Changes to Savings Bond Redemption Process

U.S. Department of Treasury’s EZ Clear program

The U.S. Department of Treasury holds a division of the Federal Reserve Bank known as EZ Clear, a program serving as a central processor for U.S. Savings Bond and Note redemption. As a preferred, cost-efficient alternative for savings bond redemption, Corporate One recommends considering EZ Clear to process your members’ bonds.

Financial institutions enrolled in the program are eligible to receive up to $.30 commission for each bond instead of paying to process redeemed items. Deposit information is entered online and a bar code cash letter form is generated to accompany the physical deposit. The Pittsburgh Branch of the FRB of Cleveland is the designated processing site for redeemed savings bonds processed through EZ Clear.

If you are interested in enrolling in the easy-to-use system, please visit the official website. An EZ Clear enrollment form should be filled out for each different ABA number that will be depositing separate savings bond cash letters for your institution at least two weeks before your anticipated start date. While on the site, you can also download instructions for depositing items, review EZ Clear micro-encoder guidelines and learn how to earn redemption fee payments as well as how to handle adjustments.