Where to redeem paper EE savings bonds?

[Virtus3]

My wife and I have several paper EE bonds that have just, or are about to mature. I'm curious where we can go to redeem them? We don't have a local brick and mortar bank or investment branch.

[terran]

I was unsuccessful finding a place to redeem EE bonds a few years ago. Supposedly local banks will do it, but I never found one calling around. I even went to a Federal Reserve Bank when I visited a city that had one, but they don't deal with the public in that way. I did get to see $1 million shredded up and put in a plastic cube in their little mini-museum. In the end I recorded all the serial numbers in case they got lost along the way and mailed them to the Federal Reserve for redemption.

[NotJen]

I very easily cashed one last month at my local credit union.  I thought it might be an ordeal, but even though the teller apologized for going a little slowly (I doubt they do this very often), it only took about 5 minutes.  Also got a nice statement of the interest that would be taxed.

You can set up an account at TreasuryDirect and convert them to electronic bonds (by mailing in the paper bonds) and cash them that way.

[Dee18]

My mother cashed some (even some in my deceased father's name) at her local bank.

[Virtus3]

I very easily cashed one last month at my local credit union.  I thought it might be an ordeal, but even though the teller apologized for going a little slowly (I doubt they do this very often), it only took about 5 minutes.  Also got a nice statement of the interest that would be taxed.

You can set up an account at TreasuryDirect and convert them to electronic bonds (by mailing in the paper bonds) and cash them that way.

I'll try calling around to see if any bank branches or credit unions would be willing to do it for non-members but not holding my breath.

If we go the TreasuryDirect route can we make a joint account or would we each need to do it separately?

[Blackeagle]

A timely thread for me.  I recently ran across some old EE bonds an aunt gave me when I was young.  I was thinking that I ought to do something about them.

[Virtus3]

A timely thread for me.  I recently ran across some old EE bonds an aunt gave me when I was young.  I was thinking that I ought to do something about them.

I called around and TD Bank will do them for me without being a customer but there's a $1k limit per day so I'll need to make a couple trips.

[AccidentialMustache]

A timely thread for me.  I recently ran across some old EE bonds an aunt gave me when I was young.  I was thinking that I ought to do something about them.

Depending how old you are, you may owe taxes in the past. They're taxable income the year they quit earning interest.

[Goldendog777]

We cashed some out at Chase bank but we are customers.  The bigger banks probably do it for non customers too. 

[Virtus3]

Depending how old you are, you may owe taxes in the past. They're taxable income the year they quit earning interest.

I didn't realize that; how would that work? I've got 8 that matured this year or are close, 1 that matured last year, and 1 from 2018.

[AccidentialMustache]

Then you get to file an amended return and pay taxes on what the bond earned. I think. IANATP.

[Greystache]

I used to go to my credit union, but they stopped offering the service.  I now go to Treasurydirect.gov and redeem them on line.  They have detailed instructions at the website, but the TLDR is you send them all of your paper bonds, and they notify you when they become mature and the money is deposited into a non interest bearing account. From there, you can have it deposited into your bank account. Of course you do not have to wait for the bonds to mature, you can cash out whenever you want. I have been cashing my bonds this way for a year and it works flawlessly and I don't have to go to the CU and wait in line anymore.

[Car Jack]

Digital Credit Union cashes them.  I've gone in and cashed a single $25 bond or a stack of $50k.  Regardless, when I'm done, the cash is in my account and available for immediate withdrawal.  I only do paper bonds.