how do i cash in a savings bond with a power of attorney

by Gaston Altenwerth 8 min read

To cash savings bonds, the attorney-in-fact, acting in his or her fiduciary capacity, must complete and sign Special Form of Request for Payment of United States Savings and Retirement Securities Where Use of a Detached Request Is Authorized (FS Form 1522).

How do I cash a savings bond that's not in my name?

What will I need to cash a paper bond? Regardless of where you cash your bonds, if you are not listed as the owner or co-owner on the bond, you have to submit legal evidence or other documentation to show you are entitled to cash the bond. (We don't return legal evidence.) Note: Savings bonds cannot be transferred.Jan 21, 2022

Can someone else cash my savings bond?

A savings bond isn't transferable, so signing it doesn't allow someone else to cash it. As protection against fraud, financial institutions require more than a signature to cash savings bonds. If you're unable to cash a bond yourself, a registered co-owner can do it, or you can give someone power of attorney.

Can a POA negotiate savings bonds?

No, do not cash bonds or notes presented and signed by an attorney-in-fact (an individual acting under a power of attorney).

How do I cash a savings bond with another name?

To cash your bond, sign it with your current name rather than your maiden name. The bank teller will then note on the bond paperwork your account number along with the date you opened the account. He will also make a note that your signature is a match, but your name has changed due to marriage.Feb 5, 2019

What documents do I need to cash a savings bond?

In addition to the bonds, you'll need proof of identity, like a United States driver's license. You'll also need an unsigned FS Form 1522. When you go to your local bank or credit union, they'll watch you sign the form, and then certify your signature. When cashing in a paper bond, they must be cashed in full.

Can I cash my deceased parents savings bonds?

Savings bonds can be cashed in only by the owner, a legal representative or a beneficiary if the owner passes away. When a deceased parent has left you some savings bonds, you might be able to just hang on to them.

Can a bank refuse to cash a savings bond?

There are circumstances under which a bank can refuse to issue payment for a bond, or in fact may be legally unable to do so. In these cases, the bearer may have to visit a Federal Reserve Bank Savings Bond Processing Site to redeem the bond.

How do I avoid taxes when cashing in savings bonds?

One way you might avoid owing taxes on the bond interest is to cash your EE or I bonds before maturity and use the proceeds to pay for college. If you meet this set of rules, the interest won't be taxable: You must have acquired the bonds after 1989 when you were at least age 24. The bonds must be in your name only.Oct 7, 2021

Is there a penalty for not cashing in matured EE savings bonds?

As a final consideration, you'll owe taxes on your bonds when they mature whether or not you redeem your bonds. Make sure to include any earned and previously unreported interest on your tax return in the year of maturity. If you don't, you might face a penalty for underpayment of taxes.Nov 22, 2021

What if my name is spelled wrong on a savings bond?

Misspelled Name -- EE bonds don't need to be reissued to correct small typographical errors in names. The bond needs to be reissued if the error is significant enough to prevent the bond owner from cashing it.Aug 25, 2021

What is a reissued bond?

Reissue means the cancellation and retirement of a bond and the issuance of a new bond or bonds of the same series, same issue date, and same total face amount.