Banks and credit unions are your fastest option for cashing EE bonds

Most banks and credit unions will cash EE bonds for you without charging a fee, as long as you have an account there. You walk in with the bond, your ID, and the bond owner's ID (if different from yours), and the teller processes it on the spot. The money goes into your account or you receive cash. This takes minutes, not days.

Not every bank does this — some larger institutions stopped cashing bonds years ago to reduce teller workload. Call ahead or ask at the counter before you go. Community banks and smaller credit unions are more likely to do it than national chains, but it varies by location and branch.

If you don't have a bank account, opening one is usually faster than finding another way to cash the bond. Most banks let you open an account in 15 to 30 minutes with an ID and a small deposit.

Key Takeaways

  • Your own bank or credit union will cash EE bonds for free if you ask a teller, but call first to confirm they still offer this service.
  • The Treasury Department does not cash bonds directly — you must go through a financial institution or the Federal Reserve.
  • If your bank refuses, the Federal Reserve's bond redemption service will cash bonds by mail for free, though it takes one to two weeks.
  • You need the physical bond certificate, your ID, and proof of ownership to cash any bond, whether in person or by mail.
  • EE bonds owned by minors or held in trust require additional documentation and the presence of the account holder or authorized representative.

The Federal Reserve's mail-in redemption service when your bank won't help

If your bank or credit union declines to cash the bond, the Federal Reserve will do it by mail for free. You send the bond certificate, a completed form, and copies of your ID to your regional Federal Reserve Bank. They verify ownership, process the redemption, and mail you a check.

The process takes one to two weeks from the day they receive your package. You can find your regional Federal Reserve Bank and the exact mailing address on the Federal Reserve's website under "Savings Bonds" or "Bond Redemption." Each region has its own address, so using the wrong one delays things.

You'll need to fill out Form PD F 1522, which is the official request for redemption. The form asks for the bond's serial number, the issue date, the denomination, and your Social Security number. You also send a photocopy of your ID — a driver's license or passport works. If someone other than the bond owner is redeeming it, you need documentation showing that person's authority to do so.

What you need to bring or send no matter which route you choose

Every place that cashes bonds requires the same core documents. You need the physical bond certificate itself — they cannot process a bond without the actual paper. You also need a valid photo ID, such as a driver's license, passport, or state ID card.

If the bond is registered in someone else's name and you are redeeming it on their behalf, you need that person's ID as well as documentation of your authority. This might be a power of attorney, a guardianship order, or an executor's certificate if the bond owner has died. Banks and the Federal Reserve have different rules about what counts, so ask before you go or before you mail anything.

If a minor owns the bond, a parent or legal guardian must be present to redeem it in person. By mail, the parent or guardian signs the form and includes a copy of their ID plus a document showing the guardianship — usually a birth certificate or custody order.

What happens if the bond is lost, stolen, or damaged

A torn or faded bond can still be cashed if the serial number and issue date are readable. Banks and the Federal Reserve will accept it. If the bond is completely illegible or missing, you cannot redeem it through normal channels.

If a bond is lost or stolen, you can file a claim with the Treasury Department's Bureau of the Fiscal Service. The process requires proof of ownership — your purchase records, bank statements showing the purchase, or correspondence from the Treasury. The Bureau investigates and may issue a replacement bond or a check, but this takes several months. In the meantime, the bond cannot be cashed by anyone else because the Treasury's records show you as the owner.

Cashing bonds at the Treasury Department in person (rarely available)

The Treasury Department's main office in Washington, D.C. has a public window where you can redeem bonds in person, but this is not practical for most people. You must go to the Bureau of the Fiscal Service office at 1500 Pennsylvania Avenue NW, and hours are limited. The process is the same as at a bank — you bring the bond, your ID, and proof of ownership — but you are unlikely to live near this location.

Some regional Treasury offices used to offer this service, but most have closed their public windows. Call the Bureau of the Fiscal Service at 844-284-2676 to ask whether there is a location near you that still redeems bonds in person. For nearly everyone, a bank or the Federal Reserve by mail is the practical choice.

Why some banks stopped cashing bonds and what to do if yours is one of them

Large national banks began declining bond redemptions in the 2000s because the volume was low and the teller time was not worth the cost. They directed customers to the Federal Reserve instead. This shift was not required by law — it was a business decision. Some banks still do it; others do not.

If your bank refuses, do not assume all banks will. Try a different bank in your area, especially a community bank or credit union. You do not need to have an account there — most will cash a bond for a non-customer, though a few may ask you to open a small account first. The Federal Reserve's mail service is always free and always available, so that is your backup if no local bank will help.

Timing and what to expect after you cash the bond

At a bank or credit union, the money is available immediately if you deposit it into an account, or you receive cash on the spot. There is no waiting period. The teller records the redemption and sends the bond certificate to the bank's processing center, where it is marked as redeemed in the bank's records.

By mail through the Federal Reserve, you receive a check one to two weeks after they process your request. The check is mailed to the address you provide on the form. Once you deposit or cash the check, the funds are yours. The Federal Reserve sends a confirmation letter with the check so you have proof the bond was redeemed.

After redemption, the bond has no value and cannot be cashed again. If you lose the confirmation letter or check, you can contact the Federal Reserve or your bank for a record of the transaction.

Frequently Asked Questions

Can I cash an EE bond at any bank, or does it have to be my bank?

Most banks that still cash bonds will do it for customers only, but some will cash a bond for anyone with a valid ID. Call ahead to ask. If your bank refuses, try a local credit union or community bank — they are more likely to help non-customers than large national chains.

What if I don't know the serial number or issue date of my bond?

The serial number and issue date are printed on the bond certificate itself. If you cannot read them because the bond is faded or damaged, the Federal Reserve or your bank may still accept it if enough of the certificate is legible. If the bond is completely illegible, contact the Bureau of the Fiscal Service at 844-284-2676 to ask about a replacement.

Do I have to pay taxes when I cash an EE bond?

This article covers where to cash bonds, not tax consequences. You will owe federal income tax on the interest the bond earned, and you may owe state tax depending on where you live. Keep your redemption records for your tax return. A tax professional can tell you whether you owe anything in your specific situation.

How long does it take to get the money if I mail the bond to the Federal Reserve?

The Federal Reserve typically takes one to two weeks from the day they receive your package. Mail delivery adds time on both ends, so allow three to four weeks total from the day you drop it in the mail. Send it by certified mail if you want proof of delivery.

What if the bond is in a deceased person's name?

An executor or administrator of the estate can redeem it by providing the death certificate and proof of their authority, such as an executor's certificate from the probate court. The process is the same whether you go to a bank or the Federal Reserve by mail, but you need the additional documents. Some banks may ask you to work through the Federal Reserve instead because estate redemptions are less common.