Cashing savings bonds without bank account

Cashing savings bonds without bank account
Meredith asked this question 3 years ago
  • Bank of America • 42 answers • 90% helpful

    You can cash bonds up to $2500 (including interest) in the banking center without an account. You will need to provide your social security number and current address for tax reporting and two forms of ID (one being a non-expired government issued photo id and the other can be a major debit or credit card) for the cashing.
    • M
      Any other form other than the major debit or credit card?
    • Bank of America • 42 answers • 90% helpful

      If the amount being cashed is less than $1000, then all you need is the government issued photo ID. You will only need the second form if it is $1000 or more. Consult the banking center for their acceptable secondary ID list if you do not have a major debit or credit card as it is a limited list. There is an expanded list of secondary IDs that may be used for account opening if you do not have an ID that meets the standards for cashing (so the bank may open you an account to deposit the bonds into, that way you will still get access to the money.) Good luck!
  • Bank of America • 1945 answers • 94% helpful

    Meredith, there are several forms of identification that can be used as secondary ID. Anything from a passport to proof of home rental or utilities are on the approved identification list used by Bank of America, depending on the service being requested. The simplest thing to do is gather anything you think of a proving who you are and take it in with you. The second simplest is to visit a banking center, tell them what you want to do and let them give you exact information you can use for a second visit.
    Either way will work but the second one is probably going to be the easiest in the long run.
  • Bank of America • 250 answers • 90% helpful


    The limit you can cash in the branch without an account may be limited to $1,000 in some banking centers. If you have more than this, you can go directly to the Federal Reserve to redeem. You would still need to take the bonds to a bank to have your signature certified, let them know you are planning to redeem directly with the Federal Reserve. You need to have each bond signed and certified, if you have a number of bonds, you can go to the Federal Reserve's website and print out a Public Debt Form 1522 and list all of your bonds there and have the signature on that form certified.

    Depending on where you live, you will have 2 options to which Federal Reserve Bank to send the bonds. If you Google, 'how to redeem US Savings Bonds', you will receive multiple helpful articles that describe the process.

    Hope that helps!
  • Bank of America • 966 answers • 78% helpful

    Yes you can cash out saving bonds by just providing your Identification proof and from how long you have these bonds, there is a limit of 2500 USD for withdrawal if you don't have an account.Visit your nearest Bofa branch and they are ready to help you.
  • 1706 answers • 88% helpful

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

    Before you redeem your bond, check if they are matured or not, if they are not matured, then you may have to pay fees, and it lessen your earning.

    If you want to determine, value of your saving bond, You can do this online using the U.S. Treasury's savings bond calculator on the Treasury Direct website. You can also find out at your local bank.

    s saving bond in your name, if not, you must prove that you have the right to cash the bonds. If you are a beneficiary of a deceased bond owner, you will need to bring identification and a certified copy of the owner's death certificate to the bank. If the bonds belong to your very young children, you can sign for them. They may ask you to write a short statement certifying that you child is not of age to cash the savings bonds.

    Now, come to part cashing saving bond, yes, bank cash your saving bond upto $1000, or may be higher in other circumstances, Better way to sell, Sell your savings bond in the secondary market, which requires that you use the services of a stocks and bonds broker-dealer. While you will have to pay fees and commissions by going this route, you may get a better overall price for your bonds, since the broker-dealer will go onto the open market and try to sell the bonds to the highest bidder.

    Pay for college expenses, such as tuition, with money you have received from cashing in your saving bonds. This may help you to avoid paying taxes on the interest.

    Cash in your savings bond at the nearest branch of the Federal Reserve. You will be able to avoid paying any fees or commissions if you choose this method to cash in your savings bond.

    Use the official website of the U.S. Treasury, which is called TreasuryDirect, to sell your savings bonds online, At TreasuryDirect, you can find out important information about your bond before you sell it, such as how much it is worth, when it will mature and when it will stop earning interest. You can also choose to reinvest in different bond programs after cashing your current bond.

    I hope this will help you alot, feel free to contact me back.