Can I Cash a Savings Bond at a Bank if I Don’t Have an Account There?

The traditional place to cash a U.S. savings bind is at your bank. Almost every trust will cash Series EE and Series I bonds as a service to customers and the U.S. Treasury. To cash a attachment at a bank where you do not have an score is possible within certain limitations.

Tip

Although under certain circumstances it is possible to cash a savings bond at a savings bank you are not a member of, it ‘s best to take your bind to the fiscal mental hospital you already do commercial enterprise with.

Only Cash Your Own Bonds

A bank will only cash bonds of which you are a register owner. You may be either the sole listed owner or a co-owner. The U.S. Treasury regulations besides require that the Social Security count of the owner be listed on the attachment. It is possible to write in your Social Security number, such as on a adhesiveness received as a give. The bank military officer is required to see you sign the chemical bond in her bearing, and the signature should read precisely the like as the name on the bond.

Not a Bank Customer

To cash a bond at a bank where you do not have an report you will be required to show confirmable visualize identification such as a driver ‘s license or state-issued ID circuit board. The trust officeholder will note on the bail the type of identification, including the number and topic date. The maximum dollar sum of savings bonds a bank can cash for a non-customer is $ 1,000. If your savings bond has a redemption value of more than $ 1,000, the bank will not redeem it. You can cash several smaller bonds ampere retentive as the sum is less than $ 1,000.

Bank With a Friend

A bank will cash a savings bond worth more than $ 1,000 if you can be identified by person who has an established account at the bank. The rules require that the person with the account has known you for an exsert time period of time ; a casual, short-run acquaintance will not qualify. The bank is required to list the identifying bank customer on the bond including the person ‘s address, how long he has known you and the type of relationship.

Cash by Mail

The U.S. Treasury will redeem savings bonds by chain mail, sending you a government check for the cash prize of the attachment. To use this method acting to cash a chemical bond, you must first go to a bank — any bank — and have your designation verified on the chemical bond by a bank military officer. The mail alternate allows you to take a bombastic prize savings bond to a bank where you are not a customer, have your signature verified and receive payment by mail. The mailing address you ‘ll need to use to cash in your bonds is : Treasury Retail Securities Site, PO Box 214, Minneapolis, MN 55480-0214.

reference : https://www.peterswar.net
Category : Finance

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