How to Cash a Savings Bond at a Local Bank
In order to cash a savings bond at a bank, a person will have to go to a federal reserve board, and they will have to provide proof of their identity. Find out how to sell savings bonds online with help from a personal asset manager in this free video on the bond market and money management.
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Do you own a savings bond and want to redeem that now? I'm Roger Groh with Groh Asset Management. Today were here to talk about how you should go about doing that. In the United States there are eleven federal reserve boards scattered through the continental US. You actually have to go to one of those institutions and bring your bond to them along with proof of identity if you choose to redeem it. You'll get your cash or a check in exchange for the bond. You may also want to try and determine what that bond is worth ahead of time and the federal reserve board's and your brokerage firm if you choose to go that way, not for redemption but for pricing, have calculators that will, if you plug in the date that the bond matures, the type of savings bond that you own, they'll tell you what that bond is worth. You probably want to get two or three different bids from different groups in order to come up with a reasonable look at the value, because each one is going to be a little bit different. So you have to go to the federal reserve board to make this happen. Nowadays though, the good news is that everything is electronic and if you were to buy a savings bond, they simply enter your name in to a computer. When you want to sell it, what you do is go on line to the US Treasury site at that point and you tell them on line that you want to sell it. They do sell it, they send you a check for the money or wire you the money and it's much easier than happened in the past where you have physically traded paper certificates. So that's a little bit about how to redeem savings bonds and thank you on behalf of Uncle Sam. I'm Roger Groh.