TN 14 (08-23)

GN 00603.060 Transfer of U. S. Savings Bonds

A. Policy

U.S. savings bonds purchased with a beneficiary's conserved benefits must be returned by the representative payee to SSA. The savings bonds will be entered into the automated receipt system and the former payee will be provided with a receipt.

When U. S. savings bonds are being transferred from one payee to another, it is the successor payee's responsibility to have the payee legend on the savings bonds changed.

U. S. savings bonds returned to the FO as conserved title II or title XVI benefits will be held in a secure location in the FO until a new representative payee is selected. If any PSC receives U. S. savings bonds returned as conserved funds, the PSC will forward the bonds to the servicing FO to be held in a secure location until a new payee is selected.

B. Procedure

After the successor representative payee is appointed, the payee must be instructed that they are responsible for having the payee legend on the savings bonds changed. The successor payee must obtain and complete a form PD F 1455 (Request by Fiduciary for Reissuance of United States Savings Bonds/Notes) as required by the Department of the Treasury, Bureau of the Public Debt.

Form PD F 1455 can be obtained from any Federal Reserve Bank, branch, or other banking institutions (including credit unions) in the United States. The form is also available from the Bureau of Public Debt's Internet site at www.savingsbonds.gov under the Forms heading.

The payee will also need to provide a copy of the recent change of payee notice. However, if the notice is dated more than 3 months prior to the submission of the bond, the PC or FO must provide the payee with an exact copy of the change of payee notice which includes SSA certification that the notice it is still in full force and effect.

If the face amount of the bond(s) exceeds $100, the applicant must appear before and establish identification to the satisfaction of an officer authorized to certify requests for payment of United States Savings Bonds and sign the application in the officer's presence. Authorized certifying officers are also available at banking institutions (including credit unions) in the United States. The officer will complete the certification forms provided and affix the seal or stamp required in certifying requests for payment. If the amount of the bonds is $100 or less, the application may be signed without the signature(s) being certified.

NOTE: 

When completing item 2 of Form PD F 1455, the “Taxpayer Identifying Number,” which is required on the form, is the beneficiary's SSN.

The completed Form PD F 1455 and the bonds, as well as any other appropriate forms and evidence, must be sent to the nearest Savings Bond Processing Site. The locations and addresses of the five Savings Bond Processing Sites are listed at the end of the instructions accompanying the form.

If the former payee failed to register the bonds in the approved form, the new payee should inform the Savings Bond Processing Site that the bonds submitted for reissuance were purchased with Social Security benefits.

C. References

  • Payment of Large Amounts of Accumulated or Conserved Benefits -- GN 00603.070

  • Entitlement Terminated – Notice to be Given About Conserved Funds -- GN 00603.100

  • Handling Conserved Funds When Payee's Whereabouts are Unknown or Upon the Death of Payee -- GN 00603.110

  • Procedures for Handling Remittances and Premium Payments in the Field Office -- GN 02403.001

  • Processing Savings Bonds Received as Conserved Funds in the FO -- GN 02403.015


To Link to this section - Use this URL:
http://policy.ssa.gov/poms.nsf/lnx/0200603060
GN 00603.060 - Transfer of U. S. Savings Bonds - 08/11/2023
Batch run: 08/11/2023
Rev:08/11/2023