Hello - I am DPOA for an 81 yo elder cousin in AL and he would like to redeem a bunch of Series EE savings bonds which have long since stopped earning interest. His bank (Chase) will not honor my POA documentation and the staff there sent me to the Treasury Direct website. There I find FS form 1522 (special form of request for payment of US savings and retirements securities where use of a detached request is authorized) which looks like it would facilitate a direct deposit (great!) but requires a bank Medallion stamp and so it seems that will not work. And so does form 5188 which is their DPOA for securities and savings bond transactions. The certification section seems to indicate that only bank officers can certify and not his attorney+ notary. So I am not sure how to proceed to get these things cashed and into his bank account. It would all be simple if I could take him to a Chase branch in person, but that isn’t going to happen any time soon. I did send this question to his attorney also but wondered if anyone here has done this recently. Here are the links to the forms.
https://www.treasurydirect.gov/forms/sav5188.pdf
https://treasurydirect.gov/forms/sav1522.pdf
Thanks for any info and Happy (boring!) 4th to you all!
Jane
The bank took us thru the process of cashing our bonds. We did not go thru the website. We cashed in about a 100 bonds about 30k worth. We made about 60k in interest, 13k of that went to taxes.
So, you should be able to get the Medallion and cash the bonds in all at the bank. You will get a receipt for the bonds and a 1099 for 2021 taxes in January.
I've recalled reading here that Chase is particularly hard to deal with. :(
The Chase bank I found that will handle the guarantee is in one of the tonier neighborhoods. You might try that in your area.
In addition, this list of banks that do medallion guarantees might be of help:
https://firstquarterfinance.com/medallion-signature-guarantee-locations/
I was told by a rep of one of the stocks that had to be guaranteed for trust transfer that there's an online site that provides guarantees, but I can't be comfortable with providing so much personal information verifying my identity and the information on the stock forms to a company about which I know nothing.
You might find a more sophisticated staff at one of the Chase branches to be more flexible, but I would also ask them how they do handle transactions that require a DPOA. Sometimes staff just aren't that knowledgeable. One individual at one of the branches I've used was in that position, which is why I chose a branch in a wealthier area to handle the trust issues.
Bonds were in my husbands name with me as beneficiary. He needed to sign them. The bank did everything for us.
Why can't the cousin cash in his own bonds? I would find another bank. Like I said, maybe cousin can fill out a form allowing you to act as his rep. having it notarized.
Things can be done by email and fax.
I was able to go to the branch with the form 1522, the DPOA, and my drivers' license, and they had a person who performed the Medallion Stamp. I photocopied everything for my files. Then I sent all the originals to the address on the 1522 form and 1 to 2 weeks later, a direct deposit went into our joint account. It seems like the Chase branch would be able to provide the medallion stamp for you if you verified your identity and had the DPOA available?