Chase Bank will not cash savings bonds for you

Chase Bank does not redeem U.S. savings bonds, even if you have an account there. Banks stopped cashing savings bonds for non-customers in the 1970s, and most stopped for customers too. Chase's policy is to decline all savings bond redemptions at the branch.

This is true across all Chase locations nationwide. The restriction applies to all bond types — Series EE, Series I, and older series. If you hold a savings bond and want to cash it, you will need to use a different method.

Key Takeaways

  • Chase Bank does not redeem savings bonds at any branch, regardless of whether you are a customer.
  • The U.S. Treasury's TreasuryDirect website lets you redeem Series EE and Series I bonds online if you own them in electronic form.
  • Paper savings bonds can be cashed at most credit unions and some regional banks, but you must call ahead to confirm they offer this service.
  • The Federal Reserve's Savings Bond Redemption Program can redeem paper bonds by mail if your local bank will not.
  • You need the bond itself, a valid ID, and proof of ownership to redeem a bond in person.

Redeeming electronic bonds through TreasuryDirect

If you own Series EE or Series I bonds in electronic form — meaning you bought them through TreasuryDirect.gov — you can redeem them directly on that website without visiting a bank. Log in to your TreasuryDirect account, select the bond you want to redeem, and request the redemption. The money goes to the bank account you have on file with TreasuryDirect, usually within two business days.

This is the fastest and most straightforward route for electronic bonds. You do not need to leave home or call anyone. TreasuryDirect charges no fee for redemptions.

Cashing paper savings bonds at credit unions and regional banks

Most credit unions will redeem paper savings bonds for members, and some regional banks still offer this service. Wells Fargo, Bank of America, and U.S. Bank vary by location — some branches redeem bonds and others do not. Call the branch directly before you go; do not assume they will do it based on the bank's name.

Bring the bond itself, a valid government-issued ID, and proof that you are the owner or authorized representative. If the bond is registered to someone else, you will need a power of attorney or the original owner present. The teller will verify the bond's serial number and current value, then issue you a check or deposit the funds to your account if you have one there.

Processing takes a few minutes to an hour depending on the branch's volume. Some branches may ask you to return the next day if they need to verify the bond's authenticity with their back office.

Using the Federal Reserve's mail redemption program

If no bank or credit union near you will redeem your paper bond, the Federal Reserve's Savings Bond Redemption Program accepts bonds by mail. You send the bond and a completed form to your regional Federal Reserve Bank, and they send you a check.

The process takes two to four weeks. You will need to fill out Form PD F 1522 (Statement Regarding Ownership of Savings Bonds) and include a photocopy of your ID. The Federal Reserve's website lists the mailing address for your region. This method costs nothing and works for any paper bond, but it is slower than in-person redemption.

What you need to bring when redeeming in person

Bring the physical bond itself — you cannot redeem a bond without it. Bring a valid ID issued by a government agency: a driver's license, passport, state ID card, or military ID all work. If the bond is in your name, that is all you need.

If the bond is registered to someone else and you are redeeming it on their behalf, bring a power of attorney document or have the original owner present with their ID. If the bond is held in a trust or estate, bring the trust document or letters testamentary. The institution will photocopy these documents for their records.

Penalties for cashing bonds early

Series EE bonds lose their last three months of interest if you redeem them before five years have passed. Series I bonds have the same penalty. If you bought a bond less than five years ago, you will receive the principal plus interest earned, minus the penalty.

Bonds held longer than five years have no early redemption penalty. You receive the full value including all accrued interest. The teller or website will show you the current redemption value before you confirm the transaction.

Frequently Asked Questions

Can I redeem a savings bond at a Chase ATM?

No. ATMs only dispense cash from accounts you hold at the bank. Savings bonds cannot be deposited into an ATM or redeemed through one. You must use one of the methods described above.

What if my paper savings bond is damaged or torn?

Most institutions will still redeem a damaged bond if the serial number is readable and the bond is authentic. Call ahead and describe the damage. If the damage is severe, the Federal Reserve's mail program may be your best option because they have specialists who can verify damaged bonds.

How do I know what my savings bond is worth right now?

TreasuryDirect shows the current value of all your electronic bonds in your account. For paper bonds, use the Savings Bond Calculator on TreasuryDirect.gov — enter the series, denomination, and issue date, and it will show you the current redemption value.

Can I redeem someone else's savings bond if I have power of attorney?

Yes, but you must bring the power of attorney document and your ID. The institution will photocopy both. Some institutions may require the original owner to sign the back of the bond as well, so call ahead to ask what they need.

What happens if I lose a paper savings bond?

Contact the Treasury Department's Bureau of the Fiscal Service with the bond's serial number and issue date. They can issue a replacement bond, but the process takes several weeks and requires proof of ownership. Keep paper bonds in a safe deposit box or home safe to avoid this.