How to Cash a Savings Bond That Belongs to Someone Else

You cannot cash a savings bond that is not in your name unless you are the registered owner, a co-owner, or have legal authority

A savings bond is a legal document tied to specific names. The U.S. Department of the Treasury will only redeem it to the person or people whose names appear on the bond itself. If your name is not on it, you need either to be listed as a co-owner on the original bond, to have a power of attorney document signed by the owner, or to be acting as an executor or guardian with court paperwork to prove it.

The bond's registration determines who can cash it. If it says "John Smith" alone, only John Smith can redeem it. If it says "John Smith or Jane Smith," either one can cash it. If it says "John Smith and Jane Smith," both must sign together or one must have written permission from the other. There is no workaround that lets you cash someone else's bond without one of these three paths.

Key Takeaways

A savings bond can only be cashed by the person whose name is on it, unless you hold a power of attorney, are a co-owner, or have court authority as an executor or guardian.
If the bond owner is alive and willing, a power of attorney document signed by them and notarized is the fastest legal route.
If the owner has died, you will need a certified copy of the death certificate and either an executor's letter or a court order showing you have authority to handle their estate.
The Treasury will not cash a bond based on a verbal agreement or a handwritten note; the authorization must be a legal document with the owner's signature.
Some banks and credit unions can help you navigate the redemption process, but they cannot bypass the ownership requirement.

Cashing a bond when the owner is alive and consents

If the bond owner is living and agrees to let you cash it, the clearest path is a power of attorney document. This is a legal form signed by the bond owner in front of a notary public, giving you the authority to act on their behalf for financial matters. The owner does not have to be present when you redeem the bond; the power of attorney speaks for them.

You can obtain a power of attorney form from a lawyer, an online legal service, or sometimes from your state bar association. The document must be signed by the owner, dated, and notarized. Bring the original power of attorney and the bond itself to a bank or credit union that handles Treasury securities, or mail both to the Treasury Department's Bureau of the Fiscal Service. Include a letter explaining that you are redeeming the bond on behalf of the owner under power of attorney.

If the bond is registered as "Owner and You" (meaning both names are on it), you can often cash it without extra paperwork—but the owner may need to sign the back of the bond or provide a separate authorization. Call the bank or the Treasury first to ask what they require for a co-owned bond.

Redeeming a bond after the owner has died

When a bond owner dies, the bond becomes part of their estate. You cannot cash it without proof that you have the legal right to handle that estate. The Treasury requires either an executor's certificate (also called a letter testamentary) or a court order showing you are the administrator or executor.

Start by obtaining a certified copy of the death certificate from the vital records office in the state where the person died. Then contact the bank or the Treasury to ask whether they want an executor's certificate or a court order. If there is a will and it has been probated, the court will issue an executor's certificate. If there is no will or the estate is small enough to skip probate, you may be able to use a small estate affidavit or a court order from a probate judge, depending on your state's rules.

Once you have the death certificate and the court document, send both along with the bond itself to the Treasury's Bureau of the Fiscal Service. Include a letter with your name, address, phone number, and the relationship to the deceased. Processing typically takes four to eight weeks. If the bond is in a bank's vault or safe deposit box, you may need to work with the bank's trust department to retrieve it first.

What happens if the bond owner refuses to sign

If the bond owner is alive but will not cooperate, you have no legal way to cash the bond. A power of attorney requires their signature. If you believe the owner is being exploited or is unable to make decisions due to incapacity, you can petition a court for a guardianship or conservatorship, but this is a formal legal process that takes months and requires a judge's order.

If you are concerned about elder abuse or financial exploitation, contact your state's adult protective services or local law enforcement. These agencies can investigate and may seek a court order on behalf of the vulnerable person. Do not attempt to forge a signature or power of attorney; this is fraud and a federal crime when it involves Treasury securities.

Mailing the bond to the Treasury versus using a bank

You have two main options for redeeming the bond: through a bank or credit union, or directly through the Treasury Department. Banks often process redemptions faster and can sometimes verify your authorization on the spot. The Treasury's Bureau of the Fiscal Service handles redemptions by mail and typically takes two to four weeks for processing, plus mail time.

If you use a bank, call ahead to confirm they redeem savings bonds and ask what documents they need. Bring the bond, your identification, and the power of attorney or court document. Some banks charge a small fee for this service, though many do not. If you mail to the Treasury, send the bond and all supporting documents to the Bureau of the Fiscal Service, Parkersburg, WV 26106-1328. Include a cover letter with your contact information and a brief explanation of your relationship to the bond and your authority to redeem it.

Series I and EE bonds: special rules for cashing before maturity

Series I and Series EE bonds have penalties if you cash them before five years have passed. If you are redeeming someone else's bond and it has not yet reached the five-year mark, the penalty applies regardless of who is cashing it. The Treasury will withhold the last three months of interest. This is a bond rule, not an ownership rule, but it affects the amount you receive.

If the bond owner has died, the five-year penalty does not apply to the estate's redemption. The Treasury treats a deceased owner's bond differently and will pay the full value without the early-redemption penalty. Make sure the bank or Treasury knows the owner is deceased so they apply the correct rules.

Frequently Asked Questions

Can I cash someone else's savings bond if they give me verbal permission?

No. The Treasury requires a legal document with the owner's signature. Verbal permission is not enough. You need either a notarized power of attorney, proof that you are a co-owner on the bond, or a court document showing you are an executor or guardian.

What if the bond is in a safe deposit box and I do not have access?

If the owner is alive, ask them to remove it or sign a power of attorney authorizing you to access the box. If the owner is deceased, contact the bank's trust department. They will require a death certificate and court paperwork (executor's certificate or court order) before they open the box. This can add two to four weeks to the process.

Do I have to pay taxes on the bond interest when I cash it?

Yes. The bond owner is responsible for the taxes on the interest, even if someone else cashes it. If the owner is deceased, the taxes are paid from the estate. The Treasury will issue a Form 1099-INT showing the interest earned, and it will go to the owner's name and Social Security number, not yours.

Can a bank refuse to cash a bond if I have a power of attorney?

A bank can ask to verify that the power of attorney is valid and current. They may want to see the original document and may keep a copy for their records. If the power of attorney is old or does not specifically mention financial authority, the bank may refuse. In that case, you can mail the bond directly to the Treasury with the power of attorney and a cover letter.

What if the bond has no name on it at all?

Savings bonds always have at least one name registered with the Treasury. If you have a physical bond certificate with no name visible, contact the Treasury's Bureau of the Fiscal Service with the bond's serial number. They can tell you who it is registered to and what steps you need to take to redeem it.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.