31 C.F.R. PART 363—REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT
Title 31 - Money and Finance: Treasury
Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3102, et seq.; 31 U.S.C. 3121, et seq.
Source: 67 FR 64286, Oct. 17, 2002, unless otherwise noted.
Editorial Note: Nomenclature changes to part 363 appear at 70 FR 57433, Sept. 30, 2005 and 70 FR 57442, Sept. 30, 2005.
The TreasuryDirect system (TreasuryDirect) is an online account system in which you may hold and conduct transactions in eligible book-entry Treasury securities. The regulations in this part apply to book-entry Treasury securities held in the TreasuryDirect® system. The Bureau of the Public Debt (Public Debt), Department of the Treasury (Treasury) is responsible for administering TreasuryDirect. Public Debt may delegate authority to process certain transactions in TreasuryDirect to Federal Reserve Banks and Branches as fiscal agents of the United States. (a) TreasuryDirect. TreasuryDirect is a book-entry, online system maintained by Treasury for purchasing, holding and conducting permitted transactions in eligible Treasury securities in electronic form as a computer record on the books of Treasury. TreasuryDirect currently provides for the purchase and holding of eligible book-entry savings bonds, certificates of indebtedness, and eligible marketable Treasury securities. (b) Legacy Treasury Direct. The Legacy Treasury Direct system is a non-Internet-based book-entry system maintained by Treasury for purchasing, holding, and conducting permitted transactions in eligible marketable Treasury securities as book-entry products. The terms and conditions for the Legacy Treasury Direct system are found at 31 CFR part 357, subpart C. (c) Commercial book-entry system. The commercial book-entry system is the book-entry system in which Treasury securities are held in a tiered system through securities intermediaries such as financial institutions or brokerage firms. The regulations governing the commercial book-entry system are found at 31 CFR part 357, subpart B, and may be referred to in that part as Treasury/Reserve Automated Debt Entry System (TRADES). [70 FR 57442, Sept. 30, 2005] (a) You may use the “Contact Us” feature within TreasuryDirect® to communicate information to us over a secure Internet connection. (b) Emails may be sent to: [email protected]. We will reply by e-mail unless you request otherwise. We are not responsible for the security of e-mail messages you may send to us, or replies we may send to you. (c) Letters should be addressed to: Bureau of the Public Debt, TreasuryDirect, P.O. Box 5312, Parkersburg, WV 26106–5312. [67 FR 64286, Oct. 17, 2002, as amended at 70 FR 57442, Sept. 30, 2005] Account means a TreasuryDirect® account as described in §363.10. Authentication service means a public or private service that authenticates the identity of an online applicant for a TreasuryDirect account using information provided by the applicant. Automated Clearing House (ACH) means a funds transfer system governed by the Rules of the National Automated Clearing House Association (NACHA). NACHA provides for the interbank clearing of electronic entries for participating financial institutions. Beneficiary refers to the second individual named in the registration of a definitive savings bond, a converted definitive savings bond, or a book-entry security purchased through the TreasuryDirect system, registered, e.g., “John Doe SSN 123–45–6789 POD (payable on death to) Joseph Doe SSN 987–65–4321. Book-entry security means a Treasury security maintained by us in electronic or paperless form as a computer record. Business day means any day that funds may be settled through ACH. Certificate of Indebtedness is a one-day non-interest-bearing security held within your primary or linked account, including a minor account for which you are the custodian, that automatically matures and is rolled over each day until you request that it be redeemed. Commercial book-entry system refers to the book-entry system in which you hold your Treasury securities in a tiered system through securities intermediaries such as financial institutions or brokerage firms. (See §363.4.) Court means a court of law with jurisdiction over the parties and the subject matter. Conversion account means a linked account in TreasuryDirect that contains only savings bonds that have been converted from definitive bonds to book-entry bonds. Converted savings bond means a savings bond originally issued as a definitive bond that has been surrendered to us and converted to a book-entry savings bond to be maintained by Treasury solely as a computer record. Converting coowner is the coowner who initiates and completes the transaction to convert a definitive savings bond to a book-entry bond through his or her TreasuryDirect account. Coowner means either of the persons named in the registration of a definitive or a converted definitive savings bond, registered, e.g., “John Doe SSN 123–45–6789 or Joseph Doe.” Custodian of a minor account means a person who opens an account on behalf of the minor. (See §363.27 for more information about minor accounts.) Custom account means an account that you establish for a specific purpose that is linked to your primary account. You use your primary account as the portal to open and access your custom linked account. (See §363.10 for more information about custom accounts.) Definitive security means a Treasury security held in paper form. De-link means the online process by which all securities contained within the minor linked account are moved to the minor's primary TreasuryDirect account and the linked account is deactivated. Delivery means moving a minimum amount of $25 (consisting of principal and proportionate interest) of a security held as a gift from the account of the purchaser to the account of the recipient. Federal Reserve Bank (Reserve Bank) means a Federal Reserve Bank or Branch. Final maturity of a savings bond means the date beyond which an unredeemed savings bond no longer earns interest.1 1 Series EE and Series I savings bonds currently have an original maturity period of 20 years and an extended maturity period of 10 years beyond original maturity during which the bonds continue to earn interest. Financial institution, or depository financial institution, means an entity described in 12 U.S.C. 461 (b)(1)(A)(i)–(vi). Gift means a Treasury security purchased for or transferred to an intended recipient, without consideration. Individual means a natural person. Individual does not mean an organization, representative, or fiduciary. Interest on a savings bond means the difference between the purchase price and the redemption value of the bond. Legacy Treasury Direct system is a non-Internet-based book-entry system maintained by Treasury since 1986 for purchasing and holding marketable Treasury securities directly with Treasury as book-entry products. (See §363.4.) Legal guardian of a minor or incompetent person refers to the court-appointed or otherwise qualified person, regardless of title, who is legally authorized to act for the minor or incompetent individual. Legal representative refers to the court-appointed or otherwise qualified person, regardless of title, who is legally authorized to manage and settle the estate of a decedent. The term includes an executor and an administrator. Legally incompetent means a court has declared an individual to be incapable of handling his or her business affairs. Linked account means an account that is a separate account from your primary account, but connected to your primary account. You use your primary account as a portal to open and access the linked account. (See §363.10 for more information about linked accounts.) Marketable Treasury security refers to a Treasury bill, note, or bond that is negotiable and transferable, that is, may be bought and sold in the secondary market. Minor means an individual under the age of 18 years. The term minor is also used to refer to an individual who has attained the age of 18 years but has not yet taken control of the securities contained in his or her minor account. Minor account means an account that a custodian controls on behalf of a minor, that is linked to the custodian's primary account. (See §§363.10 and 363.27 for more information about minor accounts.) Non-converting coowner is the coowner who does not participate in the transaction to convert a definitive savings bond to a book-entry bond. Online means use of the Internet. Owner is either a single owner, the first person named in the registration of a security held in the owner with beneficiary form of registration, the primary owner of a security held in the primary owner with secondary owner form of registration, or either coowner of a converted savings bond. Person means an entity including an individual, trust, estate, corporation, government entity, association, partnership, and any other similar organization. Person does not mean a Federal Reserve Bank. Primary account means the account that you establish when you first open your TreasuryDirect account; your primary account is the portal used to open and access all your linked accounts. (See §363.10 for more information about primary accounts.) Primary owner means the first person named in the registration of a security held in TreasuryDirect registered, e.g., “John Doe SSN 123–45–6789 with Joseph Doe SSN 987–65–4321.” In this example, John Doe is the primary owner. Principal amount means the amount of the original investment. Principal amount does not include any interest earned. Recipient means the person to whom a gift is given. Redemption of a savings bond refers to the payment of principal and interest at final maturity, or prior to final maturity at the option of the owner. The owner may redeem all principal and interest or a portion of the principal and the proportionate amount of interest. Redemption value means principal plus accrued interest of a bond, or a portion of the principal plus a proportionate amount of accrued interest on the bond, as of the date of redemption. Registration or Registered means that the name and taxpayer identification number(s) (TIN) of the person(s) named on the security are maintained on our records. Sell Direct® is a service in which Treasury, through our agent, will sell your marketable Treasury security held in TreasuryDirect or Legacy Treasury Direct on the open market for a fee. Secondary owner means the second person named in the registration of a book-entry security held in TreasuryDirect registered, e.g. “John Doe SSN 123–45–6789 with Joseph Doe SSN 987–65–4321.” In this example, Joseph Doe is the secondary owner. Security, or Treasury security, as used in this part, means an obligation issued by Treasury that may be held in TreasuryDirect. Series EE savings bond is an accrual-type savings bond, issued either in definitive (paper) form or in book-entry form, that accrues interest on the principal based on rates determined by Treasury. Series I savings bond is a savings bond, issued either in definitive (paper) form or in book-entry form, that accrues interest in accordance with a formula that includes a fixed component and a component indexed to the rate of inflation. Signature guarantee program means a signature guarantee program established under 17 CFR 240.17Ad–15, issued under authority of the Securities Exchange Act of 1934. For the purpose of this part, we recognize the Securities Transfer Agents Medallion Program (STAMP), the Stock Exchanges Medallion Program (SEMP), and the New York Stock Exchange, Inc., Medallion Signature Program (MSP). These certifications are acceptable for transfers of securities, but are not acceptable for offline account establishment. Single owner means the individual named in the registration of a book-entry Treasury security or a converted savings bond without a beneficiary, secondary owner, or coowner. Social security account number or social security number (SSN) means the identifying number required on tax returns and other documents submitted to the Internal Revenue Service by an individual. A SSN is composed of nine digits separated by two hyphens, for example, 123–45–6789. Taxpayer identification number (TIN) means the identifying number required on tax returns and other documents submitted to the Internal Revenue Service; that is, an individual's social security number (SSN) or an employer identification number (EIN). A SSN is composed of nine digits separated by two hyphens, for example, 123–45–6789. An EIN is composed of nine digits separated by one hyphen, for example, 12–3456789. The hyphens are an essential part of the numbers. Tender means an offer, or bid, to purchase a marketable Treasury security. Transaction is any action affecting Treasury securities or account information. Transfer is a transaction to move a security, or a portion of a security, from one account to another within TreasuryDirect, or to move a marketable Treasury security to or from a TreasuryDirect account and an account in Legacy Treasury Direct or the commercial book-entry system. Voluntary representative means the person qualified by the Department of the Treasury to accept payment or direct distribution of a decedent's securities pursuant to §363.44. We, us, or our refers to the Bureau of the Public Debt. The term includes the Secretary of the Treasury and the Secretary's delegates at the Treasury Department and Bureau of the Public Debt. The term also includes any fiscal or financial agent we designate to act on behalf of the United States. You or your refers to a TreasuryDirect primary account holder. [67 FR 64286, Oct. 17, 2002, as amended at 68 FR 24807, May 8, 2003; 69 FR 2507, Jan. 16, 2004; 69 FR 50308, Aug. 16, 2004; 70 FR 14942, Mar. 23, 2005; 70 FR 57433, Sept. 30, 2005; 70 FR 57442, Sept. 30, 2005] This subpart provides general rules governing securities held within the TreasuryDirect® system. Provisions in the subparts governing specific securities that conflict with these general rules will supersede these general rules. [70 FR 57433, Sept. 30, 2005] A TreasuryDirect account is an online account maintained by us solely in your name in which you may hold and conduct transactions in eligible book-entry Treasury securities. (a) Primary Account. Your primary account that you establish when initially opening your TreasuryDirect account may contain the following Treasury securities: (1) Treasury securities purchased initially as book-entry securities that are your personal holdings, in sole owner, owner with beneficiary, and primary owner with secondary owner forms of registration; (2) Gifts of savings bonds that have not yet been delivered; (3) Converted savings bonds that you have transferred from your conversion linked account. (b) Linked account. A linked account is an account that is a separate account from your primary account, but that is connected to your primary account. You use your primary account as a portal to open and access the linked account. Linked accounts include the following: (1) Custom account. A custom account is an account that is linked to your primary account. You use your primary account as the portal to open and access your custom account. You may informally designate a purpose for the custom account, for example, “vacation fund”, or “Johnny's college fund”. However, the designation as to purpose has no legal effect; the registration of the securities held in the custom account determines ownership (Annual purchase limitations include securities held in custom accounts). You may use your custom account to buy, redeem and transfer securities that you own in sole owner, owner with beneficiary, and primary owner with secondary owner forms of registration. You may also buy and deliver gift savings bonds from your custom account. (2) Minor account. A minor account is an account established by a custodian for a person who has not yet reached the age of 18 years. A minor account is linked to the custodian's primary account. The minor is the owner of the securities, but the custodian controls the account on behalf of the minor. (See §363.27 for more information about minor accounts.) (3) Conversion account means a linked account in TreasuryDirect that contains only savings bonds that have been converted from definitive bonds to book-entry bonds. [69 FR 2507, Jan. 16, 2004, as amended at 70 FR 14943, Mar. 23, 2005. Redesignated at 70 FR 57433, Sept. 30, 2005, as amended at 70 FR 57442, Sept. 30, 2005] In order to open a TreasuryDirect account, you must: (a) Have a valid social security number; (b) Have a United States address of record; (c) Have an account at a United States depository financial institution that will accept debits and credits using the Automated Clearing House method of payment; (d) Be 18 years of age or over; (e) Be legally competent; and (f) Be an individual. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 57433, Sept. 30, 2005] (a) A TreasuryDirect account owner may purchase and hold securities through his or her account. (b) We do not permit a legally incompetent person to open an account, purchase securities, or convert savings bonds once we have been provided with an order from a court with appropriate jurisdiction determining incompetence to perform such activities. (c) We do not permit a legal representative, a legal guardian, or a voluntary representative to purchase securities on behalf of the estate of a decedent or an incompetent person. (d) We may reject any application for the purchase of a security, in whole or in part. We may refuse to issue a security in any case or class of cases, if we deem the action to be in the public interest. Our decision in any such respect is final. [70 FR 57433, Sept. 30, 2005] You must establish a TreasuryDirect account online before you purchase a Treasury security to be held in your account. Instructions for online account establishment may be found at the official Public Debt website at http://www.publicdebt.treas.gov, or such other Internet address as Public Debt may from time to time announce by publication in the [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 57434, Sept. 30, 2005] We may use an online authentication service to authenticate your identity using information you provide about yourself on the application. At our option, we may require offline authentication. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 57434, Sept. 30, 2005] In the event we require offline authentication, we will provide a printable authentication form. Your signature on the form must be certified or guaranteed as provided at §363.43, and the form must be mailed to us at the address provided in §363.5. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 57434, Sept. 30, 2005] You may access your account online using your account number and password. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 57434, Sept. 30, 2005] You are solely responsible for the confidentiality and use of your password. We will treat any transactions conducted using your password as having been authorized by you. We are not liable for any loss, liability, cost or expense that you may incur as a result of transactions made using your password. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 57434, Sept. 30, 2005] We are not liable for any interception of electronic data or communication. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 57434, Sept. 30, 2005] You should change your password immediately if you become aware that your password has become compromised. If you become aware of any misuse of your password, you should notify us by email at [email protected] or call us at 304–480–8783. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 57434, Sept. 30, 2005] (a) General principles. (1) Registration must express the actual ownership of, and interest in, the security. Registration conclusively establishes ownership of a security. (2) You must provide a last name and a first name for each individual included in the registration of the security. (3) You must provide the valid taxpayer identification number for each person named in the registration of the security. (b) Forms of registration. The forms of registration available for purchases of securities made through your TreasuryDirect account are single owner, owner with beneficiary, and primary owner with secondary owner, unless the forms of registration available for a security are specifically limited by the subpart governing that security. (c) Single owner. (1) A single owner is the individual named in the registration of a book-entry security or a converted savings bond without a beneficiary, secondary owner, or coowner. (2) A single owner may add a beneficiary or secondary owner. (3) A single owner may conduct permitted online transactions on securities held in his or her account. (4) Upon the death of the single owner, his or her estate is entitled to the security. In determining entitlement, the law of the decedent's domicile will be followed. (5) Registration example: “John Doe, SSN 123–45–6789.” (d) Owner with beneficiary. (1) The purchaser must be named as the owner with another individual as beneficiary. (2) The owner may remove or change the beneficiary without the consent of the beneficiary. (3) The owner may conduct permitted online transactions on securities held in his or her account without the consent of the beneficiary. (4) The beneficiary has no ownership rights to the security during the owner's lifetime. Upon the death of the owner, the security becomes the property of the surviving beneficiary, despite any attempted testamentary disposition or any applicable local law to the contrary. (5) If the beneficiary does not survive the owner, the security belongs to the estate of the owner. (6) If both the owner and the beneficiary die under conditions where it cannot be established, either by presumption of law or otherwise, who died first, the security is the property of the estate of the owner. (7) In order for the beneficiary to obtain the security or the redemption proceeds after the death of the owner, the beneficiary must provide proof of death of the owner. If the beneficiary has a TreasuryDirect account, the security will be transferred to that account. If the beneficiary does not have an account, he or she may establish an account. Alternatively, a beneficiary named on a savings bond may request redemption. If the beneficiary requests redemption, he or she must provide ACH instructions for the payment. (8) Registration example: “John Doe, SSN 123–45–6789 POD (payable on death to) Jane Doe, SSN 987–65–4321.” (e) Primary owner with secondary owner. (1) The purchaser must be named in the registration as the primary owner with another individual as secondary owner. (2) The primary owner holds the securities in his or her account and may view or conduct permitted online transactions in the securities. (3) The primary owner may remove the secondary owner without the consent of the secondary owner. (4) The secondary owner has no rights to view or conduct transactions in any security unless the primary owner gives the secondary owner these rights. (5) The primary owner may give the secondary owner the right to view any security or rights to view and conduct transactions in any security online from the account of the secondary owner. (6) Once the right to conduct transactions in a security has been given to the secondary owner, the primary owner may view and conduct transactions in the security from his or her account, and the secondary owner may view and conduct transactions in the security using his or her own account. (7) The primary owner may revoke any rights previously given to the secondary owner at any time. (8) Upon the death of either the primary or secondary owner, the security becomes the property of the survivor, despite any attempted testamentary disposition or any applicable local law to the contrary. (9) If both the primary and the secondary owner die under conditions where it cannot be established, either by presumption of law or otherwise, who died first, the security is the property of the estate of the primary owner. (10) In order for the secondary owner to obtain the security or the security proceeds after the death of the primary owner, the secondary owner must provide proof of death of the primary owner. If the secondary owner has a TreasuryDirect account, the security will be transferred to that account. If the secondary owner does not have an account, he or she may establish an account. Alternatively, a secondary owner named on a savings bond may request redemption. If the secondary owner requests redemption, he or she must provide ACH instructions. (11) Registration example: “John Doe, SSN 123–45–6789 with Joseph Doe, SSN 987–65–4321.” [70 FR 57434, Sept. 30, 2005] The following transactions are by way of illustration only, and are not intended to limit transactions that may be added to the system: (a) You can purchase, transfer, and change the registration of an eligible Treasury security, including a transfer of a marketable security for a Sell Direct transaction; (b) You can redeem a savings bond; (c) You can deliver a gift savings bond to the account of the recipient; (d) You can grant and revoke the right to view an eligible security to a secondary owner or beneficiary named on the security, if the secondary owner or beneficiary is a TreasuryDirect account owner; (e) You, as the primary owner, can grant certain transaction rights to the secondary owner, and you can also revoke those rights. The secondary owner can exercise those rights, provided they have not been revoked, if the secondary owner is a TreasuryDirect account owner; (f) You can make changes to your account information, including ACH information, password changes, and account security information; (g) You can view a history of purchases, transactions, changes to account information, and pending transactions; (h) You can schedule future transactions, and change or delete pending transactions; (i) You can open and access any linked accounts using your primary account as a portal; and (j) You can convert eligible definitive savings bonds to book-entry bonds. [70 FR 14943, Mar. 23, 2005. Redesignated at 70 FR 57434, Sept. 30, 2005 and amended at 70 FR 57442, Sept. 30, 2005] (a) Single owner form of registration. A single owner can conduct transactions in securities held in his or her TreasuryDirect account. (b) Owner with beneficiary form of registration. The owner can conduct transactions in securities held in his or her TreasuryDirect account. The beneficiary has no rights during the lifetime of the owner and therefore cannot conduct transactions in the securities. (c) Primary owner with secondary owner form of registration. (1) The primary owner can conduct any permitted transaction in a security held in the primary owner's TreasuryDirect account. (See §363.20(e)). (2) If the primary owner has given the secondary owner the right to conduct transactions in a security, and has not revoked that right, then the secondary owner can conduct transactions in the security. Transactions that may be conducted by the secondary owner include transferring a marketable security, including a transfer for a Sell Direct transaction, redeeming a savings bond, and changing the destination of interest and redemption payments for marketable securities. (d) Converted savings bonds. The rules for transactions governing converted savings bonds are contained in subpart E of this part. [70 FR 57434, Sept. 30, 2005 as amended at 70 FR 57443, Sept. 30, 2005] We will provide online instructions for conducting transactions through your account. If you are unable to conduct a transaction online, you should contact us at the address provided in §363.5. Offline transactions will require a certified or guaranteed signature. See §363.43 for instructions for obtaining a certified or guaranteed signature. (a) A transfer is a transaction to: (1) Move a Treasury security, or a portion of a Treasury security, from one account to another within TreasuryDirect®; (2) Move a marketable Treasury security to or from a TreasuryDirect account and an account in Legacy Treasury Direct or the commercial book-entry system. (b) Transfers of a specific type of security may be limited by the subparts that refer to that security. (c) Gift delivery is not a transfer. A transfer does not include delivery of a gift savings bond from the donor to the recipient. This is referred to as a delivery. [67 FR 64286, Oct. 17, 2002, as amended at 70 FR 57443, Sept. 30, 2005] (a) We do not permit a minor to purchase securities. (b) Opening an account in the name of a minor. (1) A parent or a person who provides the chief financial support of a minor may open an account for a minor. The person opening the account for a minor is referred to as the custodian of the minor's account. (2) The custodian is a fiduciary for the minor as to the securities held in the minor's account. (3) The custodian must have an existing primary TreasuryDirect® account in order to open the minor's account. (i) The minor's account is an account that is linked to the custodian's primary account. (ii) The custodian must use his or her primary TreasuryDirect account as a portal to open and access the minor's account. (4) Securities contained in the minor's account will be registered in the name and SSN of the minor, in either sole owner, owner with beneficiary, or primary owner with secondary owner forms of registration. (c) Procedure for opening an account for a minor. (1) Online instructions will be provided for establishing an account for a minor. (2) The custodian must certify that all transactions conducted through the account will be on the minor's behalf. (d) Procedure for conducting transactions in the minor's account. The custodian must conduct all transactions in the minor's account on behalf of the minor. Access to the minor's account is through the custodian's primary account. (e) Transactions permitted in the minor's account. (1) The custodian may purchase securities for and on behalf of the minor through the minor's account. (2) The custodian may redeem savings bonds on behalf of the minor through the minor's account. We will report the interest earned on the security to the name and SSN of the minor. (3) The custodian may not purchase gift savings bonds from the minor's account. (4) The custodian may transfer a security to another TreasuryDirect account, provided the account is a linked account bearing the name and taxpayer identification number of the minor. The custodian can transfer a marketable Treasury security to an account in Legacy Treasury Direct or the commercial book-entry system, and may request a Sell Direct transaction. (5) Securities may be transferred to the minor's account. (6) Gift savings bonds may be delivered to the minor's account. (7) The custodian may grant rights to view and conduct transactions in the security as may be permitted by §363.22. (8) The custodian may purchase a certificate of indebtedness on behalf of the minor. The certificate of indebtedness is the property of the minor. (f) When the minor reaches the age of 18 years. (1) The only transactions that the custodian may make in the minor's account after the minor attains the age of 18 years are to purchase new securities, and to transfer the securities contained in the minor's account to another account in the name and SSN of the minor. The receiving account in the name and SSN of the minor may be a primary account established by the minor, or it may be another minor linked account with the same or a different custodian. The custodian may transfer one or more of the securities at a time, or the custodian may de-link the account and transfer all of the securities contained in the account to the minor's previously established primary TreasuryDirect account. The minor must establish his or her own primary TreasuryDirect account prior to transfer of his or her securities. (2) In order to gain control of the securities held in the minor's account, the minor must first open his or her own primary account. (3) The minor may gain control of the securities held in the minor's account by the custodian transferring the securities held in the minor's account to the minor's primary account, or the minor may request that Public Debt transfer the securities to his or her primary account. (4) The minor may gain control of his or her certificate of indebtedness by the custodian de-linking the account and transferring the certificate of indebtedness to the minor's primary account, or the minor may request that Public Debt de-link the account and transfer the certificate of indebtedness to his or her primary account. (g) Liability. We rely on the certification of the custodian that he or she is acting on behalf of the minor. We are not liable to the minor, or any other person or party acting on behalf of the minor, for the actions of the custodian, nor are we liable for the application of any proceeds from the transfer or redemption of securities held in the minor's account. The custodian agrees to indemnify and hold harmless the United States in the event that we suffer any loss on account of any claim relating to a minor account. [69 FR 2507, Jan. 16, 2004, as amended at 69 FR 50309, Aug. 16, 2004; 70 FR 57443, Sept. 30, 2005] We reserve the right to require any transaction to be conducted in paper form. Signatures on paper transactions must be certified or guaranteed as provided in §363.43. [70 FR 57434, Sept. 30, 2005] We reserve the right to take any of the following actions if, in our sole discretion, we deem the action to be in the best interests of the United States: (a) Refuse to open an account for any person; (b) Close any existing account; (c) Suspend transactions with respect to an account or any security held in an account; or (d) Take any other action with regard to any account that we deem necessary, if not inconsistent with existing law and existing rights. [70 FR 57434, Sept. 30, 2005] (a) An attorney-in-fact who provides a copy of a durable power of attorney granting him or her the authority to conduct TreasuryDirect transactions on behalf of the owner may conduct transactions online. (b) An attorney-in-fact who provides a copy of a limited power of attorney may only conduct transactions that he or she is permitted by his or her power. Such transactions will be through an offline process. (c) A written copy of the power of attorney must be sent to the address provided in §363.5. We may require any additional evidence that we consider necessary to support the power. If we receive notice that the owner of a TreasuryDirect account has become incompetent, we will suspend all transactions in the account until we establish the authority of another person to act in his or her behalf. [67 FR 64286, Oct. 17, 2002, as amended at 68 FR 24807, May 8, 2003] A transaction is effective when we post it to our records. You can purchase and hold eligible Treasury securities in your account. Eligible securities are Series EE and Series I savings bonds, certificates of indebtedness, and marketable Treasury securities that are available for purchase through the TreasuryDirect Web site. In addition, you can hold converted savings bonds and eligible marketable Treasury securities that have been transferred from the Legacy Treasury Direct system or the commercial book-entry system. [70 FR 57443, Sept. 30, 2005] (a) Online purchase. Purchases of eligible Treasury securities through your TreasuryDirect account must be made online. (b) Payment for savings bonds and marketable Treasury securities. You can pay for eligible savings bonds and marketable Treasury securities by either a debit to your designated account at a United States financial institution using the ACH method, or by using the redemption proceeds of your certificate of indebtedness. (c) Payment for certificate of indebtedness. You can pay for a certificate of indebtedness by a direct deposit from your financial institution or employer to your TreasuryDirect account using the ACH method; by a debit from your designated account at a financial institution using the ACH method, but the amount of the debit is limited to $1000 or less; or by using the proceeds of maturing securities held in your Treasury Direct account. [70 FR 57443, Sept. 30, 2005] If your designated financial institution returns an ACH debit, we reserve the right to reinitiate the debit at our option. We also reserve the right to reverse the transaction, thereby removing the security from your TreasuryDirect® account. If the ACH return occurs after the security has been redeemed, transferred, or has matured and the proceeds paid, we reserve the right to reverse previously processed security transactions. We are not responsible for any fees your financial institution may charge relating to returned ACH debits. [70 FR 57443, Sept. 30, 2005] At the time that you submit a request to purchase a Treasury security through your TreasuryDirect® account, we will make available a printable online confirmation of your request. Final confirmation will occur when the security is issued into your account. You will not receive a mailed confirmation. (a) Payment of a savings bond that has reached final maturity. We will purchase a certificate of indebtedness in your TreasuryDirect® account using the proceeds of a matured savings bond. (b) Payments of interest and principal (except a savings bond that has reached final maturity). (1) We provide two methods of receiving payments of principal and interest: (i) Payment to your account at a financial institution by the ACH method, or (ii) Payment to your TreasuryDirect account to purchase a certificate of indebtedness. (2) You may select different payment destinations for principal and interest for a marketable Treasury security. You may change your payment destination at any time, unless the security is in the closed book period. (See §363.210.) (3) If we are unable to deliver a payment, we will use the payment to purchase a certificate of indebtedness in your TreasuryDirect account. [70 FR 57443, Sept. 30, 2005] We will notify you electronically of the returned payment. We will hold your payment until you provide us with instructions. Returned payments will not earn interest. We reserve the right to redirect a returned payment to the bank account at a financial institution that you have designated in your TreasuryDirect® account as your primary bank account, if that account is different from the one that returned the payment to us. We are not responsible for any fees your financial institution may charge relating to returned ACH payments. [69 FR 50308, Aug. 16, 2004] When you open your TreasuryDirect® account, you consent to receive the appropriate tax reporting forms by electronic means. We will notify you when your tax reporting forms are available. The form will be available in printable form through your TreasuryDirect account. If you withdraw your consent to receive tax reporting forms by electronic means, we reserve the right to redeem any savings bonds held in your account and close your account. [67 FR 64286, Oct. 17, 2002, as amended at 70 FR 57435, Sept. 30, 2005] (a) Certification within the United States. For certifications within the United States, the certifying individual must be authorized to bind his or her institution by his or her acts, to guarantee signatures to assignments of securities, or to certify assignments of securities. The following table provides a list of authorized certifying individuals and the required evidence of authority. Members of Treasury-recognized signature guarantee programs are for security transfers only. (b) Certification within foreign countries. The following table lists the authorized certifying individuals for foreign countries and the required evidence of the individual's authority. (c) Duties and liabilities of certifying individuals. (1) The certifying individual must first establish the identity of the signer. (2) The form must be signed in the presence of the certifying individual. (3) If the certifying individual is not an officer, the certifying individual must insert the words “Authorized Signature” in the space provided for the title. (4) If the certifying individual is negligent in making the certification, the certifying individual and his or her organization are jointly and severally liable for any loss the United States may incur as a result of the negligence. (d) Guaranteed signatures. (1) A security or other form requiring certification need not be executed in the presence of a certifying individual if the signature is unconditionally guaranteed by the certifying individual. To guarantee a signature, the certifying individual must add a dated endorsement after the signature. For example:
Signature guaranteed, First National Bank of Smithville, Smithville, NH, by A. B. Doe, President, dated 1/1/2001. (2) The certifying individual and his or her organization unconditionally guarantee to us that the signature is genuine and the signer had the legal capacity to execute the assignment or related form. (e) Guaranteed absence of a signature. (1) A form requiring a certified signature need not be signed when a certifying individual associated with a depository financial institution places the following endorsement on the security or the form:
Absence of signature by owner and validity of transaction guaranteed, Second State Bank of Jonesville, Jonesville, NC, by B. R. Butler, Vice President, dated 11/1/2001. (2) The endorsement must be dated and the seal of the institution must be added. (3) This form of endorsement is an unconditional guarantee to us that the institution is acting for the signer under proper authorization. (f) Persons who cannot act as certifying individuals. Any person having an interest in a security involved in the transaction cannot act as a certifying individual. However, an authorized officer or employee of a depository financial institution that is a member of a Treasury-recognized signature guarantee program can act as a certifying individual for transfer of a security to the institution or on behalf of the institution. [67 FR 64286, Oct. 17, 2002, as amended at 70 FR 57435, Sept. 30, 2005] (a) Estate is being administered. (1) For an estate that is being administered, the legal representative of the estate may request payment of securities, if the securities are eligible for payment, to the estate or to the persons entitled, or may: (i) Request transfer of securities to the TreasuryDirect account of the persons entitled, if the securities are eligible for transfer; (ii) Request transfer of marketable Treasury securities to the commercial book-entry system; or (iii) Request a Sell Direct transaction. (2) We will require appropriate proof of appointment for the legal representative of the estate. Letters of appointment must be dated not more than one year prior to the date of submission of the letters of appointment. (3) The legal representative of the estate may not purchase securities on behalf of the estate. (4) If payment is requested, we will require ACH instructions to process the request. (b) Estate has been settled previously. If the estate has been settled previously through judicial proceedings, the persons entitled may request payment of securities, if the securities are eligible for redemption, or may transfer the securities to the TreasuryDirect accounts of the persons entitled, if the securities are eligible for transfer. We will require a certified copy of the court-approved final accounting for the estate, the court's decree of distribution, or other appropriate evidence. If payment is requested, we will require ACH instructions to process the request. (c) Special provisions under the law of the jurisdiction of the decedent's domicile. If there is no formal or regular administration and no representative of the estate is to be appointed, the person appointed to receive or distribute the assets of a decedent's estate without regular administration under summary or small estates procedures under applicable local law may request payment of securities, if the securities are eligible for redemption, or may transfer the securities to or on behalf of the persons entitled by the law of the jurisdiction in which the decedent was domiciled at the date of death, if the securities are eligible for transfer. We will require appropriate evidence. If payment is requested, we will require ACH instructions to process the request. (d) When administration is required. If the total redemption value of the Treasury securities and undelivered payments, if any, held directly on our records that are the property of the decedent's estate is greater than $100,000, administration of the decedent's estate will be required. The redemption value of savings bonds and the principal amount of marketable securities will be used to determine the value of securities, and will be determined as of the date of death. Administration may also be required at the discretion of the Department for any case. (e) Voluntary representative for small estates that are not being otherwise administered—(1) General. A voluntary representative is a person qualified according to paragraph (e)(3) of this section, to redeem or transfer a decedent's securities. The voluntary representative procedures are for the convenience of the Department; entitlement to the decedent's securities and held payments, if any, is determined by the law of the jurisdiction in which the decedent was domiciled at the date of death. Voluntary representative procedures may be used only if: (i) There has been no administration, no administration is contemplated, and no summary or small estate procedures under applicable local law have been used; (ii) The total redemption value of the Treasury securities and held payments, if any, held directly on our records that are the property of the decedent's estate is $100,000 or less, as of the date of death, and (iii) There is a person eligible to serve as the voluntary representative according to paragraph (e)(3) of this section. (2) Authority of voluntary representative. A voluntary representative may: (i) Redeem the decedent's savings bonds that are eligible for redemption. Payment may be made to the voluntary representative on behalf of or directly to the persons entitled by the law of the jurisdiction in which the decedent was domiciled at the date of death; (ii) Transfer the decedent's securities to the persons entitled by the law of the jurisdiction in which the decedent was domiciled at the date of death. (3) Order of precedence for voluntary representative. An individual eighteen years of age or older may act as a voluntary representative according to the following order of precedence: a surviving spouse; if there is no surviving spouse, then a child of the decedent; if there are none of the above, then a descendant of a deceased child of the decedent; if there are none of the above, then a parent of the decedent; if there are none of the above, then a brother or sister of the decedent; if there are none of the above, then a descendant of a deceased brother or sister of the decedent; if there are none of the above, then a next of kin of the decedent, as determined by the laws of the decedent's domicile at the date of death. As used in this order of precedence, child means a natural or adopted child of the decedent. (4) Liability. By serving, the voluntary representative warrants that the distribution of payments or securities are to or on behalf of the persons entitled by the law of the jurisdiction in which the decedent was domiciled at the date of death. The United States is not liable to any person for the improper distribution of payments or securities. Upon payment or transfer of the securities to the voluntary representative, the United States is released to the same extent as if it had paid or delivered to a representative of the estate appointed pursuant to the law of the jurisdiction in which the decedent was domiciled at the date of death. The voluntary representative shall indemnify and hold harmless the United States and all creditors and persons entitled to the estate of the decedent. The amount of the indemnification is limited to an amount no greater than the value received by the voluntary representative. (5) Creditor. If there has been no administration, no administration is contemplated, no summary or small estate procedures under applicable local law have been used, and there is no person eligible to serve as a voluntary representative pursuant to paragraph (e) of this section, then a creditor may make a claim for payment of the amount of the debt, providing the debt has not been barred by applicable local law. [70 FR 57435, Sept. 30, 2005, as amended at 70 FR 57443, Sept. 30, 2005] (a) Notice of adverse claim or pending judicial proceedings. We are not subject to and will not accept a notice of an adverse claim or notice of pending judicial proceedings involving a security held in TreasuryDirect. (b) Competing claims to a security. The Department of the Treasury, Public Debt, and the Federal Reserve Banks are not proper defendants in a judicial proceeding involving competing claims to a security held in TreasuryDirect. (c) Divorce decree. We will recognize a divorce decree that either disposes of a security held in TreasuryDirect or ratifies a property settlement agreement disposing of a security that is the property of either of the parties. If the divorce decree does not set out the terms of the property settlement agreement, we will require a certified copy of the agreement. (d) Final court order. We will recognize a final order entered by a court that affects ownership rights in a security held in TreasuryDirect only to the extent that the order is consistent with the provisions of this part. The owner of the security must be a party to the proceedings. (e) Levy to satisfy money judgment. We will honor a transaction request submitted by a person appointed by a court and having authority under an order of a court to dispose of a security held in TreasuryDirect pursuant to a money judgment against the owner of the security, as owner is defined in section 363.6 of this part. In the case of savings bonds, we will only make payment pursuant to the court order to the extent of the money judgment. We will not transfer the savings bonds. (f) IRS levy. We will honor an IRS notice of levy under section 6331 of the Internal Revenue Code with respect to: (1) The owner, as owner is defined in section 363.6 of this part; and (2) A secondary owner, if the secondary owner has the right to conduct transactions in a security at the date and time the notice of levy is delivered to Public Debt. (g) Trustee in bankruptcy, a receiver of an insolvent's estate, a receiver in equity, or a similar court officer. We will honor a transaction request submitted by a trustee in bankruptcy, a receiver of an insolvent's estate, a receiver in equity, or a similar court officer, if the original court order is against the owner, as owner is defined in §363.6 of this part. In the case of savings bonds, we will only make payment. We will not transfer the savings bonds. (h) Court order that attempts to defeat or impair survivorship rights. We will not recognize a court order that attempts to defeat or impair the survivorship rights of a beneficiary, secondary owner, coowner of a converted savings bond, or the registered owner of an undelivered gift security held in TreasuryDirect. [70 FR 57435, Sept. 30, 2005] (a) We will require certified copies of the final judgment, decree, or court order, and any necessary supplementary proceedings. (b) A transaction request by a trustee in bankruptcy or a receiver of an insolvent's estate must be supported by evidence of appointment and qualification. (c) A transaction request by a receiver in equity or a similar court officer (other than a receiver of an insolvent's estate) must be supported by a copy of an order that authorizes the receiver or similar court officer to take possession and control of the security. [70 FR 57435, Sept. 30, 2005] (a) General. We will honor a judicial or administrative forfeiture order or declaration of forfeiture submitted by a federal agency. We will rely exclusively upon the information provided by the Federal forfeiting agency and will not make any independent evaluation of the validity of the forfeiture order, the request for payment, or the authority of the individual signing the transaction request. The amount to be paid or transferred is limited to the value of the security as of the date of forfeiture. (b) Definition of special terms relating to forfeitures. Contact point means the individual designated by the Federal investigative agency, United States Attorney's Office, or forfeiting agency, to receive referrals from Public Debt. Forfeiting agency means the federal law enforcement agency responsible for the forfeiture. Forfeiture means the process by which property may be forfeited by a federal agency. Administrative forfeiture is forfeiture by a federal agency without judicial proceedings resulting in a declaration of forfeiture; judicial forfeiture is a forfeiture through either a civil or criminal proceeding in a United States District Court resulting in a final judgment and order of forfeiture. (c) Procedures for a forfeiting agency to request forfeiture of Treasury securities. A forfeiting agency must request forfeiture. An individual authorized by the forfeiting agency must sign the transaction request. The request must be mailed to the Department of the Treasury, Bureau of the Public Debt, Parkersburg, WV 26106–7015. (d) Public Debt procedures upon receipt of forfeiture request. Upon receipt and review of the transaction request, we will make payment to the forfeiture fund specified, if the security is eligible for payment, or we will transfer the security pursuant to the transaction request. We will record the forfeiture, the forfeiture fund into which the proceeds were paid or the security transfer records, the contact point, and any related information. (e) Inquiries from previous owner. All inquiries or claims from the previous owner will be referred to the contact point of the forfeiting agency. We will tell the person who inquired that we referred his or her inquiry to the contact point. We will not investigate the inquiry. We will defer to the forfeiting agency's determination of the appropriate course of action, including settlement where appropriate. Any settlement will be paid from the forfeiture fund into which the proceeds were deposited. [70 FR 57436, Sept. 30, 2005] This subpart governs: (a) Series EE and Series I book-entry savings bonds that were originally issued as book-entry bonds through TreasuryDirect®; and (b) Converted savings bonds that are registered in: (1) The single owner form of registration of any series, (2) The owner with beneficiary form of registration of Series EE and Series I savings bonds, (3) The owner with beneficiary form of registration of Series E savings bonds in which the beneficiary has consented to a change in the registration of the bond after conversion, and (4) The coowner form of registration of any series in which the non-converting coowner has consented to a change in the registration of the bond after conversion. [70 FR 14943, Mar. 23, 2005] (a) Purchase limitation. The amount of bonds that you may purchase in any calendar year is limited to $30,000 for Series EE savings bonds, and $30,000 for Series I savings bonds. (b) Computation of amount for gifts. Bonds purchased or transferred as gifts will be included in the computation of the purchase limitation for the account of the recipient for the year in which the bonds are delivered to the recipient. [67 FR 64286, Oct. 17, 2002, as amended at 68 FR 24807, May 8, 2003] Each bond purchase must be in a minimum amount of $25, with additional one-cent increments above that amount, in any one transaction. For example, a purchase may be $25.00, $25.01, $25.02, or $25.03, and so forth. Each bond held in your account must have a redemption value of at least $25. If you request a transaction that would reduce the remaining redemption value of the bond to an amount less than $25, we will not permit the transaction to occur. (a) You may transfer a savings bond or a portion of a savings bond to the TreasuryDirect®; account of another individual in a minimum amount of $25. The transfer may only be made as a gift or in response to a final judgment, court order, divorce decree, or property settlement agreement. You must certify online that the transfer is a gift or a specified exception. (b) We do not permit the transfer of savings bonds for consideration, unless it is an exception specified in paragraph (a) of this section. (c) The bond will be transferred in the single owner form of registration. (d) We reserve the right to limit the transferability of savings bonds at any time by amendment to these regulations. [67 FR 64286, Oct. 17, 2002, as amended at 68 FR 24807, May 8, 2003; 70 FR 57436, Sept. 30, 2005] Each transfer must be in a minimum amount of $25 redemption value, with additional one-cent increments above that amount, in any one transaction. For example, you may transfer $25.00, $25.01, $25.02, or $25.03, and so forth. Transfers will be comprised of principal and proportionate interest. Each redemption must be in a minimum amount of $25 redemption value, with additional one-cent increments above that amount, in any one transaction. For example, you may redeem $25.00, $25.01, $25.02, or $25.03, and so forth. Redemptions will be comprised of principal and proportionate interest. Bonds may not be pledged or used as collateral for the performance of an obligation. An account owner may transfer a bond to a minor as a gift or pursuant to one of the specified exceptions in §363.55(a). You may give a book-entry savings bond as a gift in two ways: (a) You may purchase a bond online as a gift; or (b) You may transfer a bond that you own to another person as a gift with immediate delivery. [67 FR 64286, Oct. 17, 2002, as amended at 68 FR 24807, May 8, 2003; 70 FR 57437, Sept. 30, 2005] (a) The gift bond will be registered in the name of the recipient(s). The registration is irrevocable with regard to the owner named on the gift bond. (b) You must provide the SSN of the recipient. (c) You may deliver the bond upon purchase, or you may hold the bond in your TreasuryDirect® account until you are ready to deliver the bond to the owner named on the gift bond. (d) If the purchaser dies before delivering a gift bond to the recipient, the bond belongs to the owner named on the gift bond, notwithstanding any testamentary attempts to the contrary by the purchaser, or any state law to the contrary. We will hold the bond until we receive instructions from the owner named on the gift bond. [67 FR 64286, Oct. 17, 2002, as amended at 69 FR 2508, Jan. 16, 2004] (a) You must certify online that the transfer is a gift. (b) You must provide the SSN of the recipient. (c) Once the transfer is made, the gift is irrevocable. (d) The bond will be transferred in the single owner form of registration to the recipient. You may transfer or deliver gift bonds in any one-cent increment value equal to or greater than $25.00 redemption value. For example, you may deliver a gift bond with a redemption value of $25.00, $25.01, $25.02, and so forth. If the bond was held in your account prior to delivery to the recipient for a period of time and has accrued interest, the delivery will include principal and proportionate interest. (a) A TreasuryDirect® account owner can purchase a savings bond as a gift with a minor as the recipient. (b) An account owner can deliver a bond purchased as a gift to a minor. The account owner must deliver the security to the minor's linked account. Once delivered, the bond will be under the control of the custodian of the minor's account. (See §363.27.) [70 FR 57444, Sept. 30, 2005] An account owner can transfer a book-entry savings bond held in TreasuryDirect® to a minor as a gift or pursuant to one of the specified exceptions in §363.55(a). [70 FR 57444, Sept. 30, 2005] We will make payment by the ACH method to the designated account at a United States depository financial institution. We will make payment: (a) Upon your request for redemption prior to maturity; (b) When the bond reaches final maturity; and (c) If a person who becomes entitled to the bond is unable, unwilling or ineligible to open a TreasuryDirect® account. Source: 69 FR 50309, Aug. 16, 2004, unless otherwise noted.
This subpart is the offering of the certificate of indebtedness by the Secretary of the Treasury (Secretary), and will continue until suspended or terminated by the Secretary. This subpart is also the governing regulations for the certificate of indebtedness. A TreasuryDirect certificate of indebtedness (certificate of indebtedness) is a security held within your primary or linked account, including a minor account for which you are the custodian, that is issued daily, with a one-day maturity, that automatically rolls over at maturity until you request redemption. A certificate of indebtedness has a minimum purchase amount of one cent. The only purpose of a certificate of indebtedness is to accumulate funds for the purchase of another eligible security in the TreasuryDirect system. A certificate of indebtedness within a minor's account is the property of the minor alone. The Secretary may suspend and rescind the suspension of sales of the certificate of indebtedness by announcement at any time. Upon the termination of this offering by the Secretary, the certificate of indebtedness ceases to roll over; the proceeds will be paid by the ACH method to the bank account at a financial institution that you designated in your TreasuryDirect® account as your primary bank account. The regulations in part 363 apply to a certificate of indebtedness. We expressly disclaim representations or warranties regarding a certificate of indebtedness that in any way conflict with these regulations and other applicable law. A certificate of indebtedness is issued in electronic form only in the TreasuryDirect® system. Certificates of indebtedness do not pay any interest. However, the Secretary may prescribe a rate of interest, or change the interest rate, for certificates of indebtedness by announcement at any time. The new rate would apply to certificates of indebtedness issued thereafter, as provided in the announcement. The Secretary's determination of the rate will be final. A certificate of indebtedness is automatically registered in the single ownership form of registration in the TreasuryDirect® account owner's name. You may purchase your certificate of indebtedness through one or more of the following four methods: (a) payroll deduction, in which your employer sends funds through the ACH method to your TreasuryDirect® account; (b) deposit by your financial institution, in which your financial institution sends funds by the ACH method to your TreasuryDirect account on a recurring or one-time basis; (c) through the Buy Direct® function of your TreasuryDirect account, in which you direct us to debit funds from your account at a financial institution to purchase a certificate of indebtedness. This method is limited to an amount no greater than $1000 per transaction. When you use the Buy Direct function to debit funds to purchase all or a portion of a certificate of indebtedness, you will not be permitted to schedule a redemption for cash from your certificate of indebtedness within five business days after the date of the debit entry; or (d) by using the proceeds from the redemption or interest payment of a security to purchase a certificate of indebtedness. [69 FR 50309, Aug. 16, 2004, as amended at 70 FR 57444, Sept. 30, 2005] We are not liable for any deposits of funds for the purchase of a certificate of indebtedness that are made in error by your financial institution or employer. A certificate of indebtedness is issued the business day after the purchase transaction is made. You may purchase an eligible security by redeeming all or a portion of your certificate of indebtedness and applying the proceeds toward the purchase of another eligible security. To do this, your certificate of indebtedness must be of sufficient value to cover the cost of the security. If you are paying for a security using the redemption proceeds of a certificate of indebtedness, you must pay the full amount of the purchase price of the security using the redemption proceeds. You can redeem part or all of the value of your certificate of indebtedness at any time, with one exception: if you purchased all or a portion of your certificate of indebtedness through a debit using the ACH method, you may not schedule a redemption from your certificate of indebtedness within five business days after the date of the debit entry. [70 FR 57444, Sept. 30, 2005] If an ACH payment used to purchase a certificate of indebtedness is later reversed, we reserve the right to reverse the purchase of the certificate of indebtedness. If the ACH reversal occurs after the certificate of indebtedness has been redeemed, we reserve the right to reverse previously processed security transactions, including securities that were purchased as gifts and securities that have been transferred or delivered from your account to the account of another TreasuryDirect® account owner. (a) You may delete a pending purchase of a certificate of indebtedness initiated from your TreasuryDirect® account. (b) You may delete a pending purchase of a security using a certificate of indebtedness as payment. (c) You may not delete a pending redemption of all or part of the value of a certificate of indebtedness. A certificate of indebtedness is nontransferable. You may not deliver a certificate of indebtedness to another TreasuryDirect® account as a gift. A certificate of indebtedness may not be pledged or used as collateral for the performance of an obligation. [69 FR 50309, Aug. 16, 2004. Redesignated at 70 FR 57437, Sept. 30, 2005] Source: 70 FR 14943, Mar. 23, 2005, unless otherwise noted.
(a) This subpart governs: (1) The process of converting definitive savings bonds of all eligible series and types of registration to book-entry bonds in TreasuryDirect®; (2) Converted savings bonds of all series registered in the coowner form of registration, unless the non-converting coowner consents to a change in the registration of the bonds after conversion; (3) Converted savings bonds of Series E registered in the owner with beneficiary form of registration, unless the beneficiary consents to a change in the registration of the bonds after conversion; and (4) Converted savings bonds of all series that are held as gift bonds by the person who converted the bonds. (b) Subpart C governs: (1) Converted savings bonds of any series registered in the single owner form of registration; (2) Converted Series EE and Series I savings bonds registered in the owner with beneficiary form of registration; (3) Converted Series E savings bonds registered in the owner with beneficiary form of registration, where the beneficiary has consented to a change in the registration of the bonds after conversion; and (4) Converted savings bonds of all series registered in the coowner form of registration, where the non-converting coowner has consented to a change in the registration of the bonds after conversion. [70 FR 14943, Mar. 23, 2005, as amended at 70 FR 57347, Sept. 30, 2005] Series E, Series EE, and Series I savings bonds issued in denominations of $25 or greater, in single owner, coowner, or owner with beneficiary forms of registration, are eligible for conversion to book-entry bonds in TreasuryDirect®. The owner of a TreasuryDirect® primary account may convert a definitive savings bond. (a) Bond that is registered to the account owner. The owner of a definitive savings bond registered in the single owner form of registration, either coowner of a bond registered in the coowner form of registration, and the owner of a bond registered in the owner with beneficiary form of registration of all eligible series, may convert that definitive bond to a book-entry bond to be held in his or her TreasuryDirect account. (b) Bond that is registered to someone other than the account owner. We will convert an eligible definitive savings bond submitted by someone other than the registered owner of the savings bond. See the special rules in section 363.166. We will provide online instructions for converting your definitive savings bond. You must surrender to us the definitive bond to be converted at the time of conversion. Once a definitive savings bond has been converted to a book-entry bond, it may not be converted back into a definitive bond. (a) Unmatured savings bond. When the conversion is approved, an unmatured savings bond that is registered in the name of the TreasuryDirect® account owner as single owner, either coowner, or owner with beneficiary, will be released to the account owner's conversion linked account. (b) Matured savings bond. A savings bond that has reached final maturity and is registered in the name of the Treasury Direct account owner as single owner, either coowner, or owner with beneficiary, will be converted to a book-entry bond and automatically redeemed. The redemption proceeds will be used to purchase a certificate of indebtedness in the account owner's name in his or her primary account. [70 FR 14943, Mar. 23, 2005, as amended at 70 FR 57347, Sept. 30, 2005] We will presume that a savings bond registered in the name of someone other than the TreasuryDirect® account owner (including a bond registered in the name of a minor), was purchased by the account owner as a gift for the registered owner. (a) Unmatured savings bond—(1) General. An unmatured savings bond registered in the name of someone other than the account owner will be converted to a book-entry bond, released as a gift bond to the account owner's conversion linked account, and held until delivered to the TreasuryDirect account (or minor linked account, if the registered owner is a minor) of the registered owner. (2) Delivery of unmatured gift bond to registered owner. The TreasuryDirect account owner may deliver the converted gift bond to the TreasuryDirect account (or minor linked account, if the registered owner is a minor) of the registered owner, or, if the bond is registered in the coowner form of registration, to the account of either coowner. A bond registered in coowner or owner with beneficiary form of registration will retain the coowner or beneficiary form of registration upon delivery. (b) Savings bond that has reached final maturity—(1) General. A savings bond that has reached final maturity and is registered in the name of someone other than the account owner will be converted to a book-entry bond, released as a gift bond into the account owner's conversion linked account, and automatically redeemed. We will hold the redemption proceeds in the name of the registered owner of the definitive bond until the proceeds are delivered to the TreasuryDirect account (or minor linked account, if the registered owner is a minor) of the registered owner. (2) Delivery of bond proceeds to registered owner. If the gift bond has reached final maturity and has been automatically redeemed, then the Treasury Direct account owner may direct that the held redemption proceeds be delivered to the Treasury Direct account of the registered owner (or minor linked account, if the registered owner is a minor), where we will use the proceeds to purchase a certificate of indebtedness in the name of the registered owner. If the bond is registered in the coowner form of registration, the account owner may direct that the held redemption proceeds be delivered to the account of either coowner, where we will use the proceeds to purchase a certificate of indebtedness in the name of the coowner to whose account the bond was delivered. [70 FR 14943, Mar. 23, 2005, as amended at 70 FR 57347, Sept. 30, 2005] The registration of the converted bond will be the same as on the definitive bond, provided that it was registered properly in an authorized form of registration. We will change a definitive savings bond that was not registered in an authorized form of registration to the closest authorized form of registration. For example, a definitive savings bond erroneously registered “John Doe and Jane Doe” will be changed to “John Doe or Jane Doe.” We are not liable to any person for any such decision as to the closest form of authorized registration. (a) Savings bond of any series registered in the single owner form of registration. By converting a definitive bond of any eligible series registered in the single owner form of registration to book-entry in TreasuryDirect®, the owner has consented to the bond being governed by the rules regarding registration contained in subpart C of this part. (b) Savings bond of Series EE or Series I registered in the owner with beneficiary form of registration. By converting a definitive bond of Series EE or Series I registered in an owner with beneficiary form of registration to a book-entry bond in TreasuryDirect, the owner has consented to the bond being governed by the rules regarding registration contained in subpart C of this part. (c) Savings bond of Series E registered in the owner with beneficiary form of registration. The registration of a converted savings bond of Series E registered in the owner with beneficiary form of registration may be changed upon the request of the owner and the consent of the beneficiary. The transaction will not be conducted through the registered owner's TreasuryDirect account. (d) Savings bond of any series registered in the coowner form of registration. The registration of a converted savings bond of any eligible series registered in the coowner form of registration may be changed upon the request of one coowner and the consent of the other coowner. The transaction will not be conducted through the registered owner's TreasuryDirect account. (a) Savings bond of any series registered in the single owner form of registration. By converting a definitive savings bond to a book-entry bond, you have consented to the bond being treated as if it were originally issued as a book-entry bond in TreasuryDirect®. The bond will be subject to the provisions of subpart C of this part. Any transaction available for a book-entry bond originally issued in the TreasuryDirect system is available for a converted bond registered in single owner form of registration. (b) Savings bond of Series EE and Series I registered in the owner with beneficiary form of registration. By converting a definitive savings bond to a book-entry bond, you have consented to the bond being treated as if it were originally issued as a book-entry bond in TreasuryDirect. The bond will be subject to the provisions of subpart C of this part. Any transaction available for a book-entry bond purchased in the TreasuryDirect system is available for a converted bond of Series EE and Series I registered in the owner with beneficiary form of registration. (c) Savings bond of Series E registered in the owner with beneficiary form of registration. The owner of a converted Series E bond registered in the owner with beneficiary form of registration may make the following transactions: (1) Provide view rights to the beneficiary. The owner may provide the beneficiary with the right to view the bond in the beneficiary's TreasuryDirect account. Once the right to view the bond is provided to the beneficiary, the owner may not revoke that right. (2) Transfer without change in registration. The owner may transfer the bond without a change of registration to another account in the name of the owner. (3) Remove the beneficiary from the registration. The owner may remove the beneficiary's name from the registration with the consent of the beneficiary. The transaction will not be conducted through the registered owner's TreasuryDirect account. The bond will be changed to the single owner form of registration. Once the transaction is completed, the bond will be treated as a bond originally issued as a book-entry bond in TreasuryDirect, and will be subject to subpart C of this part. The owner may then perform any transaction available for book-entry bonds purchased in the TreasuryDirect system. (4) Transfer to the beneficiary or a third party with a change in registration. The owner may remove his or her name from the registration and transfer the bond to the account of the beneficiary or a third party, with the consent of the beneficiary. The transaction will not be conducted through the registered owner's TreasuryDirect account. The bond will be transferred in the single owner form of registration. Once the transfer is completed, the bond will be treated as a bond originally issued as a book-entry bond in TreasuryDirect, and will be subject to subpart C of this part. The owner may then perform any transaction available for book-entry bonds purchased in the TreasuryDirect system. (d) Savings bond of any series registered in the coowner form of registration. The converting coowner of a converted bond registered in the coowner form of registration may make the following transactions: (1) Provide view or transact rights to non-converting coowner. The converting coowner may provide the non-converting coowner with the rights to view the bond or to view and redeem the bond through the non-converting coowner's TreasuryDirect account. Once either of these rights is provided to the non-converting coowner, the converting coowner may not revoke the right. (2) Transfer without change in registration. The converting coowner may transfer the bond without a change in registration to another account in the name of the converting coowner. The bond may be transferred without the consent of the non-converting coowner, and will retain the coowner registration. (3) Remove a coowner from the registration. The converting coowner (or the non-converting coowner, if the bond has been previously transferred to the account of the non-converting coowner) may remove the other coowner from the registration. The consent of the other coowner is required. The bond must reside in the account of the coowner who is requesting the transaction. The transaction will not be conducted through the registered owner's TreasuryDirect account. The bond's registration will be changed to the single owner form of registration. Once this transaction is completed, the bond will be treated as a bond originally issued as a book-entry bond in TreasuryDirect, and will be subject to subpart C of this part. The owner may then perform any transaction available for book-entry bonds purchased in the TreasuryDirect system. (4) Transfer to non-converting coowner or a third party with a change in registration. The converting coowner may remove his or her name from the registration and transfer the bond to either the account of the non-converting coowner or to the account of a third party. The consent of the non-converting coowner is required. The transaction will not be conducted through the registered owner's TreasuryDirect account. The bond will be transferred in the single owner form of registration. Once the transfer is completed, the bond will be treated as a bond originally issued as a book-entry bond in TreasuryDirect, and will be subject to subpart C of this part. The owner may then perform any transaction available for book-entry bonds purchased in the TreasuryDirect system. The only transaction that you may conduct on a savings bond that you converted on which you are not registered as the owner, either coowner, or owner with beneficiary is to deliver the converted bond to the TreasuryDirect® account of the registered owner. (a) Before final maturity—(1) Savings bond of any series registered either in the single owner or owner with beneficiary form of registration. You may redeem your converted savings bond any time prior to final maturity after the minimum holding period through your TreasuryDirect® account. (2) Savings bond of any series registered in the coowner form of registration. The converting coowner may redeem the converted savings bond at any time prior to final maturity after the minimum holding period through his or her TreasuryDirect account. The non-converting coowner may redeem the converted savings bond at any time prior to final maturity after the minimum holding period provided that he or she has been granted transaction rights in the converted bond by the converting coowner. (b) Upon final maturity—(1) Savings bond of any series registered in the single owner, owner with beneficiary, or coowner forms of registration. If you have not previously redeemed or transferred your converted savings bond, it will be automatically redeemed for you at final maturity. (2) The redemption proceeds will be automatically used to purchase a certificate of indebtedness registered in your name and held in your TreasuryDirect account. A converted savings bond may not be pledged or used as collateral for the performance of an obligation. We may reject any application for conversion or refuse to convert a savings bond in any case or class of cases, if we deem the action to be in the public interest. Our action in any such respect is final. Source: 70 FR 57444, Sept. 30, 2005, unless otherwise noted.
This subpart provides the rules for holding marketable Treasury bills, notes, and bonds in book-entry form in TreasuryDirect®. (a) 31 CFR part 356 governs the sale and issue of marketable book-entry Treasury securities on or after March 1, 1993, whether held in TreasuryDirect®, Legacy Treasury Direct, or the commercial book-entry system. (b) 31 CFR part 357 governs holding marketable book-entry Treasury bills, notes, and bonds in the Legacy Treasury Direct system and in the commercial book-entry system. (a) Purchase. You may purchase any marketable Treasury security that is available for purchase through the TreasuryDirect Web site. (b) Hold. You may transfer into the system and maintain in your TreasuryDirect account any eligible marketable book-entry Treasury bill, note, or bond. Once you purchase a marketable Treasury security in TreasuryDirect, you may not transfer that security for a period of 45 calendar days after the issue date of the security, or the term of the security, whichever is less. You may register your marketable Treasury securities in any form of registration permitted by §363.20 of this part. You can reinvest the proceeds of a maturing security held in TreasuryDirect by first directing that the proceeds from the maturing security be used to purchase a certificate of indebtedness in your account, and then using the redemption proceeds of your certificate of indebtedness to purchase another security. Any purchase using the proceeds from a certificate of indebtedness is considered a reinvestment. (a) Legacy Treasury Direct to TreasuryDirect. 31 CFR part 357, subpart C, governs the transfer of a marketable book-entry Treasury security from your Legacy Treasury Direct account into TreasuryDirect. (b) Commercial book-entry system to TreasuryDirect. You may transfer your marketable Treasury security from the commercial book-entry system by contacting the financial institution or broker that handles your commercial book-entry account. (c) Form of registration upon transfer to TreasuryDirect. When your security is transferred into your TreasuryDirect account, it will be transferred into your account in your name in the sole owner form of registration, regardless of the form of registration prior to the transfer. After the transfer is completed, you can change the registration to any form of registration permitted by §363.20. (d) Amounts transferred. You can only transfer in increments of $1000. After the initial 45-calendar day holding period for your marketable Treasury security (see §363.203) you can transfer your security to another TreasuryDirect account in increments of $1000. After the initial 45-calendar day holding period for your marketable Treasury security (see §363.203) you can transfer your security to an account in Legacy Treasury Direct or to an account in the commercial book-entry system in increments of $1000. (a) Sell Direct. We offer a service, referred to as Sell Direct, in which we will sell your marketable Treasury security for you on the open market at your request. We will transfer your security to an account in the commercial book-entry system maintained by our agent, and will sell the security on your behalf. By authorizing the transfer and sale of the security, you agree to accept the price received by our agent. If our agent is unable to obtain at least one price quote for the security, the security will be returned to your TreasuryDirect® account. (b) Fee. We charge a fee for each security sold on your behalf. By authorizing the sale of the security, you authorize our agent to deduct the fee from the proceeds of the sale. If our agent is unable to complete the sale, no fee will be charged. The amount of the fee is published in the (c) Definitions. The following definitions will help you understand this section and the confirmation that you will receive after the sale is completed. (1) The trade date is the date that your security is sold. (2) A security, for the purpose of this section, is any amount represented by a separate CUSIP number (see definition of CUSIP in 31 CFR part 356). (3) The settlement date is the date that the proceeds of the sale are released to the financial institution that you designated to receive the proceeds. (4) The yield to maturity, or yield, is the annualized rate of return to maturity on a fixed principal security expressed as a percentage. For an inflation-indexed security, yield means real yield, as defined in 31 CFR part 356. (d) On the settlement date, our agent will release the settlement proceeds, less the fee, to the account at the financial institution that you designated. (e) When the transaction is complete, our agent will send you a confirmation. The confirmation will include the price, trade date, settlement date, settlement amount or net amount, transaction fee, and yield to maturity. (f) We are not liable for changes in market conditions affecting the price received for the security, or for any loss that you may incur as a result of the sale or the inability of our agent to complete the sale. (g) We reserve the right to terminate the Sell Direct® service at any time. A closed book period will be in effect for four business days prior to the date a marketable security interest or redemption payment is made. This means that certain transactions made during the closed book period will be delayed until after the closed book period is completed and the payment is made. You will be unable to transfer the security, change the payment destination, change the registration of the security, or use Treasury's Sell Direct® service during this closed book period. We may waive or modify any provision of the regulations in this part. We may do so in any particular case or class of cases for the convenience of the United States or in order to relieve any person or persons of unnecessary hardship: (a) If the waiver would not be inconsistent with law or equity; (b) If the waiver does not impair any material existing rights; and (c) If we are satisfied that the waiver would not subject the United States to any substantial expense or liability. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 14943, Mar. 23, 2005. Redesignated at 70 FR 57444, Sept. 30, 2005] We may require additional evidence and/or a bond of indemnity, with or without surety, in any case where we determine it necessary to protect the interests of the United States. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 14943, Mar. 23, 2005. Redesignated at 70 FR 57444, Sept. 30, 2005] We may amend, revise, or supplement these regulations at any time. [67 FR 64286, Oct. 17, 2002. Redesignated at 70 FR 14943, Mar. 23, 2005. Redesignated at 70 FR 57444, Sept. 30, 2005]
Title 31: Money and Finance: Treasury
PART 363—REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT
Section Contents
§ 363.0 What is the TreasuryDirect
§ 363.1 What Treasury securities are covered by these regulations?
§ 363.2 What agency administers TreasuryDirect
§ 363.3 [Reserved]
§ 363.4 How is TreasuryDirect
§ 363.5 How do I contact Public Debt?
§ 363.6 What special terms do I need to know to understand this part?
§§ 363.7-363.8 [Reserved]
§ 363.9 What does this subpart cover?
§ 363.10 What is a TreasuryDirect
§ 363.11 Who is eligible to open a TreasuryDirect
§ 363.12 Who may purchase and hold book-entry securities in TreasuryDirect
§ 363.13 How can I open a TreasuryDirect
§ 363.14 How will you authenticate my identity?
§ 363.15 What is the procedure for offline authentication?
§ 363.16 How do I access my account?
§ 363.17 Who is liable if someone else accesses my TreasuryDirect
§ 363.18 Is Public Debt liable if the electronic transmission of my data is intercepted?
§ 363.19 What should I do if I become aware that my password has become compromised?
§ 363.20 What do I need to know about the forms of registration that are available for purchases of securities through my TreasuryDirect
§ 363.21 What transactions can I perform online through my TreasuryDirect
§ 363.22 Who has the right to conduct online transactions in book-entry securities?
§ 363.23-363.24 [Reserved]
§ 363.25 How do I conduct transactions in my account or in Treasury securities held in my account?
§ 363.26 What is a transfer?
§ 363.27 What do I need to know about accounts for minors who have not had a legal guardian appointed by a court?
§ 363.28 Does Public Debt reserve the right to require that any TreasuryDirect
§ 363.29 May Treasury close an account, suspend transactions in an account, or refuse to open an account?
§§ 363.30-363.32 [Reserved]
§ 363.33 Can an attorney-in-fact conduct transactions in my TreasuryDirect
§ 363.34 What happens if an owner becomes incompetent after opening a TreasuryDirect
§ 363.35 When is a transaction effective?
§ 363.36 What securities can I purchase and hold in my TreasuryDirect
§ 363.37 How do I purchase and make payment for eligible Treasury securities through my TreasuryDirect
§ 363.38 What happens if my financial institution returns an ACH debit?
§ 363.39 Will I receive a confirmation of my request to purchase a Treasury security?
§ 363.40 How are payments of principal and interest made?
§ 363.41 What happens if an ACH payment is returned to Public Debt?
§ 363.42 How will my interest income be reported for tax purposes?
§ 363.43 What are the procedures for certifying my signature on an offline application for a TreasuryDirect
§ 363.44 What happens when a TreasuryDirect
§ 363.45 What are the rules for judicial and administrative actions involving securities held in TreasuryDirect
§ 363.46 What evidence is required to establish the validity of judicial proceedings?
§ 363.47 Will Public Debt pay Treasury securities pursuant to a forfeiture proceeding?
§§ 363.48-363.49 [Reserved]
General
§ 363.50 What Treasury securities does this subpart govern?
§ 363.51 [Reserved]
§ 363.52 What amount of book-entry Series EE and I savings bonds may I purchase in one year?
§ 363.53 What is the minimum amount of book-entry savings bonds that I may purchase in any transaction?
§ 363.54 What is the minimum amount of a book-entry savings bond that I must hold in my account?
§ 363.55 May I transfer my book-entry savings bonds to another person?
§ 363.56 What is the minimum amount of book-entry savings bonds that I may transfer in any one transaction?
§ 363.57 What is the minimum amount of book-entry savings bonds that I may redeem in any one transaction?
§ 363.58 May book-entry savings bonds be pledged or used as collateral?
§§ 363.59-363.82 [Reserved]
§ 363.83 May an account owner transfer a book-entry savings bond to a minor?
§§ 363.84-363.94 [Reserved]
Gifts
§ 363.95 How may I give a book-entry savings bond as a gift?
§ 363.96 What do I need to know if I initially purchase a bond as a gift?
§ 363.97 What do I need to know if I transfer a book-entry savings bond to another person as a gift?
§ 363.98 [Reserved]
§ 363.99 What is the minimum amount of a bond that I may transfer or deliver as a gift in any one transaction?
§ 363.100 What are the rules for purchasing and delivering gift savings bonds to minors?
§ 363.101 Can an account owner transfer a book-entry savings bond to a minor?
§§ 363.102-363.124 [Reserved]
Payment
§ 363.125 How is payment made on a book-entry savings bond?
§ 363.126 Under what circumstances will payment be made?
§§ 363.127-363.129 [Reserved]
§ 363.130 What does this subpart cover?
§ 363.131 What is a TreasuryDirect
§ 363.132 Can the sale of the certificate of indebtedness be suspended?
§ 363.133 What happens to my certificate of indebtedness if the offering is terminated by the Secretary?
§ 363.134 What regulations cover a certificate of indebtedness?
§ 363.135 In what form is a certificate of indebtedness issued?
§ 363.136 Do certificates of indebtedness pay interest?
§ 363.137 What do I need to know about the registration of a certificate of indebtedness?
§ 363.138 How do I purchase a certificate of indebtedness?
§ 363.139 Is Treasury liable for the purchase of a certificate of indebtedness that is made in error?
§ 363.140 When is a certificate of indebtedness issued?
§ 363.141 How do I purchase a security using the redemption proceeds of my certificate of indebtedness?
§ 363.142 Can I redeem my certificate of indebtedness for cash?
§ 363.143 What happens if an ACH payment used to purchase a certificate of indebtedness is later reversed?
§ 363.144 May I delete a pending transaction involving a certificate of indebtedness?
§ 363.145 May I transfer or deliver my certificate of indebtedness?
§ 363.146 May a certificate of indebtedness be pledged or used as collateral?
§§ 363.147-363.152 [Reserved]
§ 363.160 What subparts govern the conversion of definitive savings bonds?
§ 363.161 What definitive savings bonds are eligible to be converted to book-entry bonds?
§ 363.162 Who may convert a definitive savings bond?
§ 363.163 How do I convert an eligible definitive savings bond?
§ 363.164 Is a converted savings bond eligible to be converted back into a definitive bond?
§ 363.165 What happens when I convert a savings bond that is registered in my name as the owner, either coowner, or the owner with a beneficiary?
§ 363.166 What happens when I convert a savings bond that is not registered in my name as owner, either coowner, or owner with beneficiary (including a bond registered in the name of a minor)?
§ 363.167 How will a converted savings bond be registered?
§ 363.168 What rules regarding registration apply to a converted savings bond?
§ 363.169 What transactions can I conduct in a converted savings bond on which I am registered as the single owner, either coowner, or the owner with a beneficiary?
§ 363.170 What transactions can I conduct in a savings bond that I converted on which I am not registered as the owner, either coowner, or owner with beneficiary?
§ 363.171 How do I redeem a converted savings bond?
§§ 363.172-363.175 [Reserved]
§ 363.176 May a converted savings bond be pledged or used as collateral?
§§ 363.177-363.178 [Reserved]
§ 363.179 Does Public Debt make any reservations as to the conversion of an eligible savings bond?
§§ 363.180-363.199 [Reserved]
§ 363.200 What Treasury securities does this subpart govern?
§ 363.201 What other regulations govern book-entry marketable book-entry Treasury bills, notes, and bonds?
§ 363.202 What marketable Treasury securities may I purchase and hold through my TreasuryDirect
§ 363.203 After I purchase my marketable Treasury security in TreasuryDirect
§ 363.204 What registrations are available for my marketable Treasury securities held in TreasuryDirect
§ 363.205 How do I reinvest the proceeds of a maturing security held in TreasuryDirect
§ 363.206 How can I transfer my marketable Treasury security into my TreasuryDirect
§ 363.207 Can I transfer my marketable Treasury security from my TreasuryDirect
§ 363.208 Can I transfer my marketable Treasury security from my TreasuryDirect
§ 363.209 How can I direct that my marketable Treasury security be sold on the open market (Sell Direct
§ 363.210 Is there any period of time during which I will be unable to process certain transactions regarding my security?
§§ 363.211-363.249 [Reserved]
§ 363.250 May Public Debt waive these regulations?
§ 363.251 Can I be required to provide additional evidence to support a transaction?
§ 363.252 May Public Debt amend or supplement these regulations?
Subpart A—General
top
§ 363.0 What is the TreasuryDirect
top
§ 363.1 What Treasury securities are covered by these regulations?
top
§ 363.2 What agency administers TreasuryDirect
top
§ 363.3 [Reserved]
top
§ 363.4 How is TreasuryDirect
top
§ 363.5 How do I contact Public Debt?
top
§ 363.6 What special terms do I need to know to understand this part?
top
Subpart B—General Provisions Governing Securities Held in TreasuryDirect
top
§§ 363.7-363.8 [Reserved]
top
§ 363.9 What does this subpart cover?
top
§ 363.10 What is a TreasuryDirect
top
§ 363.11 Who is eligible to open a TreasuryDirect
top
§ 363.12 Who may purchase and hold book-entry securities in TreasuryDirect
top
§ 363.13 How can I open a TreasuryDirect
top
§ 363.14 How will you authenticate my identity?
top
§ 363.15 What is the procedure for offline authentication?
top
§ 363.16 How do I access my account?
top
§ 363.17 Who is liable if someone else accesses my TreasuryDirect
top
§ 363.18 Is Public Debt liable if the electronic transmission of my data is intercepted?
top
§ 363.19 What should I do if I become aware that my password has become compromised?
top
§ 363.20 What do I need to know about the forms of registration that are available for purchases of securities through my TreasuryDirect
top
§ 363.21 What transactions can I perform online through my TreasuryDirect
top
§ 363.22 Who has the right to conduct online transactions in book-entry securities?
top
§ 363.23-363.24 [Reserved]
top
§ 363.25 How do I conduct transactions in my account or in Treasury securities held in my account?
top
§ 363.26 What is a transfer?
top
§ 363.27 What do I need to know about accounts for minors who have not had a legal guardian appointed by a court?
top
§ 363.28 Does Public Debt reserve the right to require that any TreasuryDirect
top
§ 363.29 May Treasury close an account, suspend transactions in an account, or refuse to open an account?
top
§§ 363.30-363.32 [Reserved]
top
§ 363.33 Can an attorney-in-fact conduct transactions in my TreasuryDirect
top
§ 363.34 What happens if an owner becomes incompetent after opening a TreasuryDirect
top
§ 363.35 When is a transaction effective?
top
§ 363.36 What securities can I purchase and hold in my TreasuryDirect
top
§ 363.37 How do I purchase and make payment for eligible Treasury securities through my TreasuryDirect
top
§ 363.38 What happens if my financial institution returns an ACH debit?
top
§ 363.39 Will I receive a confirmation of my request to purchase a Treasury security?
top
§ 363.40 How are payments of principal and interest made?
top
§ 363.41 What happens if an ACH payment is returned to Public Debt?
top
§ 363.42 How will my interest income be reported for tax purposes?
top
§ 363.43 What are the procedures for certifying my signature on an offline application for a TreasuryDirect
top
------------------------------------------------------------------------ Evidence of certifying Who can certify signatures in the U.S. individual's authority------------------------------------------------------------------------(1) Officers and employees of (i) We require the depository institutions. institution's seal or signature guarantee stamp. (ii) If the institution is an authorized paying agent for U.S. Savings Bonds, we require a legible imprint of the paying agent's stamp.(2) Institutions that are members of We require the imprint of the Treasury_recognized signature signature guarantee stamp, guarantee programs (for security i.e., the STAMP, SEMP, or MSP transfers only). stamp for members of the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program, or the New York Stock Exchange Inc. Medallion Signature Program.(3) Officers and employees of corporate We require the entity's seal. central credit unions, Federal Land Banks, Federal Intermediate Credit Banks and Banks for Cooperatives, the Central Bank for Cooperatives, and Federal Home Loan Banks.(4) Commissioned or warrant officers of (i) We require a statement that the United States Armed Forces, for the person executing the signatures executed by Armed Forces assignment is one whose personnel, civilian field employees, signature the officer is and members of their families. authorized to certify under our regulations. (ii) The certifying official's rank must be shown.(5) A judge or clerk of the court...... We require the seal of the court.(6) Other persons as designated by the Evidence is determined by our Commissioner or Deputy Commissioner of procedures. Public Debt.------------------------------------------------------------------------
------------------------------------------------------------------------ Who can certify signatures in foreign Evidence of certifying countries individual's authority------------------------------------------------------------------------(1) United States diplomatic or (i) We require the seal or consular officials. stamp of the office. (ii) If there is no seal or stamp, then we require certification by some other authorized individual, under seal or stamp.(2) Managers and officers of foreign We require the seal of the branches of U.S. depository depository institution, or the institutions and institutions that are imprint of the signature members of Treasury-recognized guarantee stamp, i.e., the signature guarantee programs (for STAMP, SEMP, or MSP stamp for security transfers only). members of the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program, or the New York Stock Exchange Incorporated Medallion Signature Program.(3) Notaries Public and other officers (i) We require the official authorized to administer oaths, seal or stamp of the office. provided their authority is certified (ii) If there is no seal or by a United States diplomatic or stamp, the position must be consular official. certified by some other authorized individual, under seal or stamp, or otherwise proved to our satisfaction.------------------------------------------------------------------------
§ 363.44 What happens when a TreasuryDirect
top
§ 363.45 What are the rules for judicial and administrative actions involving securities held in TreasuryDirect
top
§ 363.46 What evidence is required to establish the validity of judicial proceedings?
top
§ 363.47 Will Public Debt pay Treasury securities pursuant to a forfeiture proceeding?
top
§§ 363.48-363.49 [Reserved]
top
Subpart C—Book-Entry Savings Bonds Purchased Through TreasuryDirect
top
General
top
§ 363.50 What Treasury securities does this subpart govern?
top
§ 363.51 [Reserved]
top
§ 363.52 What amount of book-entry Series EE and I savings bonds may I purchase in one year?
top
§ 363.53 What is the minimum amount of book-entry savings bonds that I may purchase in any transaction?
top
§ 363.54 What is the minimum amount of a book-entry savings bond that I must hold in my account?
top
§ 363.55 May I transfer my book-entry savings bonds to another person?
top
§ 363.56 What is the minimum amount of book-entry savings bonds that I may transfer in any one transaction?
top
§ 363.57 What is the minimum amount of book-entry savings bonds that I may redeem in any one transaction?
top
§ 363.58 May book-entry savings bonds be pledged or used as collateral?
top
§§ 363.59-363.82 [Reserved]
top
§ 363.83 May an account owner transfer a book-entry savings bond to a minor?
top
§§ 363.84-363.94 [Reserved]
top
Gifts
top
§ 363.95 How may I give a book-entry savings bond as a gift?
top
§ 363.96 What do I need to know if I initially purchase a bond as a gift?
top
§ 363.97 What do I need to know if I transfer a book-entry savings bond to another person as a gift?
top
§ 363.98 [Reserved]
top
§ 363.99 What is the minimum amount of a bond that I may transfer or deliver as a gift in any one transaction?
top
§ 363.100 What are the rules for purchasing and delivering gift savings bonds to minors?
top
§ 363.101 Can an account owner transfer a book-entry savings bond to a minor?
top
§§ 363.102-363.124 [Reserved]
top
Payment
top
§ 363.125 How is payment made on a book-entry savings bond?
top
§ 363.126 Under what circumstances will payment be made?
top
§§ 363.127-363.129 [Reserved]
top
Subpart D—Certificate of Indebtedness
top
§ 363.130 What does this subpart cover?
top
§ 363.131 What is a TreasuryDirect
top
§ 363.132 Can the sale of the certificate of indebtedness be suspended?
top
§ 363.133 What happens to my certificate of indebtedness if the offering is terminated by the Secretary?
top
§ 363.134 What regulations cover a certificate of indebtedness?
top
§ 363.135 In what form is a certificate of indebtedness issued?
top
§ 363.136 Do certificates of indebtedness pay interest?
top
§ 363.137 What do I need to know about the registration of a certificate of indebtedness?
top
§ 363.138 How do I purchase a certificate of indebtedness?
top
§ 363.139 Is Treasury liable for the purchase of a certificate of indebtedness that is made in error?
top
§ 363.140 When is a certificate of indebtedness issued?
top
§ 363.141 How do I purchase a security using the redemption proceeds of my certificate of indebtedness?
top
§ 363.142 Can I redeem my certificate of indebtedness for cash?
top
§ 363.143 What happens if an ACH payment used to purchase a certificate of indebtedness is later reversed?
top
§ 363.144 May I delete a pending transaction involving a certificate of indebtedness?
top
§ 363.145 May I transfer or deliver my certificate of indebtedness?
top
§ 363.146 May a certificate of indebtedness be pledged or used as collateral?
top
§§ 363.147-363.152 [Reserved]
top
Subpart E—Conversion of a Definitive Savings Bond
top
§ 363.160 What subparts govern the conversion of definitive savings bonds?
top
§ 363.161 What definitive savings bonds are eligible to be converted to book-entry bonds?
top
§ 363.162 Who may convert a definitive savings bond?
top
§ 363.163 How do I convert an eligible definitive savings bond?
top
§ 363.164 Is a converted savings bond eligible to be converted back into a definitive bond?
top
§ 363.165 What happens when I convert a savings bond that is registered in my name as the owner, either coowner, or the owner with a beneficiary?
top
§ 363.166 What happens when I convert a savings bond that is not registered in my name as owner, either coowner, or owner with beneficiary (including a bond registered in the name of a minor)?
top
§ 363.167 How will a converted savings bond be registered?
top
§ 363.168 What rules regarding registration apply to a converted savings bond?
top
§ 363.169 What transactions can I conduct in a converted savings bond on which I am registered as the single owner, either coowner, or the owner with a beneficiary?
top
§ 363.170 What transactions can I conduct in a savings bond that I converted on which I am not registered as the owner, either coowner, or owner with beneficiary?
top
§ 363.171 How do I redeem a converted savings bond?
top
§§ 363.172-363.175 [Reserved]
top
§ 363.176 May a converted savings bond be pledged or used as collateral?
top
§§ 363.177-363.178 [Reserved]
top
§ 363.179 Does Public Debt make any reservations as to the conversion of an eligible savings bond?
top
§§ 363.180-363.199 [Reserved]
top
Subpart F—Marketable Treasury Securities
top
§ 363.200 What Treasury securities does this subpart govern?
top
§ 363.201 What other regulations govern book-entry marketable book-entry Treasury bills, notes, and bonds?
top
§ 363.202 What marketable Treasury securities may I purchase and hold through my TreasuryDirect
top
§ 363.203 After I purchase my marketable Treasury security in TreasuryDirect
top
§ 363.204 What registrations are available for my marketable Treasury securities held in TreasuryDirect
top
§ 363.205 How do I reinvest the proceeds of a maturing security held in TreasuryDirect
top
§ 363.206 How can I transfer my marketable Treasury security into my TreasuryDirect
top
§ 363.207 Can I transfer my marketable Treasury security from my TreasuryDirect
top
§ 363.208 Can I transfer my marketable Treasury security from my TreasuryDirect
top
§ 363.209 How can I direct that my marketable Treasury security be sold on the open market (Sell Direct
top
§ 363.210 Is there any period of time during which I will be unable to process certain transactions regarding my security?
top
§§ 363.211-363.249 [Reserved]
top
Subpart G [Reserved]
top
Subpart H Miscellaneous
top
§ 363.250 May Public Debt waive these regulations?
top
§ 363.251 Can I be required to provide additional evidence to support a transaction?
top
§ 363.252 May Public Debt amend or supplement these regulations?
top
