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Savings Bonds

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Submitted By toryn2010
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Over the last few months, there have been several errors when redeeming savings bonds. The errors range from giving the member only the interest earn to encoding the bond for only the interest. I have enclosed a link to Treasury Direct’s Savings Bond University. It’s an online training about savings bonds that takes about 10-15 minutes to complete. It explains the proper way to redeem a bond and how to detect fraud as well. It also states the importance of using the stamp when redeeming the bond instead of hand writing the information. There is also an issue with time. I have sent several bonds back over the last few weeks and haven’t gotten any back as of yet. I feel that we may have to reiterate that bonds are to be turned in on a daily basis the same as checks. There are several bonds out from February to current and the Federal Reserve requires us to send them end at the end of each month. What is happening is that the tellers will hold them until they have so many then encode them all with the same date and when the report is pulled the amounts don’t match up and I have to go into their teller drawer and find out each amount to match with the reports. This is very time consuming and sometimes I’m still not able to match the bonds with the report. I have listed below a few guidelines to follow when redeeming savings bonds.

- the bond must be stamped - the bond must be encoded with total amount (value plus interest) - bonds must be turned in everyday as you would checks - when redeeming make sure member fills out the back of bond completely ( not just a signature) - keep in mind that the bonds have a high chance of being rejected if not redeemed properly

All of this information is covered in the training and can also be found on Treasury Direct’s website.

http://www.treasurydirect.gov/instit/savbond/training/sbu/sbu.htm

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