The Department of the Treasury's Bureau of the Fiscal Service and the Federal Reserve’s Treasury Retail Securities Site are continuing to provide savings bond paying agents with access to information on the U.S. Savings Bond Program redemption process through multiple Federal Reserve Bank communication channels. We want to remind you that the dedicated Savings Bonds News You Can Use page features a variety of resources we have gathered to assist you. We encourage you to bookmark the page and check back often for updated content.
Examples of what you’ll find on the News You Can Use page include:
- Savings bonds tips
- Frequently asked questions
- Related communications
- Contacts who can help answer your questions
Look for savings bonds news – such as the topic below – to appear quarterly in future Fed360SM issues.
Sharpening the focus on redemptions
To encourage savings bond owners to redeem their bonds, changes are being made to TreasuryDirect.gov (Off-site) and to other Treasury communication materials. Those changes highlight how visiting a local financial institution is the fastest and easiest way to cash savings bonds.
Bond holders sometimes think they must convert their paper bonds to electronic form before cashing them, but that’s not necessary. When customers only want to redeem, converting to electronic form adds an unnecessary step that extends their wait time before they can even request the redemption.
In an effort to help customers get their money faster, Treasury is directing all links dealing with cashing bonds to a new Cashing Savings Bonds (Off-site) landing page on TreasuryDirect.gov. The landing page also provides links for more complex requests and ensures that the first thing customers see is that local banks and credit unions are the easiest and smartest choice for most redemption requests.
Consequently, when customers visit you for redemptions, it may create opportunities to expand your relationship with them. For example:
- When your customer redeems a bond for a major purchase, you may be able to help with financing options
- When your customer wants to continue investing the proceeds, you might have different investment options for them
Regarding other changes, you’ll also see a new “STOP!” notice on the TreasuryDirect.gov Account Creation page with similar wording and a link to the landing page. This notice hits an entirely different customer base – those who use search engines and wiki pages to research cashing savings bonds. Since many sites mistakenly tell customers they must first convert bonds before cashing them, the “STOP” notice helps direct them to the correct site before they go to the trouble of setting up an account.