Yes, Chase Bank does cash paper U.S. savings bonds, but only for people who already hold an account at the bank. You’ll need to bring the paper Series EE or Series I bond itself, a government-issued photo ID, and in most cases plan on the proceeds being deposited into your Chase account rather than paid out in cash.
Who Chase Will Cash Bonds For
Chase limits savings bond redemptions to existing customers. That restriction tracks guidance from the Federal Reserve, which lets paying agents turn non-customers away entirely and recommends the customer relationship be at least 12 months old before any bank cashes a bond.1Federal Reserve Financial Services. Savings Bond Redemptions Frequently Asked Questions A brand-new Chase account may not clear that bar.
Only paper bonds can be redeemed at the branch. If your bonds are electronic and sitting in a TreasuryDirect account, you cash them online through ManageDirect and the proceeds move to your linked bank account.2TreasuryDirect. Cashing EE or I Savings Bonds
There’s also a holding-period rule set by the Treasury, not by Chase: a savings bond cannot be cashed until 12 months after its issue date, and if you redeem before five years you forfeit the last three months of interest.3eCFR. 31 CFR Part 351 Subpart B – Maturities, Redemption Values, and Investment Yields of Series EE Savings Bonds
Call the Branch Before You Go
Chase caps how much it will redeem in a single visit, and the ceiling can be lower than you’d expect. TreasuryDirect confirms that banks vary in how much they’ll cash at one time, and some won’t cash bonds at all.2TreasuryDirect. Cashing EE or I Savings Bonds Policies can also differ branch to branch.
One phone call fixes this. Ask the specific branch whether they process savings bond redemptions and what their per-visit limit is. If you’re bringing a stack of mature bonds worth several thousand dollars, you may need to split the visit, use a different branch, or mail the bonds to the Treasury instead.
What to Bring
Identification
Bring a government-issued photo ID: a driver’s license, state ID, or U.S. passport. The name on the ID has to match the name printed on the bond. If the total redemption value is $1,000 or less, that photo ID is generally enough on its own. Above $1,000, your signature on the bond has to be certified by an authorized bank officer or a notary.4TreasuryDirect. FS Form 1522 – Special Form of Request for Payment of United States Savings Bonds At a Chase branch, an employee expressly authorized by the bank can perform that certification.5GovInfo. 31 CFR 360.55 – Individuals Authorized to Certify
The Bonds Themselves
Bring the paper bonds unsigned. The “Request for Payment” endorsement on the back has to be signed in front of the bank employee so they can witness it. Signing at home ahead of time can invalidate the certification.
Before you leave, you can check what the bonds are actually worth using the free calculator at TreasuryDirect.gov. That way you know whether you’re above the branch’s per-visit cap and whether the amount justifies the trip.
How the Redemption Works
At the counter, tell the teller you want to redeem savings bonds. The teller confirms the bond is past its 12-month holding period, checks the registration against your ID, and watches you sign the endorsement. Redemption value comes from Treasury-published tables that factor in the series, issue date, and accrued interest. If the bond is under five years old, the three-month interest penalty is applied automatically. You don’t do any of the math.
Proceeds are typically deposited into your Chase account. Cash payouts are possible for small amounts, but the branch can require direct deposit instead. You’ll leave with a receipt showing the principal and interest split. Keep it: that interest is taxable.
Situations Where the Branch Can’t Just Pay You
Power of Attorney
Banks are not supposed to cash savings bonds for someone presenting a power of attorney. If you’re acting as POA for the bond owner, Chase has to forward the bonds to the Treasury Retail Securities Site at the Federal Reserve Bank of Minneapolis for processing rather than paying you at the counter.1Federal Reserve Financial Services. Savings Bond Redemptions Frequently Asked Questions That takes significantly longer than a normal visit.
Name on the Bond Doesn’t Match Your ID
If you’ve changed your name through marriage, divorce, or court order, some branches will still process the bond if you can produce supporting documents like a marriage certificate. If the branch declines, you’ll need to request a reissue through the Treasury using FS Form 4000, signing in your current legal name and explaining how the change occurred. A name change unrelated to marriage or divorce may require a court order as backup.6TreasuryDirect. FS Form 4000 – Request to Reissue United States Savings Bonds
Bonds Owned by a Deceased Person
If the bond names a surviving co-owner or beneficiary, that person becomes sole owner and can cash it by showing a death certificate. If the owner was named alone with no co-owner or beneficiary, the bond becomes estate property. For estates holding $100,000 or less in Treasury securities, a voluntary representative can redeem using FS Form 5336 without formal court administration.7TreasuryDirect. FS Form 5336 – Disposition of Treasury Securities Belonging to a Decedent’s Estate Being Settled Without Administration Above $100,000, formal estate administration is required.8eCFR. 31 CFR 315.71 – Decedent’s Estate
Bonds Registered to a Minor Child
A parent can cash a bond registered to a child when all three of these are true: the child is under 18 and too young to request payment, you are the parent, and the child lives with you or you have legal custody. You write a certification on the back of the bond with the child’s name, age, Social Security Number, and your relationship, then sign on the child’s behalf.9TreasuryDirect. Cashing Paper Bonds for a Young Child
If Chase Won’t or Can’t Cash Them
Most credit unions and community banks also act as Treasury paying agents, and some are more flexible on limits than a national bank. The same 12-month customer guideline applies, so call ahead.
If no local bank will take the bonds, mail them directly to the Treasury with FS Form 1522. For $1,000 or less, sign the form yourself and enclose a copy of your photo ID. Above $1,000, your signature has to be certified by a notary or authorized officer before you mail it.4TreasuryDirect. FS Form 1522 – Special Form of Request for Payment of United States Savings Bonds The Treasury deposits the proceeds into whichever bank account you list on the form, and there’s no dollar cap on how much you can redeem this way.2TreasuryDirect. Cashing EE or I Savings Bonds
Tax Paperwork After You Cash
Savings bond interest is subject to federal income tax but exempt from state and local income tax. Chase will issue a Form 1099-INT reporting the interest, either shortly after the transaction or by January 31 of the following year.10TreasuryDirect. Tax Information for EE and I Bonds On a bond you’ve held for 20 or 30 years, the interest can be substantial, so the tax hit lands in the year you cash.
One thing worth checking before you redeem: if you plan to use the proceeds for qualified higher education expenses for yourself, your spouse, or a dependent, you may be able to exclude the interest from federal income, subject to income limits and the requirement that the bond was issued after 1989 to a purchaser at least 24 years old.11Office of the Law Revision Counsel. 26 USC 135 – Income From United States Savings Bonds Used to Pay Higher Education Tuition and Fees Once you cash the bond, you can’t undo that tax event, so run the numbers first.