Paper Ibonds Redemption Options

[Livefree]

My son wants to redeem some of his paper Ibonds, and his bank informed him that they no longer do that, and he would need to contact Treasury Direct.


Is this the only way to cash them now?


Has anyone done this with a bank recently?

 

[pacergal]

We went to dads bank (BofA) after he passed and they cashed his for us. But he had a relationship with them and it was in 2015.

 

[Sunset]

We had the same thing happen for regular EE bonds at our local Chase bank.

We phoned Chase help and they said it's not true, so seems like a branch issue for us.

Haven't followed up yet.

 

[Livefree]

I called several banks and unfortunately, none of them cash them anymore.

 

[Eagle43]

I sent mine to Treasury Direct. No problem and they notify me when they are no longer acquiring interest so I can redeem them. Then they send cash to my bank.

 

[Livefree]

I sent mine to Treasury Direct. No problem and they notify me when they are no longer acquiring interest so I can redeem them. Then they send cash to my bank.

Did you do this on their site, or mailing?


How long until you get the money deposited?


Thanks.

 

[euro]

Did you do this on their site, or mailing?


How long until you get the money deposited?


Thanks.

The process of opening a TD account, then linking your bank, then mailing in your paper bonds and have them posted to your TD account can be quite lengthy (several months). However, once you have them in TD and your bank connection is established, the process of cashing in the bonds and the money showing up in your bank account is (on government timescale anyway) blazingly fast. A couple of days, maybe.
So, have your son open a TD account and convert his whole stash of paper bonds to electronic. After that, everything will be fast and, I would say EASY in the future.

As someone else pointed out, an added bonus of the electronic bonds is that they will send you e-mail reminders when the bonds stop accruing interest. The paper bonds just sit there until you remember to check their date.

 

[Eagle43]

The process of opening a TD account, then linking your bank, then mailing in your paper bonds and have them posted to your TD account can be quite lengthy (several months). However, once you have them in TD and your bank connection is established, the process of cashing in the bonds and the money showing up in your bank account is (on government timescale anyway) blazingly fast. A couple of days, maybe.
So, have your son open a TD account and convert his whole stash of paper bonds to electronic. After that, everything will be fast and, I would say EASY in the future.

As someone else pointed out, an added bonus of the electronic bonds i s that they will send you e-mail reminders when the bonds stop accruing interest. The paper bonds just sit there until you remember to check their date.

This exactly. I had to type each bond number into Treasury Direct. And yes TD notifies me when a bond is/has expired and no longer earning interest. I saved those paper copies for years and am so happy to do things electronically.

 

[Luvdogs]

My son just cashed in some this past December that had stopped accruing interest. He just went to our Chase bank and had no problem. I'm not sure what series they were but they were issued in 1992. Perhaps each branch is different but ours was a small branch.

 

[Act2]

Have had no problems cashing in EE bonds at my Chase branch this past year.

 

[Sunset]

Have had no problems cashing in EE bonds at my Chase branch this past year.

We had no problems each month, until this month.

 

[Fermion]

I have to get around to cashing in some 8 year old paper I-bonds so I guess I will have to do this mail in thing. With the new rate being so low and these bonds having no fixed rate, it just makes sense to cash them in and put the money into short term treasuries. It is also probably a good year to do it for tax reasons.

It is sort of weird that you can't just scan them in and upload the image to the TD website, but rather have to do the mail in thing. If they are lost in the mail, TD replaces them anyway...

 

[PatrickA5]

We tried to redeem some inherited Ibonds last month at Chase. The branch manager said they redeem EE bonds, but not IBonds. Didn't make any sense to me. Not sure I believe her. Anyway, sent them to TD and waiting the 13 weeks they say it will take to show up.