MUD Survey Draft
4/2/2021
Background
Project objectives:
Design and execute customer research that will deliver actionable insights about what steps can be taken to get MUD bondholders to redeem their bonds and improve the redemption process
At a minimum, Fiscal Service expects questions related to:
The redemption process as it relates to what can be done to encourage bondholder redemption -- i.e., “what would motivate you”? -- as well as perceived process barriers/restrictions.
The awareness of Treasury Hunt, Fiscal Service’s tool for customers to search if they have MUD bonds; and
Additional themes as identified by initial research results necessary to inform an actionable implementation plan
Survey objectives:
Understand MUD customers’ understanding, motivations, and (perceived) barriers around bond redemptions in order to identify opportunities to improve bond redemption strategies, processes, and communications.
This study will also give us insights into where individuals fall into the redemption process flow (unaware, aware, acting, redeemed), key information about the bonds they hold, and additional descriptive classifications to help us understand the profile of various MUD bondholders.
Target audience:
500 paper bondholders (target 350 definitely MUD) aged 18 or older who have either never attempted to redeem a bond, recently redeemed a bond, and/or no longer have the bond in their possession (no more than 10% of respondents)
Survey Length:
Given the logic in the study, the number of questions a respondent has to answer will vary. However, we are targeting a 10-15 minute survey, which implies approximately 20-50 questions within each survey path.
Paperwork Reduction Act Notice: For Fiscal Service to speak with the public, we are required to have approval from the Office of Management and Budget. You are not required to respond unless a currently valid OMB approval number is provided. The approval number for this project is 1530-XXXX. This study is estimated to average 15 minutes. If you have any comments regarding this study, please write to: Bureau of the Fiscal Service, Bruce Sharp, Parkersburg, WV 26106-1328.
Screening & Initial Respondent Routing
Purpose: Identify individuals who qualify to participate in the study. Qualified individuals must meet the following criteria: older than 18; aware of United States Savings Bonds; own or recently redeemed paper savings bonds.
How old are you (in years)? [TERMINATE IF < 18]
Which of the following financial products have you heard of? Select all that apply
529 savings plan
Annuities
CDs
Coverdell ESA
IRA
Treasury Securities (e.g., T-bills, T-bonds, etc...)
United States Savings Bonds [If not selected, Skip to Q5]
Which of the following financial products do you currently own? Select all that apply
[Carry forward selected responses in Q2]
[If “United States Savings Bond” is selected in Q3] Do you currently own electronic or paper United States Savings Bonds?
Electronic
Paper [Skip to Q11]
Both [Skip to Q11]
No [TERMINATE, FRAUDULENT RESPONSE]
I don’t know [TERMINATE, FRAUDULENT RESPONSE]
[If do not select “United States Savings Bond” in Q3 OR if “Electronic” is selected in Q4] Have you ever owned a paper United States Savings Bond?
Yes
No [TERMINATE]
I don’t know [TERMINATE]
[If Q6 is Yes] What happened to your Savings Bonds? Check all that apply
I cashed them in
I lost them
They were destroyed
They were stolen
Other (please describe)
I have no idea
[Quota: No more than 10% of respondents can only select options other than “I still have them” and/or “I cashed them in”]
[If Q6 is “I cashed them in”] Approximately how long ago did you cash your Savings Bonds in?
Less than 3 months ago [LIMIT TO 20% OF RESPONDENTS, CLASSIFY AS “SUCCESSFUL REDEMPTIONS]
Between 3 and 6 months ago [TERMINATE]
Between 6 and 12 months ago [TERMINATE]
Between 1 and 2 years ago [TERMINATE]
More than 2 years ago [TERMINATE]
[If Q6 is “I lost them” or “they were destroyed” or “they were stolen”] Have you ever tried to recover or otherwise re-issue your lost/stolen/destroyed bonds?
Yes
No
I don’t know
Is there a way to do that?
[If Q8 is “Yes”] Approximately how long ago did try to recover or otherwise re-issue your lost/stolen/destroyed bonds?
Less than 3 months ago
Between 3 and 6 months ago [TERMINATE]
Between 6 and 12 months ago [TERMINATE]
Between 1 and 2 years ago [TERMINATE]
More than 2 years ago [TERMINATE]
[If Q8 = Yes] Did you successfully recover your lost/stolen/destroyed bond?
Yes
No
I don’t know
[IF Q5 is “Paper” or “Both”] Have you ever tried to cash in a paper Savings Bond?
Yes
No
I don’t know
[If Q12 = Yes] Approximately how long ago did you try to cash in a paper Savings Bond?
Less than 3 months ago
Between 3 and 6 months ago
Between 6 and 12 months ago
Between 1 and 2 years ago
More than 2 years ago
[If Q13 = Yes] Did you successfully cash in your paper bond?
Yes [CLASSIFY AS “SUCCESSFUL REDEMPTIONS]
No [CLASSIFY AS “UNSUCCESSFUL REDEMPTIONS]
I don’t know
Bond History & Details [DO NOT DISPLAY BLOCK TO “SUCCESSFUL REDEMPTIONS” IF THEY NO LONGER HAVE BONDS]
Purpose: To determine key triggers, relationship with bonds, and additional survey routing; additional confirmation that they are MUD; categorization of respondents into simple vs. complex cases
[If Q7 IS NOT “I cashed them in”] Prior to this survey, when was the last time you thought about your Savings Bonds?
Never
Within the last year
More than a year ago
I don’t know
Prior to this survey, what sorts of things prompted you to think about your Savings Bonds?
Managing my budget
Paying taxes
Long-term financial planning
Considering a big purchase/investment
Planning to pay for higher education
Spring cleaning
Death in family
Someone mentioned them
Heard/saw bonds mentioned in the media
Gift-giving occasion
Other (please describe)
None – haven’t thought about them
[If Q7 IS NOT “I cashed them in”] Approximately how many paper Savings Bonds do you currently have?
0 [FLAG AS FRAUDULENT RESPONSE IF Q7 IS NOT LOST/DESTROYED/STOLEN]
1
2
3 to 5
5 to 9
10 to 14
15 to 19
20 to 49
50 to 99
Over 100
I don’t know
I don’t remember
How did you get your paper Savings Bonds? (Check all that apply)
Bought them myself
Received them as a gift
Received them from my employer
Inherited them
Found them after a relative passed away
Other (please describe)
I don’t remember
I don’t know
[Display if Q18 = “Bought them myself”] How did you buy your paper Savings Bonds? (Check all that apply)
Directly from a bank
Through a payroll deduction
Purchased through the tax refund program
Directly from the Treasury
Other (please describe)
I don’t remember
[Display if Q18 = “Bought them myself”] For paper Savings Bonds that you bought yourself, approximately how long ago did you buy them? Check all that apply
Less than a year ago [FLAG AS POTENTIAL FRAUDULENT RESPONSE]
1-5 years ago [FLAG AS POTENTIAL FRAUDULENT RESPONSE]
6-10 years ago [FLAG AS POTENTIAL FRAUDULENT RESPONSE]
11-15 years ago
16-20 years ago
21-25 years ago
26-30 years ago
More than 30 years ago
I don’t remember
I don’t know
[Display if Q18 = “Bought them myself”] Why did you purchase your paper Savings Bonds? Check all that apply
I wanted to get started with saving/investing
It was offered by my workplace
I believed they would provide a good return on investment
I didn’t want to pay brokerage fees
I believed they were a safe investment
I wanted to diversify my portfolio
I was saving/investing for a specific reason/goal (e.g., retirement, college, etc.)
I wanted to buy them as a gift for someone else
I wanted to feel like I was doing my part to support America
Other (please describe)
I don’t know
I don’t remember
[Display if Q18 IS NOT “Bought them myself”] For paper Savings Bonds you did not buy yourself, approximately how long ago did you come into possession of them? Check all that apply
Less than a year ago
1-5 years ago
6-10 years ago
11-15 years ago
16-20 years ago
21-25 years ago
26-30 years ago
More than 30 years ago
I don’t remember
I don’t know
What series are the bonds you have? (Check all that apply)
A-J
E/EE
H/HH
I
IRB/RB
Savings Notes
I don’t know
I don’t remember
When were your paper bonds issued? (Check all that apply)
1991 or earlier
Between 1992 and 2001
Between 2002 and 2011
2012 or later
I don’t know
I don’t remember
[QUOTA: No more than 10% of respondents that do not select “1991 or earlier”, “Between 1992 & 2001”, “I don’t know”, “I don’t remember”]
What is the total (face) value of your bonds?
Less than $100
Between $100 and $499
Between $1000 and $4999
Between $5000 and $9999
Over $10,000
I don’t know
I don’t remember
How is your name listed on the bonds? Check all that apply
As an owner (your name is alone on the bond)
As a co-owner (next to the “OR”)
As a beneficiary (next to the “POD”)
My name isn’t listed on the bond
There are no names listed on the bond
I don’t know
I don’t remember
[If Q7 IS NOT “I cashed them in”] Where are you currently keeping your paper Savings Bonds?
In my home
In a safety deposit box at the bank
At someone else’s home
Other (please describe)
They’re lost / are no longer in my possession
[If Q7 IS NOT “I cashed them in” or “lost” or “stolen” or “destroyed”] How do you manage/track your paper Savings Bonds? (Check all that apply)
I don’t manage/track my bonds
I maintain a spreadsheet to track them
I use the bond calculator on TreasuryDirect.gov
Other (Please Describe)
How much do you agree with the following statements? (5pt agree/disagree scale)
My savings bonds feel like free money
I’ve waited for a long time to get the full value of my bonds
I’ve spent a lot of effort tracking/managing my bonds
Redemption Process Evaluation & Feedback [IF Q11 = “Yes” OR Q7 = “Less than 3 months ago”]
Purpose: To evaluate opportunities to improve the redemption process
What do you remember about cashing in your bonds? [open end]
How much effort did you expect the process of cashing in your bonds be? (0-10 scale)
How much effort was the process of cashing in your bonds? (0-10 scale)
Please explain your score
[IF Q12 IS NOT “Less than 3 months ago” Skip to “Barriers to redemption” block]
What steps did you take to cash in the bond? (check all that apply)
Visited the Treasury’s website [TREASURY ITEM]
Used a search engine
Visited TreasuryDirect.gov [TREASURY ITEM]
Used the Treasury’s Treasury Hunt tool [TREASURY ITEM]
Used TreasuryDirect’s Bond Value Calculator [TREASURY ITEM]
Contacted the Treasury’s Help Center [TREASURY ITEM]
Contacted a family member
Contacted my bank/credit union [BANK ITEM]
Went to a bank/credit union [BANK ITEM]
Mailed in forms
Located and completed forms on my own
Located and completed forms with the help of family members
Used an online forum to seek guidance (e.g., Reddit)
Used social media to seek guidance (Facebook, Twitter, etc.)
Went to my bank’s website [BANK ITEM]
Contacted my tax consultant
Other (please describe)
How did you ultimately cash in your bond(s)?
At my bank
At a bank that is not mine
On my own through the mail
Online [FLAG AS POTENTIAL FRAUDULENT RESPONSE]
How helpful were the following resources in helping you cash in your bonds? [0-10 scale]
[carry forward Bank & Treasury items selected in Q33]
How difficult to understand were the following resources in helping you cash in your bonds? [0-10 scale]
[carry forward Bank & Treasury items selected in Q33]
How much effort did you personally have to put forward to do any of the following? [0-10 scale]
[carry forward items selected in Q33]
Was the overall amount of effort to cash in your bonds in line with your expectations?
Yes
No – more than I thought
No – less than I thought
I don’t know, I didn’t have any expectations
If you could change one thing about the redemption process, what would it be and why? [open end]
How would you rate your overall satisfaction with the bond redemption process? [0-10 scale]
[Display if still have bonds or if classified as unsuccessful redemption] Based on your experience cashing your bond, how motivated are you to cash in your remaining bonds? [0-10 scale]
Redemption Consideration [IF Q11 = “No” or “I don’t know”]
Purpose: To evaluate motivations and barriers in beginning the redemption process
How motivated are you to try to cash in your bonds? [0-10 scale]
Please explain your score [open end]
What would make you more likely to cash in your bonds? Check all that apply
Knowing what to do/more clarity on how
Needing the money / having a reason to use the money
Knowing I could get a better return on my money if I invested it somewhere else
Not having to pay taxes
I don’t want to forget about the bonds again
A quick process to cash
Someone/a communication reminding me
Other (please describe)
Nothing – I don’t want to cash them
How much do you know about cashing in your bonds? [0-10 scale]
How much effort do you expect the process of cashing in your bonds to take? (0-10 scale)
What would you expect to do to cash in your bonds? [open end?]
How much time would you be willing to spend cashing in your bonds?
No time
Less than an hour
1-4 hours
5-8 hours
More than 8 hours
Which of the following resources are you aware of? (Select all that apply)
Treasury’s website
Treasury Hunt
TreasuryDirect.gov
Treasury’s call center
Treasury’s email contact
Any bank / credit union
None of the above
Barriers to Redemption [Display If Classified as “Unsuccessful Redemption” OR IF Q11 = “No” or “I don’t know”]
Which of the following actions to cash in a bond are “dealbreakers/won’t do it,” “easy/no big deal,” or “a little bit annoying”? [card sort]
Finding necessary forms online
Printing a form
Putting my bank account information in the mail
Mailing a form with my personal information on it
Putting my bonds in the mail
Paying for mail/shipment tracking
Paying for postage / buying stamps
Calling customer service
Validating my identity
Providing legal documentation (SSN, IDs) to prove that I am who I say I am
Going to my local bank
Going to any local bank
Calling customer service during business hours only
Following up with customer service
Finding information on a complicated website
Paying taxes on my savings bond earnings
Producing death certificates
Putting death certificates in the mail
Getting documents notarized
Getting documents signed/validated by a banker
Not receiving confirmation of whether my paperwork has been received when I mail it in
No online form submission
Not receiving confirmation that money has been deposited in my bank account
Initiating, managing, and tracking the process myself
Entering my personal information into a government website
What, if anything, is preventing you from cashing in your bonds? Check all that apply
I want to understand the tax implications
I don’t want to pay taxes
I don’t know enough about the process
The process seems time-consuming
The process seems hard
I don’t have access to a bank branch
I keep forgetting to bring my bond with me when I go to the bank
I don’t need the money right now
My bonds have sentimental value to me
My bonds remind me of my family
My bonds haven’t matured yet
The value of the bonds doesn’t seem worth the effort to redeem
I have a lot of bonds and only want to go through the redemption process once
I got my bonds from a deceased family member
I have to wait for probate
My bonds are my emergency fund – I’m trying not to cash them in
I’m saving my bonds for a big purchase
I haven’t thought about cashing them before
I forgot about them
I’m saving them as part of my estate
I don’t know how to cash them
I don’t know what they are worth
Other (please describe)
None of the above
How interested are you in cashing in your bonds? [0-10 scale]
In person at a bank
Over the phone
In the mail
On a website
Through a mobile application
If you were to cash in your bond, what is your preferred way to receive the funds?
In cash
In your bank account
In an investment account
As part of a new investment
In your TreasuryDirect account (TD customers only)
Lost/Destroyed Bond Process [Display if Q6 is not “I cashed them in” AND Q8 = “Yes”]
Purpose: To evaluate motivations and barriers in the “Lost bond” process
You mentioned that your bonds have been lost, stolen, or destroyed. This next set of questions will ask you about ways you have tried to recover them.
What do you remember about the process of recovering or otherwise re-issuing your lost/stolen/destroyed bonds? [open end]
How much effort did you expect the process of finding your bonds to be? (0-10)
How much effort was the process of finding your bonds? (0-10)
Please explain your score
[How did you try to find, recover or otherwise re-issue your lost/stolen/destroyed bonds?
Contacted a family member
Contacted my bank/credit union [BANK ITEM]
Went to a bank/credit union [BANK ITEM]
Visited the Treasury’s website [TREASURY ITEM]
Visited TreasuryDirect.gov [TREASURY ITEM]
Used the Treasury’s Treasury Hunt tool [TREASURY ITEM]
Completed a form to file a claim for a lost, stolen or destroyed US Savings Bond with the Treasury [BANK ITEM]
Contacted the Treasury’s help center [TREASURY ITEM]
Used an online forum to seek guidance (e.g., Reddit)
Used social media to seek guidance (Facebook, Twitter, etc.)
Went to my bank’s website [BANK ITEM]
Other (please describe)
[IF Q10 = No] What kept you from successfully finding, recovering, or otherwise re-issuing your lost/stolen/destroyed bonds? Why? [open end]
How helpful were the following resources in helping you find, recover, or otherwise re-issue your lost/stolen/destroyed bonds? [0-10 scale]
[carry forward bank and treasury items selected in Q58]
How difficult to understand were the following resources in helping you find, recover, or otherwise re-issue your lost/stolen/destroyed bonds? [0-10 scale]
[carry forward treasury items selected in Q58]
How much effort did you personally have to put forward to do any of the following? [0-10 scale]
[carry forward items selected in Q58]
Was the overall amount of effort to find your bonds in line with your expectations?
Yes
No – more than I thought
No – less than I thought
I don’t know, I didn’t have any expectations
If you could change one thing about the bond re-issuing process, what would it be and why? [open end]
How would you rate your overall satisfaction with the bond re-issuing process? [0-10 scale]
[IF Q10 = No] How motivated are you to continue to try to recover or otherwise re-issue your lost/stolen/destroyed bonds? [0-10 scale]
Please explain your score [open end]
Lost/Destroyed Bond Process Awareness [Display if Q6 is not “I cashed them in” AND Q8 IS NOT “Yes”]
Purpose: To assess awareness and understanding of opportunities to help people recover lost/stolen/destroyed bonds
How motivated are you to try to recover or otherwise re-issue your lost/stolen/destroyed bonds? [0-10 scale]
Please explain your score
What would make you more likely to find/recover in your lost bonds? Check all that apply
Knowing what to do/more clarity on how
Needing the money / having a reason to use the money
Someone/a communication reminding me
Other (please describe)
Nothing – I don’t want to find them
How much do you know about finding/re-issuing your lost bonds? [0-10 scale]
How much effort do you expect the process of finding/re-issuing your lost bonds to take? (0-10 scale)
What would you expect to do to find/re-issue your bonds? [open end?]
How much time would you be willing to spend to find, locate, or re-issue your lost/destroyed bonds?
No time
Less than an hour
1-4 hours
5-8 hours
More than 8 hours
[Page Break]
Good news: There is a process to recover your bonds!
How interested are you in participating in that process? (0-10 scale)
Which of the following resources for finding, recovering, or otherwise re-issuing lost bonds are you aware of? (Select all that apply)
Treasury’s website
Fiscal service’s website
TreasuryDirect
Treasury’s call center
Treasury’s email contact
Treasury Hunt
None of the above
Lost/Destroyed Bond Process Barriers [Display if Q6 is not “I cashed them in”]
Which of the following actions to find/re-issue a bond are “dealbreakers/won’t do it,” “easy/no big deal,” or “a little bit annoying”? [card sort]
Finding necessary forms online
Printing a form
Putting my bank account information in the mail
Mailing a form with my personal information on it
Paying for mail/shipment tracking
Paying for postage / buying stamps
Calling customer service
Validating my identity
Providing legal documentation (SSN, IDs) to prove that I am who I say I am
Going to my local bank
Going to any local bank
Calling customer service during business hours only
Following up with customer service
Finding information on a complicated website
Getting documents notarized
Getting documents signed/validated by a banker
Not receiving confirmation of whether my paperwork has been received when I mail it in
No online form submission
Initiating, managing, and tracking the process myself
Entering my personal information into a government website
How interested are you in finding/re-issuing your bonds? [0-10 scale]
In person at a bank
Over the phone
In the mail
On a website
Through a mobile application
If you were to re-issue your bond, what is your preferred way to receive a new bond?
Mailed to me
Electronic form in an online account
I don’t want a new bond, I just want to cash it in when I find it
In your TreasuryDirect account (TD customers only)
Knowledge Check
Purpose: To evaluate respondents’ base understanding of paper savings bonds
The
next set of questions is a number of true or false questions about
savings bonds. Please don’t look up the answers. It is fine if
you don’t know an answer.
[Do not display if redeemed or attempted to redeem] I can’t redeem a bond unless my name is on it
True
False
I don’t know
Prefer not the answer
[Do not display if not shown lost bond blocks] Once a bond is lost, I can never get it back
True
False
I don’t know
Prefer not the answer
There’s a way to see if I have more paper bonds than I think I do
True
False
I don’t know
Prefer not to answer
[Do not display if redeemed or attempted to redeem] The face value represents the amount of money I’ll get when I cash the bond
True
False
I don’t know
Prefer not the answer
[Do not display if redeemed or attempted to redeem] I don’t have to pay any taxes on my bond
True
False
I don’t know
Prefer not to answer
[Do not display if redeemed or attempted to redeem] The interest I’ve earned on my bond is tax-exempt if I use it to pay for educational expenses (e.g., tuition)
True
False
I don’t know
Prefer not to answer
If the bond is signed, then it means it has already been cashed in
True
False
I don’t know
Prefer not the answer
I can only cash my bond after the date on the bond
True
False
I don’t know
Prefer not the answer
Different bonds have different rules for determining how much money you get when you cash them in
True
False
I don’t know
Prefer not the answer
There are ways to keep track of paper bonds online
True
False
I don’t know
Prefer not to answer
Technographics / Financial Management Preferences
Purpose: To evaluate preferences towards different technological solutions to improve the redemption process
Do you have access to any of the following? (Check all that apply)
Smartphone
Tablet
PC/desktop computer
Printer
Bank branch
Tax prep software/apps
How comfortable are you with the following? [0-10 scale]
Managing my finances online
Managing my finances using a mobile app
Depositing a check online
Going to my bank branch to manage my finances
Using online chat to talk about my finances with a banker or financial advisor
Filing taxes online
Filling out financial forms online
Submitting my SSN in forms online
Sending forms with my bank account numbers through the mail
Sending forms with my SSN through the mail
Demographics & Personal Attitudes (All Respondents)
How would you assess your overall financial knowledge on a scale of 1 (low) to 5 (high)? (1 to 5 scale)
In what year were you born? [year drop down]
What was your annual total family income before taxes in 2020?
Less than $19,999
$20,000 to $29,999
$30,000 to $39,999
$40,000 to $49,999
$50,000 to $59,999
$60,000 to $69,999
$70,000 to $79,999
$80,000 to $89,999
$90,000 to $99,999
$100,000 to $110,999
$110,000 to $119,999
$120,000 to $129,999
$130,000 to $139,999
$140,000 to $149,999
$150,000 to $159,999
$160,000 to $169,999
$170,000 to $179,999
$180,000 to $189,999
$190,000 to $199,999
Above $200,000
Prefer not to say
I don’t know
What is your marital status?
Single
Engaged, Cohabitating with Partner, or other non-married Committed Relationship
Domestic Partnership
Married
Widowed
Divorced
Separated
What is your highest level of education?
Less than high school
Some high school
High school graduate or GED
Some college credit, no degree
Associate degree (e.g., AA, AS)
Bachelor’s degree (e.g., BA, AB, BS)
Master’s degree (e.g., MA, MS, MENg, Med, MSW, MBA)
Professional degree (e.g., MD, DDS, DVM, LLB, JD)
Doctorate degree (e.g., PhD, EdD)
Prefer not to say
What is your gender?
Male
Female
Prefer not to saw
What is your race/ethnicity?
American Indian or Alaska Native
Asian
Black or African American
Native Hawaiian or Other Pacific Islander
Caucasian or White
Multiracial
Other
Prefer not to say
Are you Hispanic, Latinx, or Spanish?
Yes
No
Prefer not to say
Which of the following best describes your employment status?
Full-time employee
Part-time employee
Unemployed
Self-employed
Homemaker
Student
Retired
Military
Prefer not to say
Have you ever served on active duty in the U.S. Armed Forces, Reserves, or National Guard?
Never served in the military
Only on active duty for training in the Reserve or National Guard
Now on active duty
On active duty in the past, but not now
Which of these best describes the general area where you live?
Urban
Suburban
Rural
Remote
Prefer not to say
In which state do you currently live? [state & us territory drop down, include prefer not to say option]
Thank you page
Thank you for your time. We greatly appreciate all the information you have shared with us.
| File Type | application/vnd.openxmlformats-officedocument.wordprocessingml.document |
| Author | Kate Vermann |
| File Modified | 0000-00-00 |
| File Created | 2021-04-09 |