With the end of over-the-counter sales of paper savings bonds only three weeks away, the U.S. Treasury is encouraging financial institutions to continue preparing employees and customers for the upcoming transition to electronic savings bonds. Savings bonds are popular gifts so financial institutions may see an increase in inquiries during the holiday season.
As a reminder, Treasury says financial institutions must stop accepting applications for paper bonds after Dec. 31, 2011, but are encouraged to continue redeeming paper bonds for customers.
Treasury is offering new resources and materials to help financial institutions address customer inquiries and manage internal processes, including:
• An updated FAQ document that covers administrative topics.
• Tip sheets for customers on how to set up a TreasuryDirect account to purchase electronic savings bonds and make gift purchases.
• New statement messages and social media messages to remind customers of the approaching deadline.
All of these resources can be downloaded from http://treasurydirect.gov/instit/savbond/otc/otcendtoolkit.htm.
Treasury also asks banks to remind customers that they can go to www.treasurydirect.gov where they can buy, manage, and redeem electronic savings bonds and other Treasury securities online, 24/7.
[This article was posted on December 9, 2011, on the website of ABA Banking Journal, www.ababj.com, and is copyright 2011 by the American Bankers Association.]