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#2090582 - 07/29/16 03:29 PM Cashing Bonds for a non customer
Tessie Offline
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If a non customer comes in to cash an I Bond or EE Bond - what paper work do we need to do? Do we treat them as a new customer and get all the CIF information etc.

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#2090599 - 07/29/16 03:59 PM Re: Cashing Bonds for a non customer Tessie
rlcarey Online
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rlcarey
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Galveston, TX
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#2090615 - 07/29/16 04:20 PM Re: Cashing Bonds for a non customer Tessie
Bankwoman1 Offline
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Is a bank required to cash savings bonds if the owner of the bond is not a customer of the bank?

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#2090631 - 07/29/16 04:39 PM Re: Cashing Bonds for a non customer Tessie
rlcarey Online
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rlcarey
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It is addressed in the guide that I linked.
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#2090642 - 07/29/16 04:50 PM Re: Cashing Bonds for a non customer Tessie
Bankwoman1 Offline
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Well, I read thru the link you sent and I couldn't find anything that specifically said a bank had to cash a bond for a non-customer. I did see what Identifications were acceptable if cashing a bond for a non-customer and what steps to take. So - I took this as we should cash a bond for a non-customer. Then I googled my question and found this statement on the Treasury Direct website:

What will I need to redeem a paper bond?

If you plan to take your bonds to a local bank, check with the financial institution beforehand to see whether it redeems savings bonds. If it does, find out what dollar limit, if any, it has on redemptions and what identification and other documents you need.
If you are a customer of that bank, establishing identity could be as simple as having an active account open for at least six months, plus proper identification.
If you aren’t a customer, banks have varying policies ranging from not redeeming your bonds to redeeming limited amounts (generally less than $1,000 total value) with acceptable identification, such as a valid driver's license.


Which basically says we can have a policy in place not to cash bonds for non-customers. So to say the least - I'm a bit confused....LOL.

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#2090661 - 07/29/16 05:06 PM Re: Cashing Bonds for a non customer Bankwoman1
Elwood P. Dowd Offline
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Elwood P. Dowd
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Next to Harvey
Same discussion.

This guidance acknowledges that some banks may not. Therefore, I proclaim that you are not required to. Maybe we can let this slip beneath the waves.
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