Automated U.S. savings bond redemption
Teller BondMaster™ allows tellers to redeem U.S. savings bonds at their workstations in seconds by simply selecting the bond issue date and series type. Teller BondMaster quickly and automatically calculates the amount of interest due to the customer, reducing wait time. Teller BondMaster stores Social Security numbers and mailing addresses to ensure that interest information is reported accurately to the IRS. Additionally, the system moves the tax information into the core system’s year-end files, enabling the bank to accurately report 1099 interest to the IRS.
What It Does
- Calculates the amount of interest due to the customer when the teller inputs the bond issue date and series type.
- Automatically transfers tax information into the core system’s year-end files, enabling the bank to accurately report 1099 interest to the IRS as a by-product of redeeming the bond.
What It Does For You
- Eliminates the need to look up savings bond interest in booklets or online, reducing lengthy customer waits.
- Eliminates errors and confusion in redeeming bonds.
- Enables banks to avoid the time-consuming task of maintaining IRS reporting of customers and non-customers who redeemed bonds.