Savings Bond Redemption Process

Posted By: Sgriff

Savings Bond Redemption Process - 02/04/15 11:25 PM

I am wondering what everyone's teller process is for redeeming a large amount of savings bonds (20+)?

Currently our process requires:

[list]
[*]Enter each bond into computer to price
[*]Stamp each bond with a "Paid" stamp on the front of each bond listing the redemption value and employee initials
[*]Stamp each bond with the Circular Stamp
[*]Stamp each bond with our FI's Teller Stamp

So a total of 3 stamps per bond.

These seems excessive and I do not recall such a tedious process in any of my previous banking experience.

According to our Operations department, the Treasury requires all stamps based on Section E-1 of the document located in the Savings Bond Guide on Treasury Direct, located here:https://www.treasurydirect.gov/instit/savbond/guide/guide_sbr.pdf

Is this really necessary?