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Fed Discontinues Processing Definitive Securities

The U.S. Treasury began to consolidate the processing of definitive securities at the Bureau of the Public Debt in April. Processing was previously the responsibility of each Federal Reserve Bank. After Aug. 31, the Fed cannot process or forward definitive bearer and registered securities. Financial institutions and owners of these securities must send them by registered mail to Public Debt (see address box).

If we receive any securities after Aug. 31, we will return them to the financial institution or owner. The consolidation does not affect agency securities.

The way you receive redemption payments is one of the biggest changes that you will notice. Public Debt will no longer credit your Federal Reserve account; instead, you will receive these payments only by check.

Because of mail and processing time, you will wait slightly longer for the funds. You also will need to ensure a way to associate an incoming fiscal agency check with a specific definitive security transaction.

The consolidation affects your customers as well. After Aug. 31, the public can no longer visit the Fed to purchase government securities or redeem definitive securities.

Our "walk-in" services will be eliminated for TreasuryDirect, definitive and savings bond transactions. Please inform your customers that their local Reserve Banks will soon discontinue these services.

However, consumers can still present at the Fed semiannual interest coupons detached from definitive securities. For more information, contact Mary Sanders in St. Louis at (314) 444-8509.

Send Definitive Securities to:

Definitive Processing Group Bureau of the Public Debt P.O. Box 426 Parkersburg, WV 26106-0426