Mechanics of redeeming Series EE bonds via mail

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investor4life
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Mechanics of redeeming Series EE bonds via mail

Post by investor4life »

Note: My previous post yielded no response (possibly because it piggy-backed on another thread and got buried there). Pardon this re-post as a fresh thread--I really need some quick guidance on this. Thanks in advance.
---
I am getting ready to redeem (for the first time) some Series EE bonds that have reached maturity. I have filled out Form 1522 and plan to mail that with my bonds to Treasury Retail Securities Services (TRSS) at the Minneapolis address listed on the form.

Some questions:

1. What happens after that? Do I get some sort of communication (email?) from TRSS stating that everything has been received in good order? Or do I just have to wait (and hope) for the money to appear in my credit union account at some point? How long?

2. Should this be sent by First Class mail or should it be sent in a more secure way (registered mail)?

3. The first batch I am sending out has a redemption value less than $1K, so I don't need my signature notarized. I anticipate future batches (as they mature) to have a larger value, necessitating notarization. Form 1522 asks the notary to state the financial institution that they belong to. Does this mean that I cannot use a notary at my place of work or at my friendly AAA office?

Thanks in advance.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by anon_investor »

investor4life wrote: Sun Aug 14, 2022 10:19 pm Note: My previous post yielded no response (possibly because it piggy-backed on another thread and got buried there). Pardon this re-post as a fresh thread--I really need some quick guidance on this. Thanks in advance.
---
I am getting ready to redeem (for the first time) some Series EE bonds that have reached maturity. I have filled out Form 1522 and plan to mail that with my bonds to Treasury Retail Securities Services (TRSS) at the Minneapolis address listed on the form.

Some questions:

1. What happens after that? Do I get some sort of communication (email?) from TRSS stating that everything has been received in good order? Or do I just have to wait (and hope) for the money to appear in my credit union account at some point? How long?

2. Should this be sent by First Class mail or should it be sent in a more secure way (registered mail)?

3. The first batch I am sending out has a redemption value less than $1K, so I don't need my signature notarized. I anticipate future batches (as they mature) to have a larger value, necessitating notarization. Form 1522 asks the notary to state the financial institution that they belong to. Does this mean that I cannot use a notary at my place of work or at my friendly AAA office?

Thanks in advance.
Can't you just redeem them at a local bank?
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investor4life
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Re: Mechanics of redeeming Series EE bonds via mail

Post by investor4life »

I could but prefer not to. The reason is that both my and DWs SSNs are printed in full on the bonds (they were issued 30 years ago before the Treasury went to partial SSNs). Though I like my CU, I find it somewhat lax in some matters and there is a lot of employee turnover, so I am uncomfortable taking them there where they will likely lie on someone’s desk for all to see.

I know that the same may be true with the Fed but I just feel it may be more careful with such things.

Might sound silly but it’s a personal preference.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by chemocean »

investor4life wrote: Sun Aug 14, 2022 10:19 pm Form 1522 asks the notary to state the financial institution that they belong to. Does this mean that I cannot use a notary at my place of work or at my friendly AAA office?
I don't think that the notary has to be at a financial institution.
The line:
"
________________________________________
(Name of Financial Institution)"

is standard notary/certifying officer notation for notary signature.

in the Certificate part of Section 3 of form 1522 it says.

"If the current
redemption value of your bonds totals more than $1,000, sign this form in the presence of a notary or certifying officer."

Since it allows notary certification without specifying that the notary has to be with a financial institution.

The "Name of Financial Institution" probably is a carryover from when signature certification was required by certifying officers of financial institutions for this and other forms. TD just changed the rules for establishing a bank external account from certifying officer to notary because the many new TD accounts were not ID verified when establishing a TD account and those thousands of perspective I-bond raised a ruckus because they could not get their bank to sign as certifying officer.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by HomeStretch »

I just mailed about a week ago via USPS (no tracking, $ too small) an EE Bond with Form 1522 on behalf of my parents. BoA wouldn’t guarantee the branch (45 minutes away from them since they closed the local branch) would cash the EE Bond.

No email yet acknowledging receipt. Posters in other threads have reported receiving emails from TD for other types of transactions acknowledging receipt and stating there is a 13-week processing time.

8/17 Update - received an email today (about 10 calendar days after mailing) from TD acknowledging receipt of the form/bond and to allow up to 13 weeks for processing.

Edit - EE Bond proceeds were direct deposited 5 weeks later into a bank account.
Last edited by HomeStretch on Fri Oct 14, 2022 5:41 pm, edited 1 time in total.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by runner26 »

My experience so far.
Mailed 10/1 express with tracking (corrected date, was 10/2, actually 10/1)
Deliverd 10/4
No email as of 10/14
Any time I call, wait is 2+ hours or queue is to long, no longer accepting calls.
Last edited by runner26 on Mon Oct 24, 2022 8:40 pm, edited 2 times in total.
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investor4life
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Re: Mechanics of redeeming Series EE bonds via mail

Post by investor4life »

My experience: Submitted two Series EE bonds worth about $800 to Treasury in August. Took ten days to get ack email. 8 weeks (from submission) to have money show up in my bank account (this week).

Has anyone submitted more than $1000 in EE Bonds to Treasury, where Form 1522 (which accompanies the bonds) is notarized by an “ordinary” notary public (as at AAA or place of work) rather than one at a financial institution? My local CU won’t notarize it.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by mjg »

It's crazy how bad this process is.

I'm only at 3 weeks of waiting for some EE bonds I had to send in because my bank no longer redeems due to fraud issues. And from the looks of investor4life (took him 8 weeks), I've got a ways to go. Good thing I didn't need the money in a hurry.

Flat out unacceptable.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by runner26 »

investor4life wrote: Fri Oct 14, 2022 3:38 pm
Has anyone submitted more than $1000 in EE Bonds to Treasury, where Form 1522 (which accompanies the bonds) is notarized by an “ordinary” notary public (as at AAA or place of work) rather than one at a financial institution? My local CU won’t notarize it.
My submission is $30k via 1522. Took it to UPS store notary and paid charge. What bothered me is the notary looked at the form and took a pin and X over the notary part. Rubber stamped it with "see attachment". Filled out the attachment, which does not have my signature. I protested and she said CA requires specific wording not on the 1522 form. She said contact her if there is an issue. Ya, right, 13 weeks later. From some legal postings I read, this should be ok, since all the notary is attesting to is that someone by your name has appeared in their presence. Time, much time will tell.

I don't want anything to do with paper bonds again. My S&L will no longer accept them.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by Jack FFR1846 »

I sent in 2 batches in the last 6 months. Both were estates so added documents were needed. First was only $1000, and it fit with the documents in a normal first class envelop that got sent no frills. 6 weeks later, the money was ACHd into the account so I packed the pile of bonds for the other estate and sent it first class and in 6 weeks, the money was ACHd into that estate account.

Myself, I have always cashed at my credit union. If you bring the bonds to a bank or credit union where you do business, they already have your social security number. If there's a second SS number, block it out. I've seen no bonds with 2 social security numbers on them even with 2 owners, so that's pretty unusual. And I have dealt in the last year with bonds that are 2 years old all the way back to 1941 and most years in between. Almost none even have one SS number although when you cash, you have to write your number on the bonds. I far prefer to cash in person at DCU. Unfortunately, cashing them for the executor into estate accounts don't allow that.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by runner26 »

Jack FFR1846 wrote: Fri Oct 14, 2022 7:00 pm Myself, I have always cashed at my credit union.
My Credit Union (CA Golden 1) made an appointment to cash mine, but terminated the policy 3 days before my appointment, and 1 day before maturity.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by mjg »

runner26 wrote: Fri Oct 14, 2022 6:02 pm
investor4life wrote: Fri Oct 14, 2022 3:38 pm
Has anyone submitted more than $1000 in EE Bonds to Treasury, where Form 1522 (which accompanies the bonds) is notarized by an “ordinary” notary public (as at AAA or place of work) rather than one at a financial institution? My local CU won’t notarize it.
My submission is $30k via 1522. Took it to UPS store notary and paid charge. What bothered me is the notary looked at the form and took a pin and X over the notary part. Rubber stamped it with "see attachment". Filled out the attachment, which does not have my signature. I protested and she said CA requires specific wording not on the 1522 form. She said contact her if there is an issue. Ya, right, 13 weeks later. From some legal postings I read, this should be ok, since all the notary is attesting to is that someone by your name has appeared in their presence. Time, much time will tell.

I don't want anything to do with paper bonds again. My S&L will no longer accept them.
Mine is 30K too -- and I'm in CA so got the same attached form with the same "CA blah blah".

So done with paper bonds. Never again.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by VinoVita »

Have had accounts with BofA for 50 years. Called a personal banker that has helped me in the past, told her I had 39 EE bonds I’d like to cash and made an appointment last Friday 10/7. She told me there system couldn’t redeem that many bonds at one time and that BofA would send them in for me and I’d have the funds in my account in 7-10 days. I agreed and 40k was in my account 5 days later. Couldn’t be happier…good luck!
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Re: Mechanics of redeeming Series EE bonds via mail

Post by runner26 »

runner26 wrote: Fri Oct 14, 2022 8:32 am My experience so far.
Mailed 10/1 express with tracking (corrected date, was 10/2, actually 10/1)
Deliverd 10/4
No email as of 10/14
Any time I call, wait is 2+ hours or queue is to long, no longer accepting calls.
Update, as of 10/24 still NO email has been received to verify receipt of the bonds. Phone message says up to 3 weeks to be entered into the system. Bogleheads have reported 10 days from time of sending mail, but they didn't say when that took place. I found a person on Reddit who sent theirs in May 2022 and said it took 25 days from time of mailing.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by Newaygo »

For what it is worth I mailed a paper EE bond on September 20th via first-class mail to Treasury Retail Securities Services in Minneapolis and received an email acknowledging receipt on September 27th. The email said to allow up to 13 weeks for review and processing.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by runner26 »

runner26 wrote: Mon Oct 24, 2022 8:47 pm
runner26 wrote: Fri Oct 14, 2022 8:32 am My experience so far.
Mailed 10/1 express with tracking (corrected date, was 10/2, actually 10/1)
Deliverd 10/4
No email as of 10/14
Any time I call, wait is 2+ hours or queue is to long, no longer accepting calls.
Update, as of 10/24 still NO email has been received to verify receipt of the bonds. Phone message says up to 3 weeks to be entered into the system. Bogleheads have reported 10 days from time of sending mail, but they didn't say when that took place. I found a person on Reddit who sent theirs in May 2022 and said it took 25 days from time of mailing.
Update 10/26. Called and waited on hold 2 hours 45 minutes (2+ the call in said). Was told the e-mail was sent on 10/7. I asked what address it was sent to. The one they gave me was not the one I put on the mail in form, in fact it was one that I had way in the past over 8 years ago. It must have been from some old transaction. As I talked further, I found that the phone numbers on their record were all wrong as well. The person was able to verify the receipt, it was not yet assigned to a processor, don't know when, but is taking up to 13 weeks from date of receipt. Payment is usually made about 5 days after the processor starts work on the case.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by runner26 »

mjg wrote: Fri Oct 14, 2022 8:40 pm
runner26 wrote: Fri Oct 14, 2022 6:02 pm ...Took it to UPS store notary and paid charge. What bothered me is the notary looked at the form and took a pin and X over the notary part. Rubber stamped it with "see attachment". Filled out the attachment, which does not have my signature. I protested and she said CA requires specific wording not on the 1522 form. She said contact her if there is an issue. Ya, right, 13 weeks later. From some legal postings I read, this should be ok, since all the notary is attesting to is that someone by your name has appeared in their presence. Time, much time will tell.
...
Mine is 30K too -- and I'm in CA so got the same attached form with the same "CA blah blah".

So done with paper bonds. Never again.
I asked the rep today about above and they say it is ok, they are familiar with the CA form rule.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by runner26 »

runner26 wrote: Wed Oct 26, 2022 3:13 pm
runner26 wrote: Mon Oct 24, 2022 8:47 pm
runner26 wrote: Fri Oct 14, 2022 8:32 am My experience so far.
Mailed 10/1 express with tracking (corrected date, was 10/2, actually 10/1)
Deliverd 10/4
No email as of 10/14
Any time I call, wait is 2+ hours or queue is to long, no longer accepting calls.
Update, as of 10/24 still NO email has been received to verify receipt of the bonds. Phone message says up to 3 weeks to be entered into the system. Bogleheads have reported 10 days from time of sending mail, but they didn't say when that took place. I found a person on Reddit who sent theirs in May 2022 and said it took 25 days from time of mailing.
Update 10/26. Called and waited on hold 2 hours 45 minutes (2+ the call in said). Was told the e-mail was sent on 10/7. I asked what address it was sent to. The one they gave me was not the one I put on the mail in form, in fact it was one that I had way in the past over 8 years ago. It must have been from some old transaction. As I talked further, I found that the phone numbers on their record were all wrong as well. The person was able to verify the receipt, it was not yet assigned to a processor, don't know when, but is taking up to 13 weeks from date of receipt. Payment is usually made about 5 days after the processor starts work on the case.
Update 11/17. When I last called, rep said they would send me the missing email. It was never sent. A further email request with my case number was sent and also did not get a response. I called again today, wait only 1 hour this time did succeed in getting an email verification of receipt.

Further, I was told that case is still not assigned and now it may take 16 weeks even though the phone message says up to 13. I told the rep I had withholding done to cover taxes this year and asked if my 1099 would be issued for 2022, the year bond stopped earning interest and when I planned to pay. She said if they don't pay me until after dec 31, it will not be issued until the 2023 tax year. This will really mess with my tax reporting.
P.S., unlike the IRS, no interest will be paid for the payment delay
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runner26
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Re: Mechanics of redeeming Series EE bonds via mail

Post by runner26 »

runner26 wrote: Thu Nov 17, 2022 8:03 pm
runner26 wrote: Wed Oct 26, 2022 3:13 pm
runner26 wrote: Mon Oct 24, 2022 8:47 pm
runner26 wrote: Fri Oct 14, 2022 8:32 am My experience so far.
Mailed 10/1 express with tracking (corrected date, was 10/2, actually 10/1)
Deliverd 10/4
No email as of 10/14
Any time I call, wait is 2+ hours or queue is to long, no longer accepting calls.
Update, as of 10/24 still NO email has been received to verify receipt of the bonds. Phone message says up to 3 weeks to be entered into the system. Bogleheads have reported 10 days from time of sending mail, but they didn't say when that took place. I found a person on Reddit who sent theirs in May 2022 and said it took 25 days from time of mailing.
Update 10/26. Called and waited on hold 2 hours 45 minutes (2+ the call in said). Was told the e-mail was sent on 10/7. I asked what address it was sent to. The one they gave me was not the one I put on the mail in form, in fact it was one that I had way in the past over 8 years ago. It must have been from some old transaction. As I talked further, I found that the phone numbers on their record were all wrong as well. The person was able to verify the receipt, it was not yet assigned to a processor, don't know when, but is taking up to 13 weeks from date of receipt. Payment is usually made about 5 days after the processor starts work on the case.
Update 11/17. When I last called, rep said they would send me the missing email. It was never sent. A further email request with my case number was sent and also did not get a response. I called again today, wait only 1 hour this time did succeed in getting an email verification of receipt.

Further, I was told that case is still not assigned and now it may take 16 weeks even though the phone message says up to 13. I told the rep I had withholding done to cover taxes this year and asked if my 1099 would be issued for 2022, the year bond stopped earning interest and when I planned to pay. She said if they don't pay me until after dec 31, it will not be issued until the 2023 tax year. This will really mess with my tax reporting.
P.S., unlike the IRS, no interest will be paid for the payment delay
Final Update 11/29. Funds were deposited into checking account. :moneybag
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Re: Mechanics of redeeming Series EE bonds via mail

Post by cubs1999 »

HomeStretch wrote: Mon Aug 15, 2022 10:34 am I just mailed about a week ago via USPS (no tracking, $ too small) an EE Bond with Form 1522 on behalf of my parents. BoA wouldn’t guarantee the branch (45 minutes away from them since they closed the local branch) would cash the EE Bond.
I'm about to mail some EE bonds to cash through the mail. I debated doing certified or registered mail but it seems that several people in this thread and another I found have sent via regular USPS no tracking and haven't had any issues. I think I'd do it for several thousand dollar redemption but it feels wasteful to pay $4-5 for certified for a approximately $250 redemption so I guess I'm risking regular mail.

I found a bunch of old EE bonds that were gifted to me in a safety deposit box that my late mother used, or which I was a co owner but never really looked inside. I cashed several at my bank. They would not cash two remaining ones because they were addressed to my nickname and not my legal name on my ID so the bank said I had to redeem via treasury direct. In the instructions, it says to sign as both names with an explanation. I'll update this when I receive the confirmation email and when the $ actually get deposited.
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Re: Mechanics of redeeming Series EE bonds via mail

Post by Walkure »

cubs1999 wrote: Thu Sep 28, 2023 12:32 pm
HomeStretch wrote: Mon Aug 15, 2022 10:34 am I just mailed about a week ago via USPS (no tracking, $ too small) an EE Bond with Form 1522 on behalf of my parents. BoA wouldn’t guarantee the branch (45 minutes away from them since they closed the local branch) would cash the EE Bond.
I'm about to mail some EE bonds to cash through the mail. I debated doing certified or registered mail but it seems that several people in this thread and another I found have sent via regular USPS no tracking and haven't had any issues. I think I'd do it for several thousand dollar redemption but it feels wasteful to pay $4-5 for certified for a approximately $250 redemption so I guess I'm risking regular mail.

I found a bunch of old EE bonds that were gifted to me in a safety deposit box that my late mother used, or which I was a co owner but never really looked inside. I cashed several at my bank. They would not cash two remaining ones because they were addressed to my nickname and not my legal name on my ID so the bank said I had to redeem via treasury direct. In the instructions, it says to sign as both names with an explanation. I'll update this when I receive the confirmation email and when the $ actually get deposited.
For reference, I sent in some paper I-bonds (with just a manifest to be electronified, not a 1522 for redemption) a little while back. Sent Priority Mail for the tracking number, but not really necessary. The email acknowledgement I received (dated 8/24/23) gave the following current processing times:
-Cases requesting to cash your savings bonds held in your name, at least 7 weeks
-Claims for missing, lost, or stolen bonds, at least 6 months
-All other cases, at least 20 weeks

In particular, folks who prefer paper bonds for their allegedly superior fraud/theft protection should take notice of that at least 6 months qualifier.
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