investing

No borders when cashing Series EE bonds

Don Taylorq_v2.gifDear Dr. Don,
Where can I cash a Series EE savings bond if it was issued in New York but I now live in Georgia?
-- Chelsea Cashes

a_v2.gifDear Chelsea,
"One nation, under God, indivisible, with liberty and justice for all."

Just an indirect way of saying it doesn't matter where you bought the bond -- it's a U.S. government security, so you can cash it in another state.

Here's the direction given on the Treasury Direct Web page "Redeem EE/E Bonds and Savings Notes":

Redeem Bonds

To redeem electronic bonds purchased in TreasuryDirect, log in and follow the on-screen directions. Your checking or savings account will be credited with the redemption amount within one business day of the redemption date.

You can cash your EE/E Bonds and Savings Notes at most local financial institutions. Treasury doesn't maintain a listing of local banks that redeem bonds, so check with the banks in your area. When you present the bonds, you'll be asked to establish your identity. You can do this by:

  • Being a customer with an active account open for at least 6 months at the financial institution that will be paying the bonds, or
  • Presenting documentary identification, such as a driver's license.

If you're not listed as the owner or co-owner on the bonds you're redeeming, you'll have to establish that you're entitled to redeem the bonds. It's always a good idea to check with your financial institution before presenting the bonds for payment to find out what identification and other documents you need.

Amount You Can Redeem at One Time

You may redeem up to $1,000 worth of bonds at one time based on documentary identification alone. If you want to redeem more than $1,000 worth of bonds, your servicing Treasury Retail Securities Site that handles savings bond transactions can help. In this instance, you'll need to:
  • Sign the request for payment on the back of the bonds before a certifying officer at the bank.
  • Provide your Social Security number.
  • Mail the bonds to the Treasury Retail Securities Site that services your area.

Keep in mind that the bond has to be at least 1 year old. And if it's less than 5 years old, you'll lose the last three months of interest earnings.

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