Public Debt Doubles Online Savings Bond Purchase Limit to $1,000 at New Savings Bonds Direct Web Site

FOR IMMEDIATE RELEASE

November 2, 2000

Treasury's Bureau of the Public Debt announced today that it increased the online purchase limit for savings bonds to $1,000 per transaction. The move coincides with the launch of Savings Bonds Direct. Savings Bonds Direct is an enhanced online sales site designed to make the secure savings bond purchase experience speedier and more convenient. Savings Bonds Direct also adds Discover Card to MasterCard and Visa as a payment option.

“We built features into our new site that our customers told us they wanted, including making it accessible to WebTV users.” said Van Zeck, Commissioner of the Public Debt. “In addition to offering a new payment option and a higher purchase limit, Savings Bonds Direct meets the latest accessibility standards for the handicapped.”

“We wanted to have Savings Bonds Direct ready for the holiday gift giving season,” said Zeck.“The new site makes five-minute holiday shopping from home a reality.”

Public Debt estimates that nearly half of all individual bonds bought online are purchased as gifts. By shopping early, customers can have the bonds delivered to themselves for presentation or, for last minute gifts they can download an attractive gift certificate.

Savings Bonds Direct at www.savingsbonds.gov is open seven days a week, 24 hours a day. Customers receive a confirmation of purchase while online. Bonds continue to be delivered, by mail in 7 to 10 days. The site uses Secure Sockets Layer encryption to protect data transmitted to and from the site.

Online sales of savings bonds continue to grow, recently averaging $10 million per month. Since the introduction of online sales in November 1999, Americans have purchased some $81 million in bonds over the Internet. Series I, inflation-indexed savings bonds, are the overwhelming online customer choice, accounting for 92 percent of sales since May of this year.

Govolution, Inc., was selected as the provider of credit card collection services for Public Debt's online sales site. Savings Bonds Direct replaces the Savings Bond Connection, Public Debt's original online storefront.