I am wondering where I can find the citation that says we still have to redeem savings bonds for non-customers. I know Brian's answer in the Q and A below is right, I just need to find where the information is coming from. I can't find anything on the Treasury Direct website that confirms this.

Cashing Savings Bonds for Non-Customers
Answers by Brian Crow, BOL Guru
Guru Bio

Question: Since we no longer order savings bonds for customers, do we have to cash them for non-customers?

Answer: No institutions order savings bonds for customers any longer sine the Treasury went to electronic issuance. However, those institutions who were agents as of December 2011 are still obligated to redeem bonds and assist transactions that cannot be completed over the counter.

Your obligation to redeem bonds valued up to $1,000 for non-customers remains unchanged. For more information consult that latest version of the Savings Bond Resource Guide found on the Treasury's website.

He gave the cite:



here is the link: http://www.treasurydirect.gov/instit/savbond/guide/guide_sbr.pdf

I have looked through the guide, but I don't see anything that states that we HAVE to cash bonds for non-customers with the way things have changed. Management is trying to limit this service only to customers and I know we can't do that, but they want the specific citation from the Treasury.

I am trying to find where this came from: However, those institutions who were agents as of December 2011 are still obligated to redeem bonds and assist transactions that cannot be completed over the counter.

Check this out, from the Preface of this document: http://www.treasurydirect.gov/forms/sav0022.pdf

"Required: Your financial institution is required to cash bonds/notes eligible for payment for a customer with the
proper identification. For purposes of this guide, a customer is any person presenting bonds at your financial
institution, whether or not they have an account."

When you go through the rest of the guide, there are instructions that clarify that total redemption value for this person who does not have an account with you must be less than or equal to $1,000, and s/he must have valid identification (from a list provided). Otherwise, you can instruct him/her to take the bond to his/her own financial institution.

Thank you, I found that as well. My concern is that this guide was last updated in 2009, before the issuance of bonds moved away from financial institutions.

I guess I will just have to use this and the other document cited and home management doesn't press further.

Thanks all for your help.

Well, if it helps any, the http://www.treasurydirect.gov/instit/savbond/guide/guide_sbr.pdf document cited by Brian instructs you to refer to the Guide for Cashing Savings Bonds from 2009.

Also, see page 3-2 "Under the terms of your paying agent agreement, you should redeem eligible bonds when the presenter
provides satisfactory identification in accordance with Treasury identification guidelines."

Thanks.

Found it! In case anyone needs it:

31 CFR §321.10 Responsibilities of paying agents.

(a) Payment of securities. A paying agent is required to redeem eligible securities during its regular business hours for any presenter, whether or not a customer, who can establish his or her identity as the owner or co-owner named on the securities, in accordance with the provisions of this part, and the appendix to this part, and the Treasury Identification Guide for Cashing United States Savings Bonds. An agent is encouraged, but is not required, to redeem eligible securities during its regular business hours for a surviving beneficiary, a legal representative designated in the registration of securities presented, or a legal representative of the last deceased registrant's estate who can provide acceptable evidence (see §321.7 (d) or (f)) and establish identity in accordance with this part.