New Savings Bond Pro® Feature Reduces Improper Payments
Savings Bond Pro software, provided at no cost by the Bureau of the Public Debt to financial institutions that issue, price and redeem savings bonds, was updated in May with an important new feature. The new update contains a Treasury file for use when redeeming savings bonds. Agents can check the bond’s serial number against this new file to see if the bond has been reported to the Treasury as lost, stolen, destroyed or never received.
When the feature is activated, each serial number will be verified against Bond Pro's Treasury File. If a match is found, payment of the bond will be denied and a “Savings Bond Customer Notice” will be printed with instructions to contact Public Debt about the status of the bond. The Notice is then given to the customer along with the bond in question.
The new functionality can be activated on the system configuration screen. Updates of the Treasury File will be available with each release of redemption values.