Bank of America will not cash savings bonds for non-customers

Bank of America requires you to have an active checking or savings account with them before they will redeem a savings bond. If you walk in without an account, they will turn you away. This is a firm policy across all their branches.

The reason is operational: when a bank cashes a bond, they need somewhere to deposit the proceeds. They also need to verify your identity against their own records and comply with anti-money-laundering rules that tie redemptions to existing customer accounts. A teller cannot process the transaction without an account number in their system.

This does not mean you cannot cash your bond. It means you need to either open an account with Bank of America first, or use a different path entirely.

Key Takeaways

  • Bank of America will only redeem savings bonds for customers with an active account at that bank.
  • You can open a checking account at Bank of America before redeeming, though this requires an initial deposit and takes time to set up.
  • The U.S. Treasury will redeem bonds directly through their TreasuryDirect website or by mail, with no bank account required.
  • Any bank that holds your account can cash a savings bond, not just the bank that issued it.
  • If you have lost or damaged a bond, the Treasury can issue a replacement before you redeem it.

Opening a Bank of America account to cash your bond

If you want to use Bank of America specifically, you will need to open an account first. Bank of America offers checking accounts with no monthly fee if you maintain a minimum balance or set up direct deposit. The minimum opening deposit is typically $25, though this varies by account type and region.

The process takes about 15 minutes in a branch or online. You will need a government-issued ID, your Social Security number, and an initial deposit. Once the account is open and active, you can bring your bond to any Bank of America branch and request redemption. The funds will be deposited into your new account.

This route makes sense only if you plan to keep the account open afterward. If you are opening it solely to cash one bond, the time and effort may not be worth it compared to redeeming directly through the Treasury.

Redeeming through the U.S. Treasury instead

The U.S. Treasury will cash your savings bond without requiring a bank account at all. You have two options: online through TreasuryDirect, or by mail.

TreasuryDirect is the faster route. You create a free account on the Treasury website, link a bank account (any bank, not necessarily Bank of America), and submit your bond information. The Treasury verifies the bond details, and if everything matches, they deposit the redemption amount into your linked account within one to three business days. You do not need to own the account; it can belong to a spouse, family member, or trusted person, as long as you authorize the deposit.

If you do not have internet access or prefer not to use it, you can mail the bond directly to the Treasury. You will need to fill out Form PD F 1522 (Request for Payment of Savings Bond), include a copy of your ID, and mail both to the Bureau of the Fiscal Service. Processing takes four to six weeks by mail. The Treasury will send a check to your address or deposit funds into a bank account you specify on the form.

What happens if your bond is lost or damaged

If your bond is torn, faded, or missing entirely, you cannot redeem it at any bank until the Treasury replaces it. Bank tellers will refuse to accept a damaged bond, and the Treasury will not process a redemption request for one.

To get a replacement, contact the Bureau of the Fiscal Service directly. You will need to provide the bond's series, denomination, and issue date if you have them, along with proof of ownership (your ID and any documentation showing you purchased or received the bond). The replacement process takes four to eight weeks. Once you receive the replacement bond, you can redeem it through the Treasury or through any bank, including Bank of America if you have an account there.

Using a different bank if you already have an account elsewhere

You do not have to use Bank of America to cash a savings bond. Any bank where you hold an account will redeem one. If you have a checking account at Chase, Wells Fargo, a credit union, or a smaller regional bank, you can bring your bond there instead.

The process is the same: bring the bond and your ID to a teller, and they will verify the bond details and deposit the proceeds into your account. Most banks process this same-day or next-day. Some banks may ask you to fill out a short form, but the transaction is straightforward.

This is often the simplest path if you already bank somewhere. You avoid the step of opening a new account and can walk out with confirmation that your bond has been redeemed.

Series I and EE bonds: special rules for early redemption

Series I bonds (inflation bonds) and Series EE bonds (fixed-rate bonds) have redemption penalties if you cash them before five years have passed. If your bond is less than five years old, the Treasury will deduct the last three months of interest when you redeem it. This applies whether you redeem through the Treasury, Bank of America, or any other bank.

Older bonds have no penalty. If your bond is five years old or older, you receive the full value with all accrued interest, regardless of where you redeem it. Check your bond's issue date before you redeem to understand what you will receive.

Series HH bonds and older series have different rules. If you are unsure which series you hold, the Treasury website has a lookup tool, or you can call their customer service line at 844-284-2676.

Frequently Asked Questions

Can I cash a savings bond at a Bank of America ATM?

No. ATMs only dispense cash; they cannot process bond redemptions. You must visit a teller at a Bank of America branch in person, and you must have an account with them.

What if the bond is in someone else's name?

If the bond is registered to another person, that person must be present to redeem it, or they must sign a power of attorney form authorizing you to redeem it on their behalf. Banks verify ownership before processing any redemption.

How long does it take to get the money after I redeem?

If you redeem at a bank branch in person, the funds are usually available in your account the same day or next business day. If you redeem through the Treasury online, it takes one to three business days. By mail, it takes four to six weeks.

Do I need to report the redemption to the IRS?

Yes. Savings bonds earn interest, and that interest is taxable income. You will receive a Form 1099-INT from the Treasury or the bank showing the interest earned. You must report this on your tax return for the year you redeem the bond.

What if I only want to redeem part of a bond?

You cannot redeem a partial bond. Savings bonds are redeemed in full only. If you have a $10,000 bond and need only $5,000, you must redeem the entire $10,000 and keep or reinvest the remainder.