SAVINGS BONDS

EZ Clear

The EZ Clear Program uses the Federal Reserve Check Collection System to process redeemed U.S. Savings Bonds and Notes with state-of-the-art imaging technology. This program is available to all financial institutions who are authorized Paying Agents for the U.S. Treasury. If your institution is not a Paying Agent and is interested in becoming one, check the information on Becoming a Savings Bond Agent.

The EZ Clear program increases the speed and efficiency of the savings bonds redemption process. Financial institutions report substantial cost benefits from reduced exception handling, increased funds availability, and the expedited receipt of redemption fees.

  • Enrollment in the EZ Clear Program is required of Paying Agents that submit Separately Sorted Savings Bond Cash Letters. Enrollees will receive redemption fee payments for such deposits.
  • Once enrolled, the depositing financial institution is eligible to receive 30 cents for each bond commission.
  • The Pittsburgh Branch of the Federal Reserve Bank of Cleveland is the designated Central Processing Site for redeemed savings bonds processed through EZ Clear.
  • An EZ Clear enrollment form should be filled out and returned to the address shown on the form two weeks before your anticipated start date.

Eligibility

All current United States Savings Bonds that Paying Agents are authorized to redeem are eligible for the EZ Clear Program. This includes Series A, B, C, D, E, EE, and I savings bonds and savings notes. All these series can be commingled in an EZ Clear deposit. Series H/HH Bonds are NOT eligible for EZ Clear.

Financial institutions not currently enrolled in the EZ Clear Program may do so by reviewing the EZ Clear Enrollment Brochure and completing an EZ Clear Enrollment Form.

NOTE: Current teller procedures to redeem savings bonds will remain unchanged.

Enrollment

An EZ Clear Enrollment Form should be filled out for each different ABA number that will be depositing a separate Savings Bond Cash Letter for your institution. Redemption Fees for each ABA number can be directed to the same or different accounts.

  • The Address that you provide for your institution will be the mailing address for deposit and bond pricing error adjustments.
  • The Contact Name should be someone at your institution that can answer or direct appropriately questions about Deposits, Adjustments, or ACH payments.
  • Your Routing/Transit Number needs to appear as the Depositing ABA number on your EZ Clear/Savings Bond Cash Letter Deposits to get credit.
  • ACH information must be provided to receive your monthly redemption fee payments.
  • ACH information can be an Internal General Ledger or Demand Deposit/Share Draft Account at your institution or a Correspondent Institution.

NOTE: If you choose a Demand Deposit/Share Draft Account at a Correspondent Institution, you will need to provide the Routing/Transit Number of the Correspondent Institution.

Sign the Enrollment Form, make a copy for your records and mail the original to:

Attention: EZ Clear Adjustments
Federal Reserve Bank – Pittsburgh
P.O. Box 867
Pittsburgh, PA 15230-0867