Cashing Paper EE Bonds in DFW

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Spin
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Cashing Paper EE Bonds in DFW

Post by Spin »

Does anyone in the DFW area know of banks that cash EE savings bonds? Neither of our local credit unions do, and the few others we've called have told us nobody cashes them and we have to digitize them to redeem them.
dcabler
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Re: Cashing Paper EE Bonds in DFW

Post by dcabler »

Spin wrote: Sun Oct 18, 2020 12:51 am Does anyone in the DFW area know of banks that cash EE savings bonds? Neither of our local credit unions do, and the few others we've called have told us nobody cashes them and we have to digitize them to redeem them.
Ran into the same thing in Austin and after a few attempts, it just wasn't worth it anymore - So we converted them on Treasury Direct. It's not that hard.

Cheers
Dandy
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Re: Cashing Paper EE Bonds in DFW

Post by Dandy »

Bank of America cashed my wife's EE bonds, credited the cash amount to our checking account and gave us a printout showing the bond information e.g. interest. All she had to do was show I.D. and sign the back. It was done by the teller and it took about 5 -10 minutes.
Learning2Bogle
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Re: Cashing Paper EE Bonds in DFW

Post by Learning2Bogle »

Last month, I had no problems going to a Chase branch location where the teller cashed my EE Bonds. She did say it was time consuming for her so it's best to pick a day that's not busy at the branch. Each bond took a few minutes on teller's part to transact. I also believe you need to be a Chase account holder. Otherwise, I agree that TreasuryDirect is the best alternative - create account and then redeem online. Hope this helps.
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Cheez-It Guy
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Re: Cashing Paper EE Bonds in DFW

Post by Cheez-It Guy »

Cashed some at multiple Wells Fargo locations in the Carolinas just a couple years ago. If you have a lot with different maturities including those that haven't yet reached full maturity, digital conversion at TreasuryDirect may indeed be the way to go.
illumination
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Re: Cashing Paper EE Bonds in DFW

Post by illumination »

I redeemed some at my local Wells Fargo just a few months ago during Covid.

Make sure you've looked them up and they are completely done paying interest, the ones I had I would have loved to have kept forever as the interest rate was way higher than anything you could possibly get today.
bzcat
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Re: Cashing Paper EE Bonds in DFW

Post by bzcat »

dcabler wrote: Sun Oct 18, 2020 5:55 am
Ran into the same thing in Austin and after a few attempts, it just wasn't worth it anymore - So we converted them on Treasury Direct. It's not that hard.

Cheers
We dumped ours in Austin at a UFCU, back in February 2020. It took about an hour for the one person that was trained to be available.
humblecoder
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Re: Cashing Paper EE Bonds in DFW

Post by humblecoder »

One more data point for you.

I cashed two old EE bonds at Bank of America a few weeks ago. I just walked in without an appointment and the teller was able to do it without a problem. She even gave me a printout showing the interest earned for tax purposes.

Note that I have a checking account at BoA, so your mileage may vary if you are not an account holder.
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Leif
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Re: Cashing Paper EE Bonds in DFW

Post by Leif »

I'm not a BoA account holder. I asked them, about 1 year ago, if I could cash EE paper bonds. They said yes, but they had some limit. As I recall about $1,000.
dcabler
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Re: Cashing Paper EE Bonds in DFW

Post by dcabler »

bzcat wrote: Sun Oct 18, 2020 10:14 am
dcabler wrote: Sun Oct 18, 2020 5:55 am
Ran into the same thing in Austin and after a few attempts, it just wasn't worth it anymore - So we converted them on Treasury Direct. It's not that hard.

Cheers
We dumped ours in Austin at a UFCU, back in February 2020. It took about an hour for the one person that was trained to be available.
Yeah, they were one of the first places we went to earlier in the year and told us they didn't do it....
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JoMoney
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Re: Cashing Paper EE Bonds in DFW

Post by JoMoney »

:annoyed :? :| It's odd to me, that services I used to think of as the main purpose of a physical bank don't seem to be offered any more.
Banks won't cash checks written on their own accounts unless you have an account with them, and they won't redeem bonds / bond coupons.
If they didn't have free coffee in their lobby, I don't know why I'd ever go into a physical branch again.
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alpenglow
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Re: Cashing Paper EE Bonds in DFW

Post by alpenglow »

Learning2Bogle wrote: Sun Oct 18, 2020 9:40 am Last month, I had no problems going to a Chase branch location where the teller cashed my EE Bonds. She did say it was time consuming for her so it's best to pick a day that's not busy at the branch. Each bond took a few minutes on teller's part to transact. I also believe you need to be a Chase account holder. Otherwise, I agree that TreasuryDirect is the best alternative - create account and then redeem online. Hope this helps.
I'm in NY, so YMMV, but Chase has always worked for us.
BogleFan510
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Re: Cashing Paper EE Bonds in DFW

Post by BogleFan510 »

I recommend depositing them with Treasury Direct. Create an online account, register the serial number, convert, and then mail them with the form provided. Instructions are online. Then you can electronically deposit.
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mokaThought
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Re: Cashing Paper EE Bonds in DFW

Post by mokaThought »

My wife did it successfully at Navy Federal CU in Keller, but I don’t know if they require membership to do it.
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JoeRetire
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Re: Cashing Paper EE Bonds in DFW

Post by JoeRetire »

If you go to any bank where you have an account, it should not be a problem.
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Mel Lindauer
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Re: Cashing Paper EE Bonds in DFW

Post by Mel Lindauer »

I've used Chase with no problems. If you go to a commercial bank that does redeem them but you don't have an account there, they usually have a limit of $1000 or so that they'll redeem.
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Re: Cashing Paper EE Bonds in DFW

Post by Retired 2017 »

I ended up depositing to Treasury Direct. US Bank stopped cashing them. I emptied the safe deposit box of about 88 bonds. I found a credit union in town that did cash them but the process was too time consuming if I didn't get the teller who was personal friend. Each week for a while I would send in some bonds to Treasury direct and keep careful records to make sure they arrived and were credited accurately. Now each month I spend 5 minutes on line at Treasury direct cashing in those bonds that have matured. The money is direct deposited to my checking account. I am sorry to lose the 4% interest.
Old Guy
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Re: Cashing Paper EE Bonds in DFW

Post by Old Guy »

On Hilton Head Island SC, I’ve had no problem cashing them with the Bank of America.
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Leif
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Re: Cashing Paper EE Bonds in DFW

Post by Leif »

Retired 2017 wrote: Sun Oct 18, 2020 3:27 pm I ended up depositing to Treasury Direct. US Bank stopped cashing them. I emptied the safe deposit box of about 88 bonds. I found a credit union in town that did cash them but the process was too time consuming if I didn't get the teller who was personal friend. Each week for a while I would send in some bonds to Treasury direct and keep careful records to make sure they arrived and were credited accurately. Now each month I spend 5 minutes on line at Treasury direct cashing in those bonds that have matured. The money is direct deposited to my checking account. I am sorry to lose the 4% interest.
Any worries about sending them in the mail? Did you send them insured?

I know they arrived in the mail, but it would make me nervous.
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