Resources Available to Help Inform Customers About Ending Over-the-Counter Sales of Paper U.S. Savings Bonds
The U.S. Department of the Treasury announced it will end over-the-counter (OTC) sales of paper savings bonds on December 31, 2011. While paper bonds will no longer be sold at financial institutions, electronic savings bonds remain available for purchase through TreasuryDirect, a secure web-based system operated by the Bureau of the Public Debt.
The Treasury Department is offering a free toolkit to help financial institutions easily communicate the change to customers about the end of OTC sales of paper U.S. Savings Bonds. The toolkit contains:
In July, the Treasury Department announced the December 31 end of OTC sales of paper savings bonds, including sales through financial institutions and applications mailed directly to the Federal Reserve Bank by customers. Although paper savings bonds sales are being discontinued, electronic Series EE and Series I Savings Bonds remain available for purchase at www.treasurydirect.gov.
Financial institutions are asked to educate their customers about the change and to continue redeeming the more than 670 million paper savings bonds worth $181 billion that are currently in the hands of the public. Discontinuing paper savings bond sales is expected to save taxpayers an estimated $70 million over the next five years.