In an effort to streamline the savings bond redemption process, we would like to introduce the latest tool in our toolbox for financial institutions. The U.S. Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) has 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.
Your customer-facing staff will now 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.