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(d) Payment for stamps by purchaser. savings bonds at post offices in communiIf payment is made by check, delivery of ties where no banks sell the bonds or stamps may be delayed until check has where there are no other issuing agents. cleared. Postal employees shall dispose Savings bonds are available in the folof funds received in payment of stamps lowing denominations: as postal funds. (e) Redemption from public. (1) Pay

Denomination

Purchase Maturity ment to bearer. Savings stamps are

price value transferable, and are payable to bearer at any post office if affixed to albums or 0.

$18.75

$25 L.

37.50 on cards designed for the purpose. Post

K.

56.25 al savings stamps formerly sold shall also C.

100 be redeemed if mounted in an album or

R.

375.00 on cards. Savings stamps will be re

750.00

1,000 deemed for cash if presented by banks and other institutions that have accepted

(b) Application for bonds. “Applicathem in payment for United States say

tion for U.S. Savings Bonds”, Form 920, ings bonds. Payment shall be made out

is supplied by the postmaster. The purof postal funds.

chaser must state on the form, by (2) Cancellation of redeemed stamps. Postal employees shall enter the value

denomination, the number of bonds ap

plied for, the total amount of the purof savings stamps in each album on the

chase, and the name and address to be back cover of the album in the space pro

inscribed on the face of the bond. Form vided, or near the top if no specific space,

920 may also be used in applying for and place a clear impression of the post

bonds by mail to a Federal Reserve bank office dating stamp nearby. They shall

or to the Treasury Department. cancel redeemed stamps promptly after

(c) Acceptance of funds. Funds shall acceptance. The stamps shall not be de

be accepted the same as for money faced or mutilated.

orders. (See § 171.1(b) (3) of this chap(3) Disposition of redeemed stamps.

ter.) If the postal employee does not Postal employees shall submit redeemed

want to accept a check, he shall advise savings stamps to main office with Form

the patron that a check will be accepted 1412, “Daily Cash Report”, where used. (f) Mutilated stamps. (1) The post

by the Treasury Department or a Fed

eral Reserve bank in the purchase of master will accept at face value any savings stamp that has been torn, burned, or

bonds by mail. If a check is accepted

and it fails to clear, the purchaser must badly mutilated, when one or more frag

either make the check good or return the ments can be identified as constituting

bond. If neither the money nor the bond clearly more than one half of the same

can be recovered, the post office shall stamp. If the fragment or fragments

notify the postal data center. No money are not so identifiable, the owner should send them (with the entire album, if the

may be accepted for bonds unless they

are available for immediate delivery. stamp had been stuck in an album be

Funds received shall be treated as postal fore it was mutilated) to the Treasurer

funds. of the United States, Washington, D.C.

(d) Issuance of bonds—(1) Authority 20220.

to issue. Bonds may be issued at post (2) If stamps have adhered to each

offices in the names of natural persons other so that they cannot be separated

in their own right only. Persons desiring and their value determined (which can

to purchase them in other forms of regisusually be done by soaking the stamps in

tration authorized by Treasury Departwarm water), the owner should forward

ment Circular 530 may obtain them from them to the Treasurer of the United

Federal Reserve Banks and Branches States.

and from the Treasury Department, 126 F.R. 11601, Dec. 6, 1961, as amended at

Washington, D.C., 20220. 32 F.R. 3096, Feb. 21, 1967. Redesignated

(2) Accepting applications. The postat 30 F.R. 8622, July 8, 1965; further redesignated at 31 F.R. 15350, Dec. 8, 1966)

al employee shall check Form 920, “Ap

plication for United States Savings. $ 172.4 United States savings bonds.

Bonds”, to see that inscription requested (a) Availability. The Post Office De is in a form authorized by the latest edipartment acts as agent of the Treasury tion of Treasury Department Circular Department for the sale of Series E U.S. 530 (circular may be obtained from the

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regional controller); write serial number explanation shall be made on the stub. of issued bond on Form 920; initial; and The postmaster or a designated superfile alphabetically.

visory official must initial the notation (3) Filling out bonds. The postal If the address or date is omitted from a employee shall:

stub, the postmaster must find out from (i) Issue bonds in the names of indi the purchaser whether the bond is comviduals only, as follows:

plete and, if the bond is complete, insert (a) One person: “John A. Jones." the missing data on the stub. If the

(b) Two persons-coownership form: bond is not complete, the address or date "John A. Jones or Mrs. Ellen S. Jones”. must be filled in on the bond and stub.

(c) Two persons-beneficiary form: The addition shall not be initialed. "John A. Jones, payable on death to Miss (e) Undeliverable bonds. Bonds isMary L. Jones”. Payable on death may sued and mailed by other agents, which be abbreviated as p.o.d.

are undeliverable by mail, shall be (ii) Use a typewriter if available and handled in the following manner: fill out the bond and stub in one (1) Bond shall be forwarded to the operation.

addressee if change of address is on file. (iii) Enter the full names on the bond If no change of address is on file or if and stub. Men's names may be pre addressee is deceased, bonds shall be ceded by any applicable title. Women's returned to issuing agent without further names must be preceded by Mrs. or Miss. action. A married woman's own given name (2) Bonds that cannot be delivered or must be used, not that of her husband. returned to issuing agent and unclaimed

(iv) Enter the full address of the bonds found loose in the mail shall be owner on the bond. The address of the held for 60 days. After 60 days, they coowner or beneficiary is not necessary. shall be sent to the Treasury Depart

(v) Enter the month and year in the ment, Division of Loans and Currency, upper right corner of both the bond and 536 South Clark Street, Chicago, Ill., the stub. Stamp the date of issue with 60605. the post office dating stamp in the circles (f) Examination of stock of bonds. provided on the bond and its stub.

Clerks who issue bonds shall check each (vi) Be sure that all entries are legible bond and stub to see that the denominaand exactly the same on the bond and tion and serial number agree. If the its stub.

stubs are attached to the wrong bonds, (vii) Detach stub from bond. Deliver they must be reassembled so that the bond to purchaser and retain stub for two parts of each assembly agree. The submission by postmaster with his ac postmaster shall hold bonds that cancounting period bond report.

not be reassembled, report the discrep(4) Errors on bonds. (i) If an error ancy to the postal data center, and is discovered on a bond after it is issued, await instructions. it should be returned to the postmaster (g) Certification for payment-(1) for correction. If returned during the What to certify. Postmasters shall not accounting period of issue, and if the cash savings bonds but will certify them error was made by the postmaster, he for payment if sufficient identification shall spoil the bond and stub, write the is furnished and if the bonds are to be name of the office on them, and issue a forwarded by the owner to a Federal new bond in its stead. He shall correct Reserve bank or to the Treasurer of his records if necessary.

the United States for payment. The (ii) If an error is discovered after the

certification may be made on the bond accounting period of issue, or if the error itself or on a detached request for paywas not the fault of the postmaster, the ment, Treasury Department Form TD postmaster shall prepare a receipt for 1522. Bonds that are to be presented the bond in triplicate; give a copy to the to banks or trust companies for payowner; keep a copy; and send the origi ment shall not be certified nal with the bond to the postal data (2) How to certify. The certifying center for reissue. The reissued bond officer must require positive identificawill be mailed direct to the owner.

tion that the person presenting the bond (5) Errors on stubs. If an error is is the person whose name is inscribed on the stub only and the bond is correct, on the bond and must be sure there is no or if an inscription needs explaining (as alteration or erasure on the bond. If when a feminine owner's given name is the registered owner signs by mark, his one generally accepted as masculine), an mark must be witnessed by at least one

disinterested person besides the certify PART 173_POSTAL SAVINGS ing officer. All certificates must be in the

Sec. name and title of the postmaster, fol

173.1 System discontinued. lowed by the certifying officer's signa

173.2 Records of accounts. ture and official title. The specially des 173.3 Ownership and privacy of accounts. ignated clerk or carrier must sign as 173.4 Interest on deposits. “designated clerk” or “designated car

173.5 Making withdrawals.

173.6 Inactive accounts. rier".

173.7 Depositor's lost, stolen or destroyed (3) Who may certify. The following

certificates. persons may certify to requests for pay 173.8 Office records and records of deposlment on bonds: postmaster; assistant

tors' accounts. postmaster; any postal inspector; super AUTHORITY: The provisions of this part visor; or clerk temporarily in charge of

173 issued under R.S. 161, as amended; 5 the office, branch, or station; or any

U.S.C. 301, 39 U.S.C. 501, 5201-5224. clerk or carrier specially designated by

§ 173.1 System discontinued. the postmaster. (h) Payroll savings plan.-(1) Object.

The Postal Savings System was dis

continued by Public Law 89–377, apThe plan permits employees of the Postal Service to authorize withholding of

proved March 28, 1966. The effective

date for closing the System was April 27, salary deductions for the purchase of

1966. Since that date no postal savings Savings Bonds. The availability of the

deposits have been accepted. The law payroll savings plan shall be made known

provides that all funds remaining on to all employees.

deposit on July 1, 1967, will be trans(2) Authorization. Standard Form

ferred to the Treasury Department and 1192, U.S. Savings Bonds Authorization

held there subject to proper claims. Infor Purchase and Request for Change,

terest ceases to accrue on certificates on shall be used by employees who wish to

the interest anniversay dates of the indiauthorize deductions from pay each pay

vidual certificates occurring before April period or to authorize any changes de

26, 1967. After that date no more insired in deductions or bonds. The form

terest will accrue on any certificate, but shall be completed in detail by the em

the face value of the certificate and the ployee and forwarded by the postmaster

interest due to anniversary date will be or other official to the postal data center.

paid whenever the certificate is surrenThe minimum deduction is $3.75 each

dered. Depositors are not required to pay day. Larger allotments in multiples

withdraw their deposits, but are encourof $1.25 may be made.

aged to do so. (3) Issuance of Bond. The postal data center will issue bond and deliver to pur

(32 F.R. 3294, Feb. 25, 1967) chaser when deductions are sufficient to § 173.2

Records of accounts. pay for it. Bonds of the $50 and higher denominations will be given an issue

The card record, Form PS 600, “Record date of the first day of the month in

of Postal Savings Account,” established

when an account was opened, will be which at least half of the purchase price is accumulated, regardless of the num

maintained as the official record of the

account at the office where opened. The ber of payroll deductions required to

amount of each deposit, the amount of complete the full purchase price of the

each withdrawal, and the balance on debond.

posit are entered on the record. (4) Refund of Deductions. The postal

(32 F.R. 3294, Feb. 25, 1967) data center will refund withheld deductions insufficient to purchase a bond if § 173.3 Ownership and privacy of acthe employee is separated from the serv

counts. ice or cancels his withholding authoriza (a) Claims. When there is any distion.

pute as to ownership, or a claim by other [26 F.R. 11601, Dec. 6, 1961, as amended at

than the depositor is made for payment 28 F.R. 6538, June 26, 1963; 32 F.R. 3096, Feb. 21, 1967. Redesignated at 27 F.R. 225, Jan.

of a postal savings account, the post9, 1962; 30 F.R. 8622, July 8, 1965 and further master will withhold payment of withredesignated at 31 F.R. 15350, Dec. 8, 1966) drawals from the account involved pend

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.

(a) On demand at office of issue. All 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

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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 à 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

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