Most banks will cash Series EE and Series I savings bonds, but not all branches handle them the same way

Any bank where you hold an account will usually cash a savings bond for you, but the process and restrictions vary by institution. Some banks cash bonds only for account holders, some require the bond to be registered in your name, and some have stopped the service altogether. A few large banks — including Bank of America, Wells Fargo, and Chase — still cash bonds at most branches, but you need to call ahead to confirm your specific branch does it. Smaller regional banks and credit unions may cash bonds only for members or may refer you to the Federal Reserve.

The fastest way to find out whether your bank will cash a bond is to call the branch where you bank and ask directly. Have your bond serial number and the bond's face value ready. If your bank declines, the U.S. Department of the Treasury runs a free redemption service through TreasuryDirect, and the Federal Reserve will cash bonds for anyone — not just account holders — though you may need to visit in person or mail the bond in.

Key Takeaways

  • Large national banks like Bank of America, Wells Fargo, and Chase cash savings bonds at many branches, but policies differ by location and you should call first.
  • Most banks that cash bonds require you to be an account holder and require the bond to be registered in your name or co-owned with you.
  • If your bank will not cash the bond, you can redeem it free through TreasuryDirect online or by mailing the bond to the Federal Reserve.
  • Bring a photo ID and the physical bond itself — banks will not cash bonds based on a description or serial number alone.

What to bring when you go to the bank

Bring the physical savings bond itself, not a copy or a photo. The bank teller will need to see the bond document to verify the series, issue date, and serial number. Bring a government-issued photo ID — a driver's license, passport, or state ID card. If the bond is registered in someone else's name or is co-owned, bring that person with you, or bring a power of attorney document if you are authorized to cash it on their behalf.

If the bond has been lost or damaged, most banks will not cash it. In that case, you will need to file a claim with the Treasury to replace it before you can redeem it. The process takes several weeks and requires proof of ownership, such as the original purchase receipt or a statement from TreasuryDirect showing the bond in your account.

Banks that commonly cash savings bonds

Bank of America, Wells Fargo, Chase, and Citibank have historically cashed savings bonds at many of their branches, though not every location participates. Call the branch nearest you to confirm. Some credit unions also cash bonds for members, particularly larger credit unions with multiple branches. Smaller regional banks vary widely — some cash bonds freely, others only for account holders, and some have stopped the service.

If you bank at a small local bank or credit union, ask whether they cash savings bonds and whether there are any fees. Some institutions charge a small fee (typically $5 to $10) to process the transaction, though many do not. If your bank declines, do not assume no bank will cash it — call another bank in your area or contact the Federal Reserve.

Why some banks have stopped cashing bonds

Over the past decade, many banks have reduced or eliminated savings bond redemption services. Banks cite low transaction volume, the time required to verify bonds, and the liability of handling government securities as reasons. Smaller branches especially have stepped back from the service because they handle so few bond redemptions that staff training becomes impractical.

This shift has made the Treasury's redemption options more important. TreasuryDirect allows you to redeem bonds online if they are registered in your account there. The Federal Reserve also accepts bonds by mail or in person at any of its regional banks, and this service is free and open to anyone.

Redeeming bonds through TreasuryDirect instead

If your bank will not cash the bond, you can redeem it through TreasuryDirect, the Treasury's online platform. You must first transfer the bond into a TreasuryDirect account if it is not already there. This process is free but takes time — you will need to contact the Treasury to initiate a transfer, and it can take several weeks.

Once the bond is in your TreasuryDirect account, you can redeem it online and the proceeds will be deposited to your bank account. This method works well if you have time to wait, but it is not an option if you need the money when ready or if the bond was purchased in paper form and never registered with TreasuryDirect.

Redeeming bonds through the Federal Reserve

The Federal Reserve will cash any Series EE or Series I savings bond for anyone, regardless of whether you have an account there. You can visit a Federal Reserve branch in person with your bond and photo ID, or you can mail the bond to the Federal Reserve with a letter requesting redemption. The service is free.

To find the Federal Reserve branch nearest you, visit the Federal Reserve's website and look for the regional bank that serves your area. Call ahead to confirm their hours and whether they accept walk-in redemptions. If you mail the bond, send it by certified mail with return receipt requested so you have proof of delivery. The Federal Reserve will mail you a check, which typically arrives within two to three weeks.

Bonds registered to someone else or jointly owned

If the bond is registered only in someone else's name, that person must be present to cash it, or you must have a legal power of attorney. If the bond is co-owned (registered to two names), either owner can usually cash it alone, but some banks require both owners to be present. Call your bank in advance to ask what they require.

If the original owner has died, the bond becomes part of their estate. You will need to provide a death certificate and proof that you are authorized to act on behalf of the estate — typically a letter from the probate court or an executor's certificate. The process is the same whether you go through a bank or the Federal Reserve, but it takes longer because you must document your authority.

Frequently Asked Questions

Can I cash a savings bond at any branch of my bank?

Not necessarily. Even large banks with many branches do not offer the service at every location. Call the specific branch where you plan to go and ask whether they cash savings bonds. Some banks limit the service to their main office or to a few select branches.

Do I have to be an account holder at the bank to cash a bond?

Most banks that cash bonds require you to have an account there, though policies vary. The Federal Reserve will cash bonds for anyone without an account. Call ahead to ask your bank's policy before you visit.

What if my savings bond is damaged or torn?

Most banks will not cash a damaged bond. You will need to file a claim with the Treasury to replace it first. Contact TreasuryDirect or the Bureau of the Fiscal Service to start the replacement process, which requires proof of ownership.

How long does it take to get the money after I cash a bond?

If you cash the bond in person at a bank, you typically receive the money when ready or within one business day. If you mail a bond to the Federal Reserve, expect two to three weeks for the check to arrive.

Is there a fee to cash a savings bond?

Most banks do not charge a fee to cash savings bonds for account holders. Some smaller institutions may charge $5 to $10. The Federal Reserve and TreasuryDirect charge no fee. Ask your bank before you visit.