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ing instructions from the Postal Data Center.

(b) Ownership. The determination of any court of competent jurisdiction, unless appealed, is accepted as conclusive of title to postal savings account, and payment in accordance with such determination operates as a full and complete discharge of the United States from any further claim. An authenticated copy of the court determination must be submitted to the post office.

(c) Privacy of accounts. Postmasters and postal employees shall not disclose the name of any postal savings depositor nor give any information concerning a particular account to any person other than the depositor himself without specific authority, except that the balance on deposit may be given in the following circumstances:

(1) When a depositor is deceased or has been adjudged mentally incompetent, the information may be furnished to the duly appointed legal representative or next of kin.

(2) On the request of any State or county supervisor of old-age or unemployment assistance established pursuant to the Social Security Act of August 14, 1935, as amended, if the supervisor states he believes the applicant may have a postal savings account.

(3) When an applicant for relief has given written permission to representatives of relief agencies not connected with the Social Security Act of August 14, 1935, as amended, if the relief supervisor states he believes the applicant may have a postal savings account.

(4) On request of an Internal Revenue agent investigating a tax deficiency, if the agent has reason to believe the person may have a postal savings account. [26 F.R. 11603, Dec. 6, 1961, as amended at 32 F.R. 3295, Feb. 25, 1967. Redesignated at 31 F.R. 15350, Dec. 8, 1966]

§ 173.4 Interest on deposits.

(a) Rate. Deposits earn interest at the rate of 2 percent per year from the first day of the month following the date of deposit.

(b) Compound interest. Interest is compounded annually on whole dollar amounts on certificates issued on or after September 1, 1954.

(c) Simple interest. Certificates surrendered between annual periods, or for periods of less than 1 year, earn simple interest computed quarterly. Deposits

made before September 1, 1954, earn simple interest until paid or interest

ceases.

(d) Payment of interest. Interest ceases to accrue on a certificate on the interest anniversary date occurring between April 27, 1966, and April 26, 1967. The interest that accrues during any quarter is payable on or after the first day of the next quarter. Subject to the limitation that interest ceases to accrue on the interest anniversary date of a certificate, monthly interest is payable for each full month beyond the end of an interest quarter.

(e) Taxation. Interest credited to postal savings accounts on moneys deposited on and after March 1, 1941, is not exempt from Federal income taxes, but interest credited to postal savings accounts on moneys deposited prior to March 1, 1941, is wholly exempt from Federal income tax.

[32 F.R. 3295, Feb. 25, 1967]

§ 173.5 Making withdrawals.

All

(a) On demand at office of issue. or any part of funds deposited at the office of issue may be withdrawn on demand. Immediate payment will be made, unless the amount is large and the postmaster has to obtain the necessary funds, in which case a temporary receipt for the certificates will be given. Depositors are not required to withdraw deposits, but any funds not withdrawn by July 1, 1967, will be turned over to the Treasury Department and claim for payment will have to be made to that office.

(b) In person. (1) The certificates will be paid at the office of issue if the postmaster is satisfied as to the identity of the holder. The postmaster must identify the depositor with the information shown on his account Form PS 600. Compare fingerprints if equipment is available.

(2) Compute interest and enter the amount due on certificate. (Use monthly interest tables, Schedule 100-B for 1939 or earlier series, and Schedule 100C for 1954 series.)

(3) Have the depositor sign the certificates in the postmaster's presence.

(4) Pay from postal funds, or use Treasury (symbol 9500) check where authorized.

(5) If any payment is questioned, give the depositor a receipt on Form PS 305, "Depositor's Receipt for Certificates Sur

rendered Without Payment" for the certificates, and send the account, certificates, and a statement to the postal data center.

(c) Through a representative—(1) Designated on Form 304 When personal appearance is not possible, the holder of the account may designate a representative to make a withdrawal. When it has been shown to the postmaster's satisfaction that the holder cannot appear in person, the postmaster will give the representative Form 304, "Authorization to Pay Postal Savings Through a Depositor's Representative", for the depositor to fill out and sign. When the executed order and endorsed certificates are presented to the postmaster, he shall compare signature and other identification data on Form 304 with that on the Form PS 600; satisfy himself as to the identity of the applicant and of the representative and that the depositor wishes to withdraw funds; and complete transaction as stated in paragraph (b) of this section.

(2) Powers of attorney. Powers of attorney will be accepted only when executed by members of the Armed Forces of the United States serving abroad and must be accompanied with a statement from the attorney-in-fact that the depositor is still living and is stationed outside the United States. The papers will be submitted by the postmaster to the Department for approval and no payment will be made until he has received approval.

(d) By mail. Withdrawals may be made by mail, using Form 315, "Depositor's Application to Withdraw Postal Savings by Mail", which will be furnished by the postmatser. The depositor must mail Form 315 and the signed certificates to the office where his account is held (depository office). If the postmaster at the depository office is satisfied as to the applicant's identity, he will follow directions and instructions on Form 315, pay by check or money order, and send payment by registered mail, if requested, to the depositor-deducting any money order or registry fees. The depository office will file Form 315 with the depositor's account Card, Form PS 600.

(e) Withdrawal of bankruptcy funds. Certificates must be endorsed by the depositing officer or agent (or his successor, whose appointment must be evidenced by a court order) and, in addi

tion, may be countersigned by another individual in his representative court capacity if it is the requirement of the referee having jurisdiction over the funds in question.

(f) By nonresident aliens—(1) Definition. A nonresident alien is a depositor who sends an application for withdrawal from a location outside of the continental United States, or its possessions or military establishments. Withdrawal may be made by mail or through a representative. See paragraphs (c) and (d) of this section.

(2) Interest on deposits. The interest on deposits made after March 1, 1941, is subject to withholding tax if the postmaster does not have information that the depositor is a citizen of the United States.

(3) Method of payment. Instructions on Form 304 or 315 shall be followed. A Treasury check, drawn to the order of the Board of Trustees, Postal Savings System, for the full amount of principal and interest due, shall be sent to the Bureau of Finance and Administration (Postal Savings), together with a completed Form 320, "Letter Transmitting Postal Savings Payments by Mail," and name and address of depositor and of representative, if any. If no checking credit has been granted, the postal data center should be asked to draw a check in favor of the Board of Trustees, Postal Savings System, and to send it to the Bureau of Finance and Administration. The Bureau of Finance and Administration will deduct the tax and mail the payment to the depositor representative.

(g) By levy for deficiency in Federal income tax. (1) A postmaster served with notice of levy by Internal Revenue agent shall

(i) Put stop payment on account and notify depositor in writing of the levy served and request surrender of all or sufficient number of certificates to satisfy tax deficiency. Have depositor endorse certificates. Pay Internal Revenue Service and obtain receipt. File receipt with Form PS 600. Pay depositor any amount due on certificates above the amount of the levy.

(ii) If certificates are not surrendered as requested within 10 days from date notice was mailed, prepare Form PS 607, "Depositor's Application for New Postal Savings Certificates," in duplicate, for all certificates outstanding in the ac

count. Describe the certificates in section A and enter an explanation in the space provided for depositor's signature. Enter the amount of the entire outstanding balance in the account in the space to the right of the words "Section B" (on both original and duplicate). Attach the notice of levy to the original Form PS 607 and send them and the Form PS 600 to the postal data center. Retain the duplicate Form PS 607 as a record of the amount to be shown in your postal savings records and Form 704 or 714 as transferred to postal data center. Include the amount with the total of all Forms PS 607 sent to the postal data center for payment of missing certificates during the reporting period under item 38. (See § 173.7(b).)

(2) The postal data center will draw a check in favor of the Internal Revenue Service for the amount due it and a check in favor of the depositor for any balance in the account due him. The checks will be mailed direct to the Internal Revenue Service and to the depositor. The postal data center will annotate Form PS 607 and Form PS 600 to fully explain the action taken and will enter on each the payee, number, date, and amount of each check drawn. The Form PS 600 will be placed in the postal data center's file of paid accounts. The notice of levy will be firmly attached to Form PS 607 and both will be retained by postal data center as permanent records.

(h) Deceased depositors-(1) Accounts of $20 or less. A postmaster may, without specific authority, pay an account of $20 or less to the following upon presentation of proper evidence and written request by the applicant.

(i) Administrator or executor. (ii) An entitled distributee or legatee on behalf of other distributees or legatees under a decree of distribution.

(iii) Surviving spouse, child, or parent, in the order named, or in the absence of any one of these, a brother or sister, if no administration on the depositor's estate has been asked for or granted.

(iv) The undertaker or other preferred creditor in the absence of administration or next of kin.

(2) Accounts over $20-(i) To whom payable-(a) Accounts that do not require administration. If a depositor dies intestate and the amount on deposit is $500 or less, or if the laws of the State in which the money is deposited provide

either specifically or by court decision for the payment of a larger amount without administration, the next of kin, undertaker, person who paid the funeral expenses, or other preferred creditor may apply for payment.

(b) Accounts that require administration. When the amount on deposit is such that more than $500 will be available for distribution to heirs after allowing for payment of preferred claims, the amount due a deceased depositor in the final settlement of his account will be payable only to the legal representative appointed under the laws of the State in which the money is deposited, unless administration is not required by the State laws. Proper authority of the legal representative must be presented to the postmaster where the account is held.

(ii) Authority for payment. Certain large offices have been given specific authority by letter to pay accounts applied for by locally appointed administrators or executors. In all other cases at these offices and at all other offices, postmasters must report a depositor's death to the postal data center, using Form 1809, "Report of the Death or Incompetence of a Depositor", and await instructions before paying. All applications or legal papers that will be of assistance in settling the claim must be attached to the Form 1809. The following papers are necessary:

(a) When administration is required. (1) A legal representative must submit a court order certifying his appointment within the past year.

(2) A person designated by the court to receive the account must submit Form 1680, "Application for Payment of the Postal Savings Deposits Standing to the Credit of a Deceased Depositor", with proper court order.

(b) When administration is not required.

(1) Claim by a beneficiary under a will must (if the distributable balance is less than $500 and the State does not require the will to be probated) be submitted on Form 1680 with receipts mentioned in Form 1680, a certified copy of the will, and a Form 134, "Release", by each of the beneficiaries and/or entitled next of kin.

(2) Claim by one of the next of kin entitled by law to share in the estate, or by the person who paid the funeral expenses, must be submitted on Form 1680 if depositor dies without a will and

not more than $500 will be available for distribution after allowing for payment of preferred claims. (Some States permit payment of a larger amount without administration.)

(3) Claim by undertaker or other preferred creditor must be submitted on Form 1672, "Application of Undertaker for Payment of Funeral Expenses From Funds to the Credit of a Deceased Depositor", with itemized statement of services rendered and a certification of claim by a responsible heir on Form PS 115-A, "Certification of Bill from Undertaker". The undertaker's receipted bill must be submitted if claimant is other than undertaker.

(4) Claim by foreign consular officer must be submitted on Form PS 112, "Application of Consular Officer for Payment of the Balance Remaining to the Credit of a Deceased Depositor", if the depositor is a United States resident, dies without a will, and is survived by alien heirs residing in a foreign country who are entitled to all or part of the amount of deposit.

(3) Payment. The signature of the payee(s) must be obtained on each certificate and on a receipt for interest due, in the following form: "John Doe by Richard Roe" (executor, widower, guardian, or other proper title). The account must be paid in full. The office copy of Form 1809 must be completed to show the date of payment, and must be placed with the paid certificate. (Clips or staples must not be used.) The amount of payment for accounts of $20 or less shall be endorsed on the written request of the applicant, and the request shall be placed with the paid certificate. (Clips or staples must not be used.) The postal data center shall be advised if payment cannot be made.

depositors.

(i) Legally incompetent (1) The amount on deposit for mentally disabled or other legally incompetent depositors, other than minors, will be payable to the guardian, committee, conservator, or other legally appointed representative on presentation of proper evidence of appointment. A court order directing guardian to collect account of a minor is required before payment may be made to the guardian. When the depositor has been judicially declared incompetent and no guardian or other legal representative has been appointed and the gross value of the incompetent's estate is sufficiently small, application for withdrawal may be made by a State

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When a depositor whose inactive account has been transferred to the postal data center as "unclaimed" requests payment, the postmaster will furnish him a Form 315 and instruct him to complete and send it, with the endorsed certificates, to the postal data center where the account is held. Payment will be made by the postal data center direct to the depositor. Partial payment of unclaimed accounts will not be made; they must be paid in full.

[32 F.R. 3295, Feb. 25, 1967]

§ 173.7 Depositor's lost, stolen, or destroyed certificates.

(a) Report to postmaster. A depositor should advice the postmaster at the office where his account is held when any of his certificates are lost, stolen, destroyed, or improperly withheld. The postmaster will furnish the depositor with Form PS 607, "Depositor's Application for New Postal Savings Certificates," in duplicate. Replacement certificates will not be issued, but Form PS 607 will serve as the depositor's application for payment of missing certificates. Payment will not be made by postmasters, but by postal data centers. (See paragraph (b) of this section.) If a certificate is found after application for payment on Form PS 607 has been made, it must be given to the depository postmaster.

(1) If

(b) Application for payment. a depositor has certificates for only a part of the balance in his account, the postmaster shall pay them in the regular manner and record the payment on the record of the account, Form PS 600. The postmaster will not pay any amount claimed for which the depositor does not have certificates. He shall follow instructions in subparagraphs (2) and (3) of this paragraph.

(2) Form PS 607 shall be prepared for missing certificates if depositor knows they cannot be recovered. If depositor

is uncertain as to what happened to his certificates, he should be asked to search again and return in 10 days to fill out Form PS 607. (Exception may be made if delay will cause the depositor hardship.) Form PS 607 must be prepared in duplicate. The serial numbers of the missing certificates should be verified against those on Form PS 600. The application must not be certified in the postmaster's name until the identification data in section E, paragraph 4, has been verified with that on the Form PS 600 to identify the applicant as the true depositor. Any difference between item 39 of the postal savings records and the total of Form PS 600 should be shown on Form PS 607. The amount of the outstanding balance shown on Form PS 600 should be written in the space to the right of the words "Section B" (on both original and duplicate).

(3) Postmasters will forward the original Form PS 607 and the Form PS 600 to the postal data center for verification and payment of missing certificates direct to depositor. Postmasters will retain the duplicate of Form PS 607 as a record of the amount transferred to the postal data center. The total of all Forms PS 607 sent to the postal data center during the reporting period should be entered under item 39 on Form 704 or 714 with an explanation. Postmasters shall file duplicates of Form PS 607 with the account records of paid postal savings accounts and retain them for 6 years.

(4) Postal data centers will send a check for the total of the missing certificates and interest due direct to the depositor. They will retain the Form PS 600 and original Form PS 607 and will file the Form PS 607 in their permanent files so that if the certificates are presented for payment at any future date there will be evidence that the amount they represent was paid.

(c) Disposition of recovered certificates. The postmaster shall mark recovered certificates "Canceled," enter the date, and send them to the postal data center with an explanation. [32 F.R. 3296, Feb. 25, 1967]

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amount of principal in "Transaction Amount" column, and the balance in "New Balance" column, followed by the initials of the paying clerk in the "By” column, all on the same line. The transaction must be dated opposite original issue of certificate in "Date Paid" column. Certificates must be stamped paid with special paid date stamp and initialed. A report shall be made on Form 713 or Form 708 and the paid certificates shall be sent to postmaster daily. The postmaster must send the paid certificates with Form 704 or Form 714 to the postal data center each accounting period.

(b) Verifying records of accounts. The postmaster shall verify records of accounts as follows:

(1) Daily verification. Do not file Forms PS 600 which have been withdrawn in the day's business until the payments and extensions have been verified by adding separately the payments recorded for the day and the balance to the credit of depositors before and after entry of the day's business. Check the total of payments against the payments as recorded in Form 708 or Form 713.

(2) Six months' verification. Verify the balance in item 39 of Form 704 or 714 with the total of the balances on the depositors' Forms PS 600 every 6 months. If the totals do not agree, check addition or subtraction on depositor's cards. If no error is found, check the entries on the cards with the records of certificates paid. Place a dummy account card, Form PS 600, in the front of the file, on which enter the amount of the difference (circling the amount if the total of the balances of the Forms PS 600 is in excess of the amount in item 39 of the Form 704 or 714). Report to the postal data center for additional instructions only when an unusual situation arises.

(c) Filing and closing accounts. The postmaster shall file and close accounts as follows:

(1) Filing. File the Forms PS 600 numerically by account numbers. Maintain an alphabetical cross-index card file (if many accounts) showing the depositor's name and account number.

(2) Closing. Mark the depositor's Form PS 600 "Account Closed" when all certificates issued to a depositor have

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