Statue of President Lincoln at the Lincoln Memorial

Treasury Securities Services

Funding the Government, Serving the Investor

Treasury Securities Services supports the millions of investors who own Treasury securities.  The major offices are:

  • Wholesale Securities Services.  Involves the sale and issuance of $8.522 trillion in Treasury securities in 2017, as well as operation of Treasury and Federal Reserve systems that support the bills, notes, bonds, Floating Rate Notes, and TIPS currently held by institutional investors and their customers.

  • Retail Securities Services.  Largely serves individual investors, many of whom own U.S. Savings Bonds.

Wholesale Securities Services

This office ensures that the government's critical financing needs are met and that the integrity and efficiency of primary and secondary markets for Treasury securities are maintained. It also includes regulatory responsibilities.

Using the regulatory authority of the Government Securities Act of 1986, we promote the integrity and efficiency of the secondary market for Treasury securities. We also identify the securities that can be pledged to the government as collateral and determine how these securities are valued. This work ensures that both government funds on deposit at commercial banks and private-sector contracts with the government are secured.

Treasury's objective is to meet the government's financing needs at the lowest cost over time. Efforts to support this objective include educating bidders like you about auction rules, operational procedures, and investment products.

To help us provide accurate and timely auction information, we make it a point to listen to our investors and understand the information you need. We strive to provide accurate and timely auction information and we're always looking for opportunities to reduce the barriers to auction participation.

Also, we're always looking for opportunities to reduce the barriers to auction participation. We want to make it easy for you to take part, and our overriding regulatory goals help ensure the safety and soundness of primary and secondary Treasury markets for you.

Our strategic directions for the Wholesale Securities Services program are:

  • Guarantee operational readiness to meet the federal government’s critical financing needs. 

  • Protect and strengthen Treasury’s borrowing capabilities.

  • Preserve confidence in Treasury auctions through compliance.

  • Educate and build relationships with our large investors.

  • Enhance government securities regulations.

Retail Securities Services

We want to make it as efficient and easy as possible for the public to learn about our products and services, make informed decisions about buying Treasury securities, and manage their Treasury investments efficiently.

This program encompasses the issuance, servicing, and redemption of U.S. Savings Bonds in both electronic and paper form, as well as marketable Treasury securities sold in electronic form directly to retail investors.  It also includes the servicing and redemption of outstanding marketable securities that were issued in paper form.

Operationally, this program has four distinct elements:

TreasuryDirect®. The centerpiece of the Retail Services strategic direction is this self-service, Internet-accessed system. Customers go online to establish accounts, purchase savings bonds and marketable securities, and manage their holdings.

Securities in the system are electronic.  Customers can convert paper savings bonds to electronic form and hold them here. Individuals and some entities can hold accounts in this system. 

More than a half-million accounts hold a total of over $20 billion.

Paper Savings Bonds. This element includes all activity by the Fiscal Service, Federal Reserve, and other agents to issue, service, and redeem paper savings bonds.

Some 50 million people hold more than 600 million paper savings bonds worth a total of roughly $170 billion.

Legacy Treasury Direct. Introduced in 1986 when Treasury began issuing marketable securities exclusively in electronic form, this program is being phased out.

Paper Marketable Securities. Although Treasury stopped issuing marketable securities in paper form in 1986, we still service outstanding obligations.  The last issue of these paper securities matured in 2016.

Our strategies for the Retail Securities Services program are:

  • Improve the quality and efficiency of service to retail customers.

  • Encourage redemption of outstanding, matured Treasury securities.

Our Other Major Websites


TreasuryDirect is the first and only financial services website that lets you buy and redeem Treasury securities, including U.S. Savings Bonds, directly from the U.S. Department of the Treasury in paperless electronic form.

Visit TreasuryDirect


The Administrative Resource Center works with federal agencies to improve the agency's success by delivering responsive, customer-focused, cost-effective administrative support.

Visit ARC

Do Not Pay

The Do Not Pay Business Center was developed to support federal agencies in their efforts to reduce the number of improper payments.

Visit Do Not Pay


A free service offered by the Department of the Treasury to help business and individual taxpayers conveniently pay all their federal taxes electronically.


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