Investing in securities offered by the US Department of the Treasury provides a safer strategy for your portfolio. Although savings bonds are no the highest yielding when it comes to interest, the Series EE bonds are guaranteed if you let them ride through maturity. You can double your investment over 20 years and make even more if you leave them for 30. As an investor, it's wise to become familiar with all aspects of the United States Department of the Treasury. The Bureau of Public Debt was an agency that existed within the US Dept of the Treasury. The routing number of the account used to make electronic transfers is one that you may need to know if you plan to conduct any financial/investment transactions.
What is the function of the Bureau of Public Debt?
According to Investopedia, it was the division charged with borrowing funds used to use of the federal government. The agency was also responsible for overseeing the government's outstanding debt accounts, among other federal service provisions. The agency was created by President Franklin D. Roosevelt in 1940. Its purpose was to reorganize the former Public Debt Service. It replaced the previous agency and proceeded forward with the mission to centralize the debt of the federal government through borrowing money. As such, the Bureau of Public Debt got into the business of selling fixed income securities including notes, bonds, Treasury bills, TIPS, and US Savings Bonds. The annual amount of borrowing amounted to $5 trillion, auctioning marketable securities. Investors would bid for the securities as they become available. There were more than 40,000 offices of the Department of Public Debt spread across the nation for this purpose. The transactions included receiving investor funding from the sale of securities and paying interest on the securities as they matured. This changed the size of the public debt on a daily basis as the bureau made daily reports of funds brought it and paid out. This agency took on the tasks of physical sale, granting receipts and keeping these securities and savings bonds safe as well as processing claims for destroyed, stolen, or lost securities. The Bureau of Public Debt became a part of the Financial Management Service in October of 2012. The joining of the two agencies resulted in the Bureau of the Fiscal Service under the US Secretary of the Treasury.
What is the routing number for the Bureau of Public Debt?
Bank Code explains that the routing number for the Bureau of the Public Debt is 051736158. It is a 9 digit code that identifies the financial institution in a transaction. It also provides information about the location where the bank account was opened. It is also called a routing transit number or ABA routing number. It is essential to have this number for sending or receiving funds to or from the account.
Why do I need to know the Bureau of the Public Debt routing number?
There are several situations that would require you to know the routing number for the Bureau of the Public Debt. It is essential for setting up direct deposit, for making recurring funds transfers or automatic payments. This specific routing number is also necessary to have when you file your taxes or if you receive your tax refund, or make a tax payment. It can also be used for making ACH transfers between various bank accounts. Without the right routing number, transactions can not be completed.
Where do you find the routing number for the Bureau of Public Debt?
The Bureau of the Public Debt routing number is found on the left side of the bottom of every check that is issued by the Bureau of the Public Debt.
Beware of fraudulent activities
Treasury.gov is vigilant and always on the lookout for signs of fraud. Incidences of fraud have been investigated by the bureau, uncovered, and disclosed to all stakeholders. Bogus treasury checks, bonds, notes, and account numbers have surfaced from time to time. The Office of the Inspector General moves swiftly to alleviate these situations as soon as they become aware of them. Individuals obtained routing numbers from the Treasury Bureau and other agencies within the US Treasury through the internet and by attending seminars where the numbers were shared. The banks have been the prime victims of most scams but it can happen to investors as well. The Bureau of Public Debt has several different routing numbers.
How do you avoid becoming the victim of fraud?
The best line of defense is to make sure that all communication and transactions you conduct are with confirmed agencies of the US Department of the Treasury. There are hundreds of scams out there. When you set up an account with TreasuryDirect, you enter a secure site that is guarded by the latest technological advances in the field of IT. The site is secure, and your financial transactions, along with your sensitive personal information are strictly guarded. Avoid dealing with companies that act as agents of the US Treasury Department. Instead, you should only make investments through the original source. Scammers are out there and they have mastered the ability to print out counterfeit paper notes as well as electronic notes that may appear to be authentic.
The Bureau of the Public Debt maintains several different routing numbers that are readily available to the public. These numbers help to ensure that financial transfers are made quickly and efficiently from one financial account to another. It's vital to use the correct number when you conduct financial transactions whether you're sending or receiving funds from the bureau. Although there are scams taking place most of the time, you can keep your private information secure by dealing directly with the US Dept of Treasury through their official website.
Written by Allen Lee
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