Expert: Mark Hanke - 2/25/2010

Question
Can a Savings Bond be deposited at an ATM.Does a BB&T check card allow you to withdraw from the credit option at an ATM

Answer
Hi -

Thanks for the questions. We would be glad to help.

Can a Savings Bond be deposited at an ATM?
> No...you'll want to go to a teller for cashing a saving bond. The interest that you earn on a bond will be paid to you when you cash the bond. The teller will look up the maturity date of the bond and pay the accrued interest to you. Most US Savings bonds start at 1/2 the final value (for example, a $100 bond is purchased for $50). Then as time goes on, you will earn interest. EE series bonds are typically 30 year bonds. If you hold the bond less than full maturity, then you will be paid the portion of interest earned. You'll need to wait at least 1 year from the date of purchase.

Does a BB&T check card allow you to withdraw from the credit option at an ATM?
> Your check card is actually a debit card to withdraw cash from your checking account. Debit cards are intended to withdraw directly from a bank account. Most of the cards don't have a "credit limit" as a normal credit cards. But....your card might. Go to the teller and ask if you can do a "cash advance" on the card.

(If you use the ATM for the debit card, then it will deduct normally from your account).