. You can find the address to send your bonds at, a U.S. Department of the Treasury website. The specific bank handling your request will differ, depending on where you live.

    Redeem your bond online at the site. You must have an electronic bond to cash it this way. However, paper bonds can be converted to electronic ones at the TreasuryDirect site. The money will be direct-deposited into the checking or savings account that you designate.

    Tips Take identification with you if you're cashing the bonds in-person. Although banks where you're a customer may not require ID, having it with you might save you some time.

    If you're in an area affected by a natural disaster, you may be able to cash savings bonds less than a year old.

    Warnings When cashing a savings bond, you'll be issued a 1099 tax form by the federal government for the interest earned on the bond, so make sure you're aware of the tax consequences. Be especially careful about cashing in a large dollar amount of bonds in the same tax year.

    If you redeem an EE Savings Bond less than five-years old, you'll lose three months’ worth of earned interest.