Are you benefitting from the new Savings Bond Valuation and Verification Tool?
March 9, 2020
The U.S. Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) recently launched a simple and easy-to-use Savings Bond Valuation and Verification (SBVV) tool (Off-site). This tool enables paying agent institutions to quickly calculate a savings bond’s total value and verify a savings bond’s validity.
Below are some comments on the tool from our Federal Reserve account executives:
“Paying agents have been asking for a more streamlined redemption process. This SBVV tool now provides them with much more ease and efficiency.”
“This new SBVV tool not only saves time and effort, it also lessens the risk of redeeming an invalid bond.”
“SBVV is so easy. Tellers only need to enter a bond’s serial number into one field, then the tool displays the bond’s redemption value and confirms its validity.”
Watch the short demo video (Off-site) to become familiar with the SBVV tool. Once your institution begins using the SBVV tool, your customer-facing staff will be able to:
- Automatically populate a bond’s serial number via a magnetic ink character recognition (MICR) check reader
- Instantly view the value and interest of a bond
- Accurately tally the sum of multiple bonds that are eligible to be cashed
- Quickly identify invalid bonds that need further research
Throughout the 85-year evolution (Off-site) of the U.S. Savings Bonds Program, Fiscal Service has continually relied on feedback provided by paying agent institutions, such as yours. The easy-to-use SBVV tool now offers paying agents a great solution for cashing savings bonds.