The Treasury Department has stopped selling paper U.S. savings bonds at banks, ending a tradition stretching back to 1935.

The action was originally announced back in July and is estimated to save taxpayers approximately $120 million in the next five years as part of an effort to increase the number of electronic transactions with citizens and businesses. Sales of paper savings bonds ended on January 1. Instead of selling the savings bonds on paper, the Treasury will instead sell electronic versions of Series EE and I will through purchase TreasuryDirect, a Web-based system operated by the Bureau of Public Debt, where investors have been purchasing savings bonds online since 2002.

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