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End of Over-the-Counter Sales of Paper U.S. Savings Bonds

End of Over-the-Counter Sales of Paper U.S. Savings Bonds . Overview of the end of over-the-counter sales of paper U.S. Savings Bonds How to help customers make the transition to digital bonds. On the following slides.

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End of Over-the-Counter Sales of Paper U.S. Savings Bonds

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  1. End of Over-the-Counter Sales of Paper U.S. Savings Bonds

  2. Overview of the end of over-the-counter sales of paper U.S. Savings Bonds • How to help customers make the transition to digital bonds On the following slides

  3. The U.S. Department of the Treasury ended over-the-counter sales of paper savings bonds at financial institutions • Savings bonds are not going away • Digital savings bonds can still be purchased online at www.treasurydirect.gov What changed?

  4. Why did the Treasury Department make this change? • Ending sales of paper savings bonds will save taxpayers $70 million over the next five years • Digital savings bonds eliminate the possibility of bonds being lost, stolen or destroyed • With TreasuryDirect, you can manage your savings securely online, anytime • Increased preference for electronic options • 2010 J.D. Power’s survey indicates 51% of bank customers prefer online banking

  5. Financial institutions and savings bonds • Financial institutions have been instrumental in savings bond sales: • It has been a tradition to purchase paper savings bonds at financial institutions • For many years, employees at financial institutions have been viewed as a trusted source for information on savings bonds and other Treasury securities

  6. New applications no longer accepted • The Federal Reserve Bank of Minneapolis no longer accepts applications for paper savings bonds • The final December paper savings bond orders had to be to the FRB by January 9, 2012

  7. Applications received after Jan. 9 • Applications that were not received on time have been rejected and returned • It is your responsibility to return the funds to the customer • Normally, the Treasury Department would simply assess a penalty and process the late applications –that is not an option as the paper program has ended

  8. Processing reissue requests • FRB Minneapolis will no longer contact you to resolve application errors because new applications are not being accepted • We will continue to process reissue requests to correct errors with bonds ordered in prior months (i.e., wrong name or SSN#)

  9. Financial institution checklist • Do not accept applications for paper savings bonds – paper savings bonds are no longer available • Continue to redeem existing paper savings bonds as a service for customers

  10. Helping customers with digital savings bonds Your customers may have questions for your staff about the change to how savings bonds are sold So… Inform customers about the change and direct customers to the Treasury Department’s TreasuryDirect site at www.treasurydirect.gov

  11. Facts about TreasuryDirect • TreasuryDirect is a secure, online system that allows users to set up an account to safely and securely: • Buy, manage and redeem digital savings bonds • Convert paper savings bonds to digital • Purchase other Treasury securities, including bills, notes, bonds and TIPS (Treasury Inflation-Protected Securities)

  12. Facts about TreasuryDirect • A safe and convenient alternative for your customers: • Takes about 10 minutes to sign up • Free of charge to open and maintain an online account • Proven track record for safety and security

  13. What tools are available? • Visit www.treasurydirect.gov to download: • An FAQ to help your employees answer customer questions about the change to how savings bonds are sold and about TreasuryDirect • An article for employee newsletters or your Intranet, explaining what employees can do to help customers with the transition

  14. What tools are available? • To help with your customer communications, visit www.treasurydirect.gov to download: • Customer fliers noting the change and providing information about TreasuryDirect • Handouts explaining how customers can open a TreasuryDirect account or buy a savings bond as a gift • Short messages you can include with account statements, reminding customers of the change • Sample social media messages reminding customers of the change • Web banners for your website

  15. What can you do? • Educate your tellers and other front-line staff: • Include updates on intranet/employee newsletter • Distribute employee FAQ • Let customers know of the change: • Use web banners and statement messages • Distribute fliers to customers inquiring about savings bonds • Let customers know about TreasuryDirect • Provide information on how to access TreasuryDirect • Ideally, please go the extra mile for customers and help them learn how to sign up for a TreasuryDirect account

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