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Refusal to Cash Non-Customer Savings Bond

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Question: 
Are there any compliance violations if we turn away a non-customer who wants to cash a savings bond?
Answer: 

It isn't what I would traditionally call a compliance violation, but it may be a violation of your responsibilities as a federal contractor. Your bank should have access to Treasury's Guide to Cashing Savings Bonds. The Guide instructs you to cash bonds with redemption value up to $1,000 for a non-customer, if he or she can produce acceptable documentary identification. For larger amounts or if the individual cannot produce acceptable identification, you are correct to require the individual to go to a financial institution where he or she is an established customer.

First published on BankersOnline.com 9/01/08

First published on 09/01/2008

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