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Washington
CUs banks will cease Savings Bond sales Dec. 31
WASHINGTON (7/14/11)--After 75 years of regular sales, savings bonds will no longer be sold at credit unions and other financial institutions as of January 1, 2012, the U.S. Treasury has reported. Series EE and I savings bonds will still be made available for purchase via the Treasury’s online purchase platform, TreasuryDirect. Consumers can also use the Treasury’s online platform to convert existing paper bonds into electronic bonds and to purchase savings bonds via a payroll savings plan. The Treasury estimates that the move from paper to electronic bonds will save $70 million in taxpayer funds over five years. Treasury Public Debt Commissioner Van Zeck said that "savings bonds are very much a part of this country's history and culture, and will remain a part of America's future – but in electronic form. "It's time for us to take a 1935 model and make it a 21st century investment tool," Zeck added. Paper savings bonds may still be redeemed at financial institutions. Bonds that have been misplaced or damaged, but have not matured, can be reissued in paper or electronic form, the Treasury added. For the full release, use the resource link.
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