Treasury Estimates Move from Paper to Electronic Bonds Will Save $70m in
Taxpayer Funds Within Five Years
www.CUNA.org/newsnow WASHINGTON (7/11) 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 website to convert existing paper bonds into electronic bonds, and to purchase savings bonds via a payroll savings plan.
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."
Paper savings bonds may still be redeemed at participating financial institutions.* Bonds that have been misplaced or damaged, but have not matured, can be reissued in paper or electronic form, the Treasury added.
*NOTE: Coosa Pines FCU does not sell or redeem savings bonds.