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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

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A Medallion is not hard to get. The bank officer was very helpful when I did it. Can't remember the process but I don't remember any problems.. I needed it for shares I had transferred. Maybe there is something your cousin can sign giving u additional permission.

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.
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janeinspain Jul 2020
Chase bank flat out refused to do this Joann! So frustrating. Were the bonds you cashed in in your name or your elders'? Were the elders with you when the bank processed them?

I've recalled reading here that Chase is particularly hard to deal with. :(
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Chase has changed its position on medallion guarantee of signatures.  It used to handle that function w/o issue whenever stock splits or other stock activities required the guarantee, but I learned some months ago that it no longer routinely does this.  After checking different Chase branches in higher end communities, I found one that does.   

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.
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janeinspain Jul 2020
That's a good idea. I can try a different branch and see what happens. thank you!
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I just read GA reply. I worked with an officer of the bank not a teller.
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I used the Medallion for transfer of shares from Mom to me after her death.

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.
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janeinspain Jul 2020
Thanks JoAnn. His AL is locked down. No visitors in and residents are not going out for anything but medical emergencies. He's OK for cashflow now, but he wanted to get this done. It will likely have to wait unless I can find a more cooperative branch as GA suggests. Thank you both!
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We were in your situation. However, we had a bank account at the same place as my Dad's bank account. And my dad and I had a joint bank account at that same bank (which we only use for Dad's expenses).

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?
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When I had a problem getting a bank to accept a DPOA, I petitioned the court to order the bank to accept the DPOA in the state mandated form. Problem solved.
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