Treasury Introduces OTCDirect for Bank Lobbies
The U.S. Department of the Treasury is introducing OTCDirect, a web-based bank lobby service for your customers to order paper savings bonds. With a link to the TreasuryDirect® web site, your customers can order bonds directly from Treasury and pay with an ACH (automated clearing house) debit.
OTCDirect will help to introduce your customers to TreasuryDirect and lower your processing costs for selling paper bonds over the counter. Here's how it works:
- The bank provides a self-service kiosk with Internet access and a link to OTCDirect. The OTCDirect home page informs the customer about TreasuryDirect, giving the customer an opportunity to purchase securities electronically.
- If the customer chooses to buy paper savings bonds, OTCDirect will ask for information to identify the customer using a government-operated verification service. The customer selects the series and denomination of the desired bond and provides registration information.
- The customer provides ACH payment information (routing and account numbers). Treasury collects the funds, sends a confirmation e-mail message to the customer, processes the order and mails the bond within two to three weeks.
For more information on OTCDirect or to get a free demo, visit www.treasurydirect.gov/instit/savbond/otc/otc_otcdirect.htm, send an e-mail to OTCDirect@bpd.treas.gov or call the OTCDirect team at 304-480-6588.