Just wanted to mention something. You can only convert paper bonds to electronic if they haven’t fully matured yet. Any bonds that are more than 30 years old will be automatically cashed out.
Good point! That might be helpful for the original poster since they’re looking to cash them out anyway.
Most banks don’t deal with paper bonds anymore. I had to go through Treasury Direct as well.
I sent my paper bonds to Treasury Direct a couple of months ago, and they were in my online account within three weeks. The money was in my bank account a couple of days later. I guess I got lucky with how fast it went.
When they confirm receipt of the bonds, they tell you it could take up to 12 weeks. It usually takes less time, but they don’t always notify you when it’s done.
Do you have accounts with BoA? If not, have you tried cashing them where you’re already a customer?
Yeah, I’ve been a customer with BoA for over 20 years now.
Did you try asking your local BoA financial center? There’s a limit on how many bonds they’ll cash at one time. You could also check Treasury Direct’s website for more info.
BoA will cash your bonds, but only a few at a time. I’ve done it recently. Just take a few bonds to your branch, cash them, and go to another branch if you have to.
Thanks for the help. I’ll check it out.
Chase only cashes bonds under $1000. It’s weird.
I went to my local BoA and they told me to mail them in, but I tried a different branch and they cashed them with no problem. Just depends on who you get, I guess.
Looks like you’ll have to use Treasury Direct or ask BoA how many they can redeem at once. You might be able to make an appointment to do all of them.
Treasury Direct is likely the way to go. You’ll need some forms to get started, and it could take up to 12 weeks. They’re really backed up right now, so expect delays.
You don’t even need to call them. Just follow the directions on the site. I did it for my kids, and everything was auto-deposited into their bank accounts in a few weeks.
If the bonds are $100 face value, most banks should be able to cash them. But if they’re $1000 bonds, they may not want to deal with them. Check online for details or call your bank directly.
Any bonds that are over 30 years old have stopped earning interest. It’s normal for banks to limit how many they’ll cash at a time. You might want to try cashing a few each month or go through Treasury Direct and mail them in.
It sounds like Treasury Direct is about as slow and outdated as you’d expect… I’m about to do the same with some I bonds my dad bought during the inflation period. Hoping it goes smoothly.
Banks don’t really cash savings bonds anymore. It’s a pain on their end, so they send you to Treasury Direct for it.
Why not just take a few in at a time? It’s not ideal, but it works.