Treasury Services: Article Archives

Treasury announces deadlines for setting up electronic federal benefit payments

January 2011

On December 21, 2010, the Treasury announced that anyone applying for federal benefits on or after May 1, 2011, will receive their payments electronically, while those already receiving paper checks will need to switch to direct deposit by March 1, 2013. Your financial institution will play a vital role in educating your customers about this change. Read how the Go Direct education campaign can help.
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Are your customers ready to transition to alternate tax payment methods?

December 2010

December 31, 2010, will be the last day financial institutions can accept Federal Tax Deposit (FTD) coupons from business customers. Learn about the tax payment alternatives that are available to your customers as they prepare to transition from using paper FTD coupons.
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Government plans to eliminate FTD coupon processing at year-end

November 2010

Under a proposed rule, the federal government plans to end paper Federal Tax Deposit (FTD) coupon processing at the end of the year. The Treasury recommends that financial institutions assist their customers in transitioning to an alternate tax payment method. Key dates affecting Treasury Tax and Loan operations have been identified so mark your calendars and begin your preparations now.
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September brings changes to FedMail^® reports and check reclamation program

August 2010

The Federal Reserve Banks are currently making changes to our FedMail technology platform. Starting in September 2010, you will notice changes to the appearance of the e-mails and faxes you receive via FedMail. Also, changes to the Treasury check reclamation program will take effect September 27, 2010. This article outlines the changes and provides contact information should you have additional questions.
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Learning is fun … and free … at Savings Bonds University

June 2010

Savings Bonds University (SBU) provides online training to fit your busy schedule. By completing the SBU coursework, you will learn all there is to know about interest rates, purchasing, redeeming and reissuing U.S. Savings Bonds. Check out SBU — where learning is not only fun, but free!
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Farewell to paper savings bonds through payroll deduction

June 2010

Changes are in store for the paper Savings Bonds Program. Although the program is not ending, the issuance of paper savings bonds through traditional employer-sponsored payroll savings plans will be eliminated. Find out when.
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Treasury goes green, saves green

May 2010

The Treasury recently announced a broad new initiative that is expected to save more than $400 million and 12 million pounds of paper in the first five years alone. In addition to greatly reducing costs, enhancing customer service and minimizing Treasury’s environmental impact, the move from paper to electronic transactions will increase reliability, safety and security for benefit recipients and taxpayers.
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What’s the buzz about savings bond training?

March 2010

The Treasury Retail Securities Training Team is again offering a wide range of savings bond events, including in-person seminars, online Webinars and a 24/7 on-demand Webcast, designed to build your savings bond knowledge and help you better assist your customers. Hear what past attendees had to say.
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Electronic tax payments shift into overdrive with EFTPS

December 2009

The Electronic Federal Tax Payment System (EFTPS) is a free, user-friendly solution for paying taxes electronically that can help your institution lower its operating costs while improving customer service. Learn how you can shift your paper tax coupon processing into high gear with EFTPS.
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Does your retirement plan need a boost?

December 2009

An initiative to help you build your nest egg was announced this fall by President Obama. Starting in 2010, the U.S. Treasury Department will offer taxpayers the option to use their tax refunds to purchase up to $5,000 in savings bonds.
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Interface your online banking software with EFTPS

July 2009

Do you want the ability to accept tax payments more efficiently while offering a value-added service to your business customers? Learn how the Treasury’s Trusted Partner Interface can integrate Electronic Federal Tax Payments System (EFTPS) functionality into your online banking software.
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Get ready! 64 million economic recovery payments are on their way

May 2009

With the International ACH Transaction (IAT) rule change quickly approaching, learn about the upcoming tools that will help you identify and monitor IAT items and the resources available now to help you prepare.
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Dust off those old savings bonds

March 2009

The Department of the Treasury’s Bureau of the Public Debt (BPD) is ramping up efforts to reach holders of 39 million outstanding Series E savings bonds worth more than $16 billion purchased between 1941 and 1978. Learn how you can help unlock these valuable assets and play a critical role in aiding these redemption efforts.
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Choose from a full menu of savings bond training options

March 2009

As we reported in the Partnering for high performance article in January, learning is key to retaining the best people and achieving company goals. But, not all people learn the same way. That’s why the Treasury Retail Securities Training Team is offering something for everyone. Choose from in-person seminars, online Webinars and an on-demand Webcast to help build your savings bond knowledge.
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Do the math – the savings add up with Go Direct

November 2008

A 2004 study showed that financial institutions save an average of $1 for each Social Security check converted to direct deposit. At $12 per year per conversion, this could add up to substantial savings for years to come. The study was conducted by NACHA-The Electronic Payments Association^® and BITS, a division of The Financial Services Roundtable and a non-profit industry consortium whose members are 100 of the largest U.S. financial institutions.
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4 proven ways to increase enrollment success

November 2008

The automated enrollment (ENR) process for federal benefit payments, such as Social Security, can be tricky and sometimes results in a frustrating number of items being rejected by the paying agency. However, there are a few proven ways to reduce your reject rate for ENRs – and thereby increase your enrollment success rate.
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Easy does it…with EZ Direct

November 2008

The EZ Clear Program is used to process redeemed U.S. Savings Bonds and Notes with state-of-the-art imaging technology that increases the speed of the redemption process. For increased processing efficiencies, EZ Clear members are invited to use a new service – EZ Direct.
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Bookmark TreasuryDirect.gov for quick access to securities information

August 2008

For added ease and convenience, FRBservices.org provides quick and easy access to many resources available on the TreasuryDirect^® Web site. You need only select the Treasury link to access the Treasury Services home page, then click on the TreasuryDirect banner on the top right of the screen. You may also select from several links, found conveniently throughout the Treasury Services pages, to be automatically directed to TreasuryDirect.gov.
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Rein in fraudulent Treasury checks

August 2008

Due to the recent introduction of the economic stimulus program, financial institutions have likely noticed an increase in the number of Treasury checks presented for payment. In an effort to help reduce fraud related to alterations and counterfeiting, Treasury’s Financial Management Service (FMS) offers several services to help detect fraudulent checks.
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EFTPS: Improving your bottom line

August 2008

Do you know what it costs your institution to process paper Federal Tax Deposit (FTD) coupons? Or, that your institution does not have to accept paper FTD coupons to participate in the Treasury Tax and Loan (TT&L) Program? The U.S. Department of the Treasury offers the free, secure Electronic Federal Tax Payments System (EFTPS) that can help reduce your costs when customers use EFTPS to make tax payments instead of paper FTD coupons.
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Annual purchase limit for savings bonds set at $5,000

January 2008

The annual limitation on purchases of United States Savings Bonds has been set at $5,000 per Social Security Number (SSN), effective January 1, 2008. The limit applies separately to bonds issued in paper or electronic form. Under the new rules, an individual can buy a maximum of $5,000 worth of electronic and paper bonds of each series in a single calendar year, or a total of $20,000, in single ownership form. If paper bonds are issued in co-ownership form, the limit applies to the SSN of the first named person on the bond. All limits are based on the issue price of the securities.
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Take a look at the new face of TreasuryDirect

November 2007

TreasuryDirect is the first and only financial services Web site that lets you buy and redeem securities directly from the U.S. Department of the Treasury in paperless electronic form. After analyzing Web site traffic and customer usage patterns, the home page was recently redesigned to offer faster access to the Web site’s most popular content and features. Anyone interested in buying, redeeming or researching securities will benefit from these more accessible Web features.
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Save time by ordering savings bond forms online

January 2007

Good news for 2007: Savings bond agents can now order frequently used savings bond forms from the U.S. Dept. of the Treasury’s Bureau of the Public Debt using any Internet-connected computer 24 hours a day, seven days a week.
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