How to Redeem Savings Bonds by Power of Attorney

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Having power of attorney just means that someone (the principal) has given you the power to act on his behalf in certain situations. This makes you the agent and usually gives you power to perform financial transactions for the grantor, including redeeming savings bonds. The principal may have you do this because he is not physically able to redeem the bonds himself. Another reason may be that you are handling a larger transaction for him and the bond redemption is one small step in that transaction. The quickest way to redeem a savings bond through power of attorney is to take the bonds to the principal’s bank.

Things You'll Need

  • Notarized power of attorney agreement
  • Two forms of identification
  • Savings bonds
  • Verify that the person who granted you power of attorney (also known as the principal) has notified the bank of the agreement. Verify that the principal also provided a notarized copy of the power of attorney agreement and that agreement specifically mentions that you have the right to redeem savings bonds.

  • Take the savings bonds, your notarized copy of the power of attorney agreement and two forms of identification to the principal’s bank. Explain to the bank teller that you would like to redeem the savings bonds and that you will be doing so as a power of attorney agent.

  • Show the power of attorney agreement if the bank teller asks to see it, but the bank's computer system will probably already have the agreement noted in the system. Show the bank teller your two forms of identification. Sign your signature on the back of the savings bond in front of the bank teller. Write “under P.O.A.” next to, or under, your signature. Add your thumb print, if required by the bank.

Tips & Warnings

  • What qualifies as proper identification can vary from bank to bank, but most of them will take a state issued identification card or driver’s license as one. The other form can be a credit, debit or bankcard with the same name or a social security number.
  • Banking procedures can vary, depending on the institution. If you have any questions about redeeming a savings bond under power of attorney, contact the customer service department of the bank in question.

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