Cashing in Paper Savings Bonds

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John151
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Cashing in Paper Savings Bonds

Post by John151 » Wed May 15, 2019 4:24 pm

I’m considering cashing in some of my paper savings bonds, and I called my bank to make sure that I could do it there. They said that I can cash in my paper EE bonds at the bank, but not my paper I Bonds. I’d have to do that through the mail.

I realize that you can’t buy savings bonds at banks anymore, but I was unpleasantly surprised that my bank won't handle paper I Bonds. Is this common practice?

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HueyLD
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Re: Cashing in Paper Savings Bonds

Post by HueyLD » Wed May 15, 2019 4:25 pm

Yes, it is getting more common by the day.

You may want to try a credit union.

Thesaints
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Re: Cashing in Paper Savings Bonds

Post by Thesaints » Wed May 15, 2019 4:27 pm

What's the difference between EE and I ? The bank has to look up their redemption value in either case...

smectym
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Re: Cashing in Paper Savings Bonds

Post by smectym » Wed May 15, 2019 4:30 pm

I recently brought a $5000 face EE bond in for redemption at a credit union. First time ever redeeming one. The teller handled the transaction routinely, without having to ask a manager what to do or how to do it; I was pleasantly surprised.

kaneohe
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Re: Cashing in Paper Savings Bonds

Post by kaneohe » Wed May 15, 2019 5:17 pm

I haven't done it for a while so don't know how much of a problem it is. Don't know when this was written but they make it sound
like it's very common at banks/credit unions........ https://www.treasurydirect.gov/indiv/re ... redeem.htm

might want to call around.........

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John151
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Re: Cashing in Paper Savings Bonds

Post by John151 » Wed May 15, 2019 5:31 pm

I suppose I can set up an account at Treasury Direct, mail in my paper I Bonds, have Treasury Direct convert them to electronic bonds, then sell them, and have Treasury Direct deposit the proceeds into my local bank account. But it’s a very roundabout way of doing it, and it’s much more tedious than just cashing in bonds at my bank.

I think I’ll look at other banks.

Pghbuckeye
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Re: Cashing in Paper Savings Bonds

Post by Pghbuckeye » Wed May 15, 2019 5:36 pm

I did the Treasury Direct route which took some time, but it was ultimately effective. Its definitely roundabout but it does work. They did send an email for the 1099 for the interest earnings as well for tax time.

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