Bond Teller 5/01

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Volume 30                             No. 1 May, 2001 • D e p a r t m e n t o f t h e T r e a s u r y • B u r e a u o f t h e P u b l i c D e b t


                                                    prompted for bond registration infor-             for 40 years. Bonds sold from
TREASURY LAUNCHES                                   mation such as name, city and state               December 1965 on, earn interest for 30
WEB SITE TO FIND                                    and social security number. If there is           years. Bonds issued in May of 1961
                                                    a possible match, the customer is                 and earlier have stopped earning
OWNERS OF MATURED                                   given instructions for follow-up (See             interest as have bonds issued between
SAVINGS BONDS                                       related story on page 3).                         December of 1965 and May of 1971.



I
   n its continuing campaign to locate              Public Debt started the outreach effort           Financial institutions are encouraged
   owners of matured savings bonds                  for holders of some 20 million                    to inform customers to check their
   (bonds that have stopped earning                 matured savings bonds worth $8                    bonds. Let them know there is no
interest), Public Debt has launched                 billion last fall. The new Treasury               advantage to holding onto bonds that
Treasury Hunt, a new web site to help               Hunt database presently holds just                no longer earn interest.
investors put their money back to                   over 15,500 matured bond records,
work.                                               nowhere near the total outstanding.               Bond owners incur the tax liability
                                                    The site will always be growing, so               when the bonds stop earning interest
“Treasury Hunt is one more step in                  customers who believe they may own                or are redeemed, whichever occurs
our effort to encourage owners of sav-              some of this matured debt are encour-             first.
ings bonds that have stopped earning                aged to repeat their search every so
interest to redeem them and put their                                                                 Owners have the option of exchang-
                                                    often.
money back to work,” said Van Zeck,                                                                   ing their maturing Series E Bonds
Commissioner of the Bureau of the                   Although nearly all of the owners of              within a year after maturity for
Public Debt.                                        matured bonds that Public Debt has                current-income Series HH Bonds. ❧
                                                    contacted know where their bonds
If their bond is on the new Treasury                are, two out of three didn’t realize
database, it is easy for people to find                                                               BOND MATERIALS
                                                    that their bonds had stopped earning
out if they have a matured savings                  interest.                                         AVAILABLE FOR YOUR
bond outstanding. Once investors go
to www.savingsbonds.gov and click                   Series E Bonds sold from May 1941
                                                                                                      INSTITUTION
on the Treasury Hunt link, they are

                                                                                                      T
                                                    through November 1965 earn interest                       he following bond materials are
                                                                                                              available for financial institu-
                                                                                                              tions’ use:
                                 IN THIS ISSUE
                                                                                                      SB 2349 - EE/I Bond Pocket Guide
 TREASURY LAUNCHES WEB SITE TO FIND                                                                   SB 2352 - EE/I Spanish Pocket Guide
 OWNERS OF MATURED SAVINGS BONDS . . . . . . . . . . . . . . . . . . . . . . . . . 1                  SB 2338 - Matured Unredeemed Bonds
 BOND MATERIALS AVAILABLE FOR YOUR INSTITUTION . . . . . . . . . . . . . . . 1                                  Bank Leaflet
                                                                                                      SB 2329 - EE/I Bond Bank Easel
 PUBLIC DEBT ASKS AGENTS TO
                                                                                                      SB 2335 - EE/I Bond Spanish Bank Easel
 SWITCH TO BondPro NOW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
                                                                                                      SB 2297-00 - I Bond Information Statement
 FEDERAL RESERVE OFFERS SAVINGS BOND SEMINARS . . . . . . . . . . . . . . . . 2                       SB 2350-00 - EE Bond Information
 SAVINGS BONDS WEB SITE IS HOT! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3                        Statement
 HH/H BOND OWNERS CAN CHECK THEIR                                                                     SB 2347 - I Bond Portrait Poster
 BONDS ON THE INTERNET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3      These materials are free. To order
 REMEMBER ‘LOVE’ WHEN REDEEMING BONDS                                                                 please write to: Program Support
 AND YOU WILL AVOID COSTLY ERRORS . . . . . . . . . . . . . . . . . . . . . . . . . 3                 Staff, Savings Bonds Marketing
 YOUR BANK CAN SELL BONDS ON THE INTERNET . . . . . . . . . . . . . . . . . . . . . 4                 Office, Rm. 312, 999 E St., NW,
 27 BANKERS NAMED TO 2001 SAVINGS BONDS                                                               Washington, DC 20226. Provide the
 VOLUNTEER COMMITTEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4      name, address and phone number of
 ABBREVIATED TABLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4   your organization, a contact name
                                                                                                      and how many copies you need. ❧
PUBLIC DEBT ASKS                          Learn more about savings bonds –          for new saving bond redemption val-
                                          You’ll find most of the Savings Bond      ues next year. Beginning in May 2002,
AGENTS TO SWITCH TO                       Resource Guide within the BondPro         six-month redemption values tables
BondPro NOW                               help system.                              will be released for the months of
                                                                                    June through November and
                                          Simplify tax reporting – BondPro          December through May.

P
       ublic Debt hopes all paying        exports interest earnings to integrate
       agents will switch to BondPro,     savings bonds into your end-of-year       We want to hear from you today.
       our newest, easy to use pricing    tax reporting.                            You can contact us by phone
and transaction processing software                                                 (304) 480-6888, fax (304) 480-7959 or
for savings bonds. Once your institu-     Process Series HH exchanges –             E-mail at bondpro@bpd.treas.gov and
tion joins the 13,000 agents already      Forget the paper worksheets.              tell us that you’re ready to get your
using BondPro, we can discontinue         BondPro calculates everything you         FREE copy of BondPro to simplify
distributing paper Savings Bond           need to process a Series HH exchange.     your savings bond transactions. Our
Redemption Tables.                                                                  web site address iswww.bondpro.gov.
                                          Track your savings bond workload –
“Our goal is to have all savings bond     Summarize your savings bond trans-        We also offer a variety of pricing tools
agents using BondPro by May of            actions with the BondPro easy report-     on our web site for your customers —
2002,” said Art Klass, Assistant          ing feature.                              including redemption tables in Adobe
Commissioner for Savings Bonds                                                      Acrobat (PDF) format. You’ll find
                                          Print paper redemption tables – If
Operations. “Switching to BondPro,                                                  these tools under “What Are Your
                                          you still need a copy of our paper
will let agents improve customer ser-                                               Bonds Worth” at www.savings-
                                          redemption tables, you can print them
vice, and it will save taxpayer dollars                                             bonds.gov. Copies of the abbreviated
                                          at your convenience.
when we can deliver bond tables to all                                              redemption tables (PD F 3600) are
agents, electronically, instead of on     Update your values quickly – We’ll        available from: Bureau of the Public
paper.”                                   send you an e-mail when update files      Debt, Parkersburg, WV 26106-1328. ❧
                                          are available. Then, you can visit our
You can take advantage of the bene-
                                          web site and download a single file to
fits of BondPro today. BondPro helps
                                          get the latest values and printable
you:
                                          tables. (If you don’t have Internet
                                                                                    FEDERAL RESERVE
Eliminate pricing errors – No more        access, we’ll send you a diskette. Just   OFFERS SAVINGS BOND
worry about being on the wrong page       give us a call.)                          SEMINARS
or the wrong line!
                                          Use the latest technology – BondPro

                                                                                    F
                                                                                        ederal Reserve Banks have
Shorten the savings bond “learning        runs on Windows 95, Windows 98,
                                                                                        scheduled Savings Bond
curve” – Interactive help shows you       and Windows NT 4.0 or higher. It’ll
                                                                                        Seminars for the upcoming
the steps to take to make sure each       serve you for many years to come.
                                                                                    months, June through October.
transaction falls within our processing
                                          We will be changing the release dates
rules.                                                                              Topics covered in the seminars
                                                                                    include: the advantages of savings
                                                                                    bonds, types of bonds – Series E, EE, I,
  Change of Address                                                                 H, and HH; purchasing bonds and
                                                                                    Regional Delivery System; interest
  Editor: Please change the mailing address                                         rates, redemptions, reissues, and
                                                                                    exchanges. Also covered are the
  From: (Recipient please affix old label here or provide the                       Savings Bonds for Education Program
  identification number printed above the address on the label.)                    and tax treatments of bonds.

                                                                                    To see the complete schedule, visit the
                                                                                    Federal Reserve savings bond web
  To:                                                                               site at www.frbservices.org/treasury/
                                                                                    frTreasury.cfm, go to Savings Bonds,
                                                                                    then to Federal Reserve Resources,
                                                                                    then to Savings Bonds Seminars. In
                                                                                    addition to seminar dates and loca-
                                                                                    tions, you will find names and phone
  Please change the number of copies I receive                                      numbers of contacts. Contact your
  from           to                                                                 servicing Federal Reserve Office now
                                                                                    for more information and to assure
                 I no longer wish to receive “The Bond Teller.”                     that you have a spot in a seminar
                                                                                    close to you. ❧
                                                             2
SAVINGS BONDS                             form is available for download on our      REMEMBER ‘LOVE’ WHEN
                                          web site.
WEB SITE IS HOT!                                                                     REDEEMING BONDS AND
                                          Your customers also can price bonds        YOU WILL AVOID COSTLY

H
         ave you visited www.sav-         with the Savings Bond Calculator or
         ingsbonds.gov recently? It’s a   view current income holdings using
                                                                                     ERRORS
         valuable resource for you and    HH/H Internet Services.                    Editor’s Note: Judith Hawes, Public
your customers. You’ll find bond pric-
                                                                                     Debt’s Customer Branch Manager, tells
ing tools, current rate information,      The Savings Bond Calculator contin-        why care in identifying persons who pre-
forms, and much more. If you’re           ues to be the most popular area on         sent bonds for redemption is critical for
familiar with the site, you’ll notice     Public Debt’s web site. The Calculator     you and your bank.
we’ve added several new features.         receives over 175,000 hits each month.


                                                                                     I
                                                                                        just prepared a letter with the
For example, Treasury Hunt, a new         HH/H Internet Services also has been          words “... I cannot relieve your
service, was recently introduced.         well received, though the audience is         institution from liability to the
Treasury Hunt makes it possible for       limited to owners of current income        United States in the amount of...”. Is it
bond owners to search for undeliver-      bonds. The system has processed over       addressed to your financial institu-
able savings bonds and interest pay-      63,000 transactions since it was first     tion? Hardly likely, when you remem-
ments, as well as savings bonds that      introduced a year and a half ago. It       ber ‘LOVE’ when cashing U.S.
have stopped earning interest.            allows HH/H bond owners to view            Savings Bonds:
Treasury Hunt was an overnight            their account, request a change of
success, receiving more than 100,000      address, or view tax information over      Log ID used.
hits in the first two days.               the Internet. Tax information shown is
                                          interest paid annually and, if the         To relieve your institution of liability,
Most records on undeliverable items       HH/H bonds are redeemed, the tax-          I have to be able to determine the
(since 1996) can be searched through      able interest deferred from bonds          exact identification used from a nota-
this system. However, the informa-        exchanged for the HH/H bonds.              tion on the bond or in a separate
tion about matured bonds is limited                                                  record that your institution can pro-
since data on these older bonds is        These are just a few of the features       vide upon request. An example of a
stored on microfilm instead of com-       you’ll find on our web site. So if you     good notation is “Sav Acct 1234,
puters.                                   haven’t visited the savings bond web       5/17/81.” It tells me the customer had
                                          site recently, it’s time to fire up your   a savings account at your institution
While we encourage you to tell your       web browser. The site is updated reg-      since May 1981.
customers about Treasury Hunt, it’s       ularly so check back often. ❧
not intended to replace the services                                                 O  ver $1000, photo ID is not
you normally provide customers                                                       sufficient.
when they haven’t received their sav-
ings bonds in the mail. It’s important
                                          HH/H BOND OWNERS CAN                       If the total redemption value of the
to follow existing procedures for non-    CHECK THEIR BONDS ON                       transaction is more than $1000, you
receipt cases.                                                                       must know your customer. Photo
                                          THE INTERNET                               identification (driver’s license, state
The Treasury Hunt database is                                                        identification card, employer identifi-

                                          O
                                                  wners of Series HH/H Bonds
updated on a monthly basis, but mis-              now can check their accounts       cation card, etc.) is not acceptable.
directed bonds can take weeks to
make their way back to Public Debt, if
                                                  by using Public Debt’s free
                                          online service.
                                                                                     Verify account: Open at least 6
                                                                                     months if used for ID.
ever. As the issuing agent, you’re best
equipped to help the customer, by         The service is available Eastern time      As identification for cashing savings
going back to your original records. In   8:00 a.m. - 8:00 p.m., Monday through      bonds, the customer’s name has to
non-receipt cases you can check with      Friday, and 7:00 a.m. - 2:30 p.m.,         have been on the account for six
your Federal Reserve servicing site to    Saturday, excluding Federal holidays.      months. Depositing the redemption
see if the bond has been mailed. Many                                                proceeds in a recently opened account
times, the bond has been mailed to the    Owners can access their accounts at
                                                                                                              Continued on next page
correct address, but is accidentally      www.savingsbonds.gov. Click on
lost or thrown out. This happens          HH/H Internet Services, enter the
often, especially over the holidays.      Social Security Number that appears         RATE INFORMATION
                                          on the bonds and one bond serial
Treasury Hunt is not intended for         number.                                       Current interest rates on savings
people who want to replace lost,                                                       bonds can be obtained by calling
stolen, or destroyed bonds.               The account may be reviewed, an                    the toll-free recording
Customers still need to complete a        address may be changed or tax infor-       1-800-4US-BOND (1-800-487-2663).
PD F 1048 to request a search. This       mation may be requested. ❧
                                                             3
YOUR BANK CAN SELL                        27 BANKERS NAMED TO                            Principal, Mellon Bank/Buck Consultants,
                                                                                         Los Angeles, CA; Jon R. Campbell,
BONDS ON THE INTERNET                     2001 SAVINGS BONDS                             President and CEO, Wells Fargo Bank,
                                                                                         Arizona, Phoenix, AZ; Byron A. Scordelis,
                                          VOLUNTEER COMMITTEE

A
        s of last February, 500 savings                                                  Executive Vice President, Wells Fargo, and
        bond agents in 44 states were                                                    Region President San Francisco Bay Area,


                                          T
        selling bonds from their                 wenty-seven representatives of          San Jose, CA; and Robert C. Roane,
Internet Banking web sites. They are             banks and financial institutions        Executive Vice President and COO, Riggs
enjoying the following benefits:                 are among 97 members named              Bank, NA, Washington, DC.
                                          to the 2001 U.S. Savings Bonds
                                          Volunteer Committee. The committee             Serving as area campaign chairs are:
• A reduction in labor involved in
                                          coordinates the efforts of volunteers          George E. McDaniel, Jr., President and
processing savings bond applications
                                          nationwide to encourage saving and             CEO, Community Bank of the Bay,
                                                                                         Oakland, CA; Rick Heldebrant, President,
• Online customers who do the             educate Americans about savings
                                                                                         Star One Federal Credit Union, Sunnyvale,
encoding from home                        bonds.                                         CA; Daniel J. Doyle, President and CEO,
                                                                                         Clovis Community Bank, Clovis, CA;
• Public Debt payments of $.85 for        Members are leaders from public and            Mercedes F. McCall, Region Executive,
each order                                private sectors. They include senior           Banco Popular North America, Greater
                                          executives from major corporations,            Orlando, FL; Stephen A. Stitle, Chairman,
Here’s how it works. Your customers       elected officials, and educators.              National City Bank of Indiana,
log in to your Internet Banking site                                                     Indianapolis, IN.
and select the savings bond option.       National chair of the committee is Richard
                                          L. CarriÓn, Chairman, President and CEO,       Other members are: Mark P. Bensabat,
They fill out the bond application and
                                          Banco Popular, San Juan, PR. Other mem-        President and CEO, Baton Rouge Market,
specify which account to debit for
                                          bers are: Susan C. Keating, President and      Bank One, Louisiana, NA, Baton Rouge,
payment. Your customers are fin-          CEO, Allfirst Financial Inc., Baltimore, MD;   LA; Tod W. Little, Chairman and CEO,
ished. At the end of the day, your        D. Craig Barnes, President and CEO, Share      Silver State Bank, Las Vegas, NV; Marsha
Internet Banking system processes the     Plus Federal Credit Union, Dallas TX;          Henderson, Western New York District
applications, settles payment, and        Donald R. Mengedoth, President, American       President, KeyBank, Buffalo, NY; and
prepares the data file that you send to   Bankers Association, Washington, DC; Alan      Robert V.A. Harra, Jr., President,
your Federal Reserve Bank.                G. McNally, Chairman and CEO, Harris           Wilmington Trust Co., Wilmington, DE;
                                          Trust and Savings Bank, Chicago,IL; Gary       Edward J. Consroe, President, Citibank,
You also can use the online bond sales    A. Vaccaro, Ohio President, Charter One        New Mexico; David Vigren, CEO, ESL
feature in your lobby to totally          Bank, Cleveland, OH; Douglas Wyatt,            Federal Credit Union, Rochester, NY;
streamline all of your bond work.         Regional Chairman of Central Ohio, Firstar     C. Louis Moore, Regional President, Triad
                                          Bank, NA, Columbus, OH.                        Region, Branch Banking & Trust Co.,
Four banks that we know of have
begun this, and are really reaping the                                                   Greensboro, NC; B. W. McCandless,
                                          Also appointed were: Javier F. Ubarri,         President Community Banking, Wells
benefits. This completely automates       Regional President, Banco Popular-Texas,       Fargo, San Antonio, TX; Marlene Mosco,
the entire savings bond sales process,    Houston, TX; Mark W. Dundee, Senior            President, PNC Bank North, Erie, PA; and
and eliminates the paper involved.                                                       Dan W. Hogan, President, National Bank of
                                                                                         Commerce, Knoxville, TN. ❧
To find out how to sell bonds from
your Internet Banking site, contact       tive of the bond owner’s estate. A
Public Debt’s Internet Banking Team       request for payment by an attorney-
                                          in-fact should be sent to a Federal            ABBREVIATED TABLES
today. They can be reached by phone
                                          Reserve Bank along with a copy of the

                                                                                         W
at 304-480-3600, or by e-mail at                                                                    hen customers ask for
HomeBank@bpd.treas.gov. ❧                 power-of-attorney. When you LOVE
                                                                                                    copies of Savings Bonds
                                          cashing bonds, you will avoid the
                                                                                                    Redemption tables tell them
                                          most common mistakes that result in
Continued from page 3.                                                                   about the abbreviated tables for $50
                                          a finding of liability from the cashing
                                                                                         Series EE Bonds and $25 Series E
                                          of United States Savings Bonds. For
REMEMBER ‘LOVE’                           complete instructions concerning
                                                                                         Bonds and Savings Notes. Values of
                                                                                         larger denomination bonds can be
                                          acceptable identification and nota-
will not satisfy the customer identifi-                                                  easily calculated from this table. To
                                          tions, consult the IDENTIFICATION
cation requirement.                                                                      obtain write to the Bureau of the
                                          GUIDE FOR CASHING UNITED
                                                                                         Public Debt, Parkersburg, WV 26106-
Eliminate paying on the basis of a        STATES SAVINGS BONDS,
                                                                                         1328 and ask for PD F 3600. ❧
Power-of-Attorney.                        PD F 3900. Following the guide will
                                          ensure that my next letter to your               The Bond Teller is a publication of
You cannot pay bonds based on a           institution will read “I am relieving            The Department of the Treasury
power-of-attorney. You may not pay        your institution of liability because            Bureau of the Public Debt
to any other individual not named on      acceptable identification was present-           Washington, D.C. 20239
the bonds except for the representa-      ed.” I’ll be happier and so will you. ❧          Editor: Sheila E. Nelson
                                                               4                                                          SB 2365

				
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