The Bureau of Public Debt took action to assist victims of flooding in New York by expediting the replacement or payment of United States Savings Bonds for owners in the affected areas. The emergency procedures are effective immediately for paying agents and owners in those areas of New York affected by the storms. These procedures will remain in effect through August 31, 1998. Public Debt's action waives the normal six-month minimum holding period for Series EE Savings Bonds presented to authorized paying agents for redemption by residents of the affected area.
Most financial institutions serve as paying agents for savings bonds.
New York counties involved are Cattaraugus, Clinton, Erie, Essex, Franklin, and Wyoming. Should additional counties be declared disaster areas the emergency procedures for savings bonds owners will go into effect for those areas. The replacement of bonds lost or destroyed will also be expedited by Public Debt. Bond owners should include as much information as possible about the lost bonds on the form. This information should include how the bonds were inscribed, social security number, approximate dates of issue, bond denominations and serial numbers if available.