Most banks will cash Series EE and Series I savings bonds, but not all branches handle them the same way
You can cash a US savings bond at most major banks and credit unions, but the process and restrictions vary by institution. Large national banks like Bank of America, Wells Fargo, Chase, and Citibank typically cash savings bonds at their branches. Credit unions often cash them too, though usually only for members. Community banks and smaller regional banks may cash them, but some require you to have an account with them first.
The safest approach is to call ahead. Ask specifically whether the branch cashes savings bonds, whether you need to be a customer, and what documents you'll need to bring. Some branches handle bonds regularly; others refer you to their main office or decline altogether.
Key Takeaways
- Major national banks cash savings bonds at most branches, but you should call ahead to confirm the specific branch handles them.
- Credit unions typically cash bonds only for members, so check with your credit union before making a trip.
- You must bring the physical bond, a valid government-issued ID, and your Social Security number or tax ID.
- If a bank refuses to cash your bond, the US Treasury will cash it by mail through the Bureau of the Fiscal Service, though this takes several weeks.
- Banks may refuse to cash bonds with missing signatures, damage, or unclear ownership, so inspect your bonds before you go.
What you need to bring to cash a savings bond at a bank
Bring the physical savings bond itself—you cannot cash a bond based on a photo or digital record. The bond must be signed by the owner on the back. If it's a Series I bond or newer Series EE bond, check that the signature is present and legible.
Bring a valid government-issued photo ID: a driver's license, passport, military ID, or state ID card. The name on your ID should match the name on the bond. If you're cashing a bond registered to someone else (such as a parent cashing a bond for a minor child), bring both IDs and be prepared to explain the relationship.
Have your Social Security number or tax ID ready. The bank will record this for tax reporting purposes. If the bond has accrued more than $1,500 in interest, the bank may file a Form 8949 with the IRS, so accuracy matters.
Banks that commonly cash savings bonds
| Bank or Institution Type | Typical Policy | Notes |
|---|---|---|
| Bank of America | Cash at most branches | Call ahead; some branches may refer you to a main office |
| Wells Fargo | Cash at most branches | Customers and non-customers accepted at many locations |
| Chase | Cash at most branches | Policy varies by region; call your local branch |
| Citibank | Cash at most branches | Confirm with your branch; some locations may decline |
| Credit unions | Cash for members only | Non-members typically cannot cash bonds at credit unions |
| Community banks | Varies widely | Many require you to have an account; call first |
| Online banks | Do not cash bonds | No physical branches; use the Treasury or a brick-and-mortar bank |
Why some banks refuse to cash savings bonds
A bank may decline to cash your bond for several reasons. The most common is that the bond is damaged, faded, or illegible—banks cannot process bonds where the serial number or issue date is unclear. If the bond is missing a signature or has a signature that doesn't match your ID, the bank will refuse it.
Some banks have stopped cashing savings bonds altogether as a cost-cutting measure. Others limit bond cashing to customers only, especially smaller regional banks. A few large banks have policies against cashing bonds for non-customers, though this is less common than it once was.
If a bank refuses your bond, ask them to write down the reason. If it's a signature or damage issue, you may be able to resolve it through the Treasury. If the bank simply doesn't cash bonds, move to another institution or use the Treasury's mail-in process.
Cashing savings bonds through the US Treasury if no bank will help
If you cannot find a bank to cash your bond, the Bureau of the Fiscal Service (part of the US Treasury) will cash it by mail. Go to treasurydirect.gov, download Form PD F 1522 (the Savings Bond Redemption Request form), and mail it with your bond to the address listed on the form.
Include a copy of your government-issued ID and your Social Security number. The Treasury will verify ownership and mail you a check. This process takes 4 to 6 weeks from the date they receive your package. Use certified mail with tracking so you can confirm delivery.
The Treasury route is slower but reliable. It works for bonds that are damaged, have signature issues, or are registered to deceased owners. If you're cashing a bond for a minor or as a guardian, include documentation of your authority (birth certificate, guardianship papers, or power of attorney).
What happens if your savings bond is lost or destroyed
If you've lost a savings bond or it was destroyed, you cannot replace it with a physical bond. Instead, contact the Treasury's Savings Bond Division at 1-800-553-2663 or visit treasurydirect.gov. They can look up the bond in their records using your Social Security number and the approximate issue date.
If the Treasury confirms the bond exists and you own it, they can issue you a replacement bond or cash it directly and send you a check. This process takes several weeks and requires proof of ownership (your ID and Social Security number). You cannot cash a lost bond at a bank because you don't have the physical certificate.
Savings bonds registered to minors or deceased owners
If a savings bond is registered to a minor, a parent or legal guardian can cash it at a bank by bringing both their ID and the child's birth certificate or Social Security card. Some banks may ask for a guardianship document if the relationship isn't obvious from the name.
If the bond owner has died, the person settling the estate can cash the bond, but they'll need to bring a death certificate and proof of their authority (such as an executor's letter or power of attorney). Many banks will not cash bonds for deceased owners without these documents. If the bank refuses, the Treasury will cash it by mail—send Form PD F 1522, a copy of the death certificate, and proof of your authority to the address on the form.
Frequently Asked Questions
Do I have to be a customer of the bank to cash a savings bond?
Most large national banks will cash bonds for non-customers, but it varies by branch and location. Credit unions almost always require membership. Call ahead to confirm your specific branch's policy before you go.
What if my savings bond is old or faded?
If the bond is too faded to read the serial number or issue date, a bank will likely refuse it. Contact the Treasury at 1-800-553-2663 or use treasurydirect.gov to verify the bond exists in their system, then request a replacement or direct payment by mail.
Can I cash a savings bond at an ATM or online?
No. Savings bonds must be cashed in person at a bank branch or by mail through the Treasury. Online banks cannot cash them because they have no physical locations.
How much tax will I owe on the interest from my savings bond?
Interest on savings bonds is subject to federal income tax but not state or local tax. You report the interest on your federal tax return for the year you cash the bond. The bank will not withhold taxes, so set aside money for your tax bill if the interest is substantial.
What if the bank gives me the wrong amount?
Ask the teller to recalculate the bond value in front of you using the Treasury's redemption tables. If there's a discrepancy, ask to speak to a manager. Keep your receipt and the bond documentation. If the bank made an error, they will correct it, though you may need to return to the branch.