U.S. Savings Bonds
You may set up a Payroll Savings Plan to purchase electronic savings bonds in TreasuryDirect.
The Payroll Savings Plan feature allows you to make recurring purchases of electronic Series EE and Series I Savings Bonds, funded by a payroll allotment. Simply set up your Payroll Savings Plan and schedule a regular payroll allotment with PCC. Payroll will send the allotment directly to your TreasuryDirect account.
Setting up your Payroll Savings Plan in TreasuryDirect
Before asking PCC to start your payroll allotment, you must first set up a Payroll Savings Plan in your TreasuryDirect account. You will need to provide registration and purchase information.
You may purchase either Series EE or Series I Savings Bonds for any amount from $25 to $5,000. Electronic savings bonds are always purchased at full face value.
You may use any registration you have listed in TreasuryDirect or you may add a new registration for your savings bond. Gift savings bonds are also available through the Payroll Savings Plan.
Setting up a Payroll Allotment with your employer
After you have your TreasuryDirect account set up, fill out and send in the Savings Bond Direct Deposit Form to the PCC Payroll Department, DC-101. Provide the following information for scheduling electronic deposits into your TreasuryDirect account:
- TreasuryDirect’s Routing Number 051736158;
- Your ten-digit TreasuryDirect account number, without hyphens, followed by the letter “P” (Example: A123456789P);
- The amount of your allotment; and
- Type of account. Your TreasuryDirect account can be marked as a type 22 (checking) or 32 (savings). We will accept either type.
The incoming credits from PCC Payroll will result in the purchase of a Payroll Zero-Percent Certificate of Indebtedness (Payroll C of I) within your TreasuryDirect account. Each time your Payroll C of I balance reaches your designated purchase amount, a savings bond will be issued. (For example, if your payroll allotment is $10 each pay period, and you have chosen a purchase amount of $25, after your third allotment is received, a $25 savings bond will be purchased from your Payroll C of I and the remaining balance will be $5 until the next allotment is received.)
Please note: A Payroll Zero-Percent Certificate of Indebtedness is a Treasury security that does not earn any interest. It is intended to be used as a source of funds to purchase Series EE and Series I Savings Bonds through the Payroll Savings Plan.
Stopping your payroll allotment and redeeming your Payroll C of I
You must contact PCC Payroll to stop your payroll allotment. There is no need to edit your Payroll Savings Plan information when you stop your allotment.
You may redeem all or part of your Payroll C of I by going to Manage Direct and selecting the Redeem Securities text link. You may choose to redeem the full amount or a partial amount. You must select a payment destination bank for the Payroll C of I. Note: Redemption of your Payroll Zero-Percent C of I does not stop your payroll allotment.
Viewing Payroll Savings Plan transaction records
You can access history records about savings bonds purchased through the Payroll Savings Plan, view records about your Payroll C o f I transactions, and view changes made to your Payroll Savings Plan by clicking the History tab.
For more information and to set up your TreasuryDirect account, please visit the TreasuryDirect website.