How to Cash Bonds With a Power of Attorney
A power of attorney enables a representative to handle legal and financial matters for someone who becomes unable to do so, either because of illness, disability or some other factor. Many banks are wary of cashing savings bonds, even when presented with a power of attorney document. The key to cashing bonds with a power of attorney is ensuring the power of attorney specifically mentions bonds. It should also be a properly authorized power of attorney recognized by federal reserve banks.
Draft the power of attorney carefully. Some banks will refuse to cash bonds and remit the money to an attorney-in-fact unless the power of attorney specifically mentions savings bonds.
Step 2Ensure the power of attorney is properly certified. The power of attorney must be filled out properly, signed by the appropriate parties and, in many cases, notarized. Additionally, the financial institution might need to place its official seal or stamp on the document before it is effective.
Step 3Present a valid power of attorney document, the savings bonds and valid forms of identification at the bank. Be advised that the bank branch might need to send the bonds and a copy of the power of attorney to a federal reserve bank before remitting payment on the bonds.
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Writer Bio
Based in Traverse City, Mich., George Lawrence has been writing professionally since 2009. His work primarily appears on various websites. An avid outdoorsman, Lawrence holds Bachelor of Arts degrees in both criminal justice and English from Michigan State University, as well as a Juris Doctor from the Thomas M. Cooley Law School, where he graduated with honors.