Printer Friendly

TREASURY DEVISES SAFER PROGRAM FOR HOLDERS OF BONDS, NOTES

 TREASURY DEVISES SAFER PROGRAM FOR HOLDERS OF BONDS, NOTES
 SAN FRANCISCO, June 15 /PRNewswire/ -- Investors who have Treasury notes and bond certificates issued before 1986 can now, for the first time, put their holdings into the U.S. Treasury's computerized book- entry system via a new program called "Smart Exchange."
 Smart Exchange makes it easy for holders of registered or bearer certificates to switch to the more modern system of Treasury Direct. Smart Exchange is a recent innovation that came about when the Treasury's Bureau of the Public Debt expanded access to Treasury Direct to increase investor safety and convenience.
 Securities held in Treasury Direct cannot be lost, stolen or destroyed, unlike registered or bearer certificates now held in safe deposit boxes or in homes. Furthermore, interest and principal payments are deposited directly into the investor's bank account on the date they are due, thereby avoiding the cost and inconvenience to owners of paper securities who must clip and present coupons for interest payment. In addition to automatic interest payments, Treasury Direct also offers convenient reinvestment options.
 In order to place individual certificates into Treasury Direct using Smart Exchange, investors need to call 800-366-3144 between 8 a.m. and 4:30 p.m. Eastern time to obtain a Smart Exchange kit containing all information and instructions needed to make the switchover.
 Access to Smart Exchange is accomplished by taking three steps:
 -- Opening a free Treasury Direct account at a financial
 institution.
 -- Completing the assignment on registered securities.
 -- Delivering the actual Treasury certificates to the nearest
 Federal Reserve office or to Public Debt in Washington.
 "The Fed is happy to provide owners of registered and bearer certificates a safer and better alternative by offering Smart Exchange," said Verta Walker, manager of marketable securities at the Federal Reserve Bank of San Francisco. "This program makes sense for the investor by eliminating the needless risk of loss, theft or destruction of their paper securities and, at the same time, making it more convenient to own Treasury securities. Smart Exchange makes sense for the Fed as well because we can provide investors with faster service through Treasury Direct at less cost to the Treasury."
 Investors also can convert their securities to book-entry by opening a securities account at a financial institution or with a government securities dealer.
 -0- 6/15/92
 /CONTACT: Ron Supinski of the Federal Reserve Bank of San Francisco, 415-974-3231/ CO: Federal Reserve Bank of San Francisco ST: California IN: FIN SU:


RM-MM -- SF006 -- 0319 06/15/92 16:25 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 15, 1992
Words:420
Previous Article:WEST ONE BANCORP APPOINTS C.R. (BOB) CHADWICK VICE CHAIRMAN, CREDIT POLICY COMMITTEE, OF WEST ONE BANK, WASHINGTON
Next Article:ARCO CHEMICAL COMPANY ANNOUNCES PRELIMINARY DIVESTITURE AGREEMENT WITH YUKONG LIMITED


Related Articles
LDP adopts steps to promote internationalization of yen.
Charter Communications Holdings LLC Announces Changes to Tender Offers for Charter Southeast 11-1/4% Senior Notes due 2006,.
Charter Communications Announces Purchase Prices for Tender Offers; Charter Communications Southeast, LLC 11-1/4% Senior Notes due 2006.
Lockheed Martin Corporation Announces Tender Offers For Up to $1.95 Billion of Its Outstanding Debt.
TREASURY IMPROVING BOND RETURN : MONEY MATTERS.
Central Power and Light Tenders for First Mortgage Bonds.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters