Tonawanda Valley Federal Credit Union is a savings bonds agent and can process your bond purchase application. Bonds may be cashed provided they meet all the necessary requirements and proper identification is presented. There are some restrictions that may apply.

Savings bonds are registered securities backed by the full faith of the United States Government.

“EE” or “I” Series Bonds

There are two series of bonds available for purchase, “EE” or “I”. One difference between the two series of bonds is the issue price. “EE” series bonds are purchased for one half of the face value of the bond and “I” series bonds are purchased for the same amount as their face value. Series “EE” and “I” Bonds are available in denominations of $50, $75, $100, $200, $500, $1,000, $5,000, and $10,000.

Bonds are only issued in registered form. They can be single ownership, co-ownership, or owner with a beneficiary. The social security number of the owner or first named co-owner, or the purchasers is required at the time the bond is purchased. There are some restrictions on the purchase of savings bonds.

After an initial waiting period, savings bonds may be redeemed for their issue price plus interest earned to date. Interest earned may be deferred until the bond is cashed or stops drawing interest, whichever happens first. Bonds are exempt from state and local income and personal property taxes. Bonds bearing the name of a survivor are free from probate proceedings and are immediately owned solely by the survivor upon the death of the owner or co-owner.

To redeem a savings bond at TVFCU, the presenter must appear in person and present proper identification, provide verification of their Social Security number, and sign the bond in our presence. The bond must be signed exactly as it appears on the face of the bond. A beneficiary of a bond may cash a bond provided we receive a certified copy of the owner’s death certificate.

Savings bonds may have a tax benefit if they are used to pay tuition and fees at qualified educational institutions. Restrictions may apply.