TreasuryDirect locked me out...

[curious1]

I used a uppercase instead of a lower case in my password, answered all the security questions correctly and they locked me out. Call the number they referenced to get unlocked. Acct is under a Trust, when I opened the acct they did not require copy of trust... CSR said they do not have a copy on file and would need it sent to them in order to unlock. I told the I thought that was bizarre as they did not require at time of opening. Then he told me it would take about 20 Weeks (yes TWENTY weeks) to unlock. I told him you got to be kidding me. Also once the T-Bills mature they will sit in the TreasuryDirect acct until unlocked. Which means not only do I lose any interest on my money, I lose access to my money, they will not re-deposit into my bank account until unlocked. So I have to send copy of trust and a form 5444 which has to be notarized. Has anyone else had this problem??  Is there a work around?  certainly I can't be the only one that has been locked out!!!

[yogibearbull]

Sorry to hear this about Treasury Direct.

Trusts are another issue. Many institutions don't require selected trust pages at signup to expedite processing - best practices would require them.

But ANY subsequent ID or other issues may trigger request for trust pages. Consider it routine & just send trust pages.

[curious1]

I told the CSR that I would express out the documents required. I am just very upset that they will take up to 20 weeks to process and unlock the account and they keep the funds in TD and I have no access to the funds until possibly for 20 weeks (5 months)!

[yogibearbull]

I only bought I-Bonds at TD as you cannot buy them elsewhere.

I buy Treasuries at brokerages. They are commission-free whether bought at Auctions or in the secondary market.

BTW, if Treasuries are held at TD, and you want to sell them before maturity, you have to transfer them to brokerage first. That is more headache at TD.

[steadyeddy]

Many years ago I had issues with TD (not the issue mentioned in OP) and resolved myself to never use TD again - happier ever since.

[johntaylor]

Ditto, stopped using them years ago

[Deleted]

My bank (Chase) will no longer redeem a paper Savings Bond with a face value over $200, so I've started the process of sending my paper bonds into Treasury Direct so they can be converted to electronic form. 20 weeks is the estimated processing time for that too.

[curious1]

This is exactly what the CSR told me, that the banks will no longer process the bonds, therefore, the amount of paperwork that TD is doing is causing this delay.  This is horrible and as soon as resolved I will be deleting my TD account..  All I wanted is to make some decent interest rates on savings, but if I had known that this could have happened I would have never used them...  Lessons learned..  ouch!!!

[chang]

Aug 7, 2023 18:29:53 GMT @django said:

My bank (Chase) will no longer redeem a paper Savings Bond with a face value over $200, so I've started the process of sending my paper bonds into Treasury Direct so they can be converted to electronic form. 20 weeks is the estimated processing time for that too.

I mailed an old EE Savings Bond that we found in my mother's safe deposit box (it was from the early 1990s) because our bank would not redeem it. They paid out in about two months. (Interestingly enough, they continued to add interest even after the maturity date.)

[yogibearbull]

chang, I just used the Savings Bond Calculator to test EE bond issued in 01/1990. It matured on 01/2020 and is NO LONGER earning interest.
Amount $50/$100 (Price/Face Value), Issued 01/1990, Matured 01/2020, Final Value $207.36 (it doesn't change when the dates are changed) although the value is shown as of 08/2023.
treasurydirect.gov/BC/SBCPrice

[dave]

Aver a year ago I got locked out too. I spent a few days and tried calling. 
I decided that I'm abandoning the account (only a couple iBonds in it) and let my heirs figure it out. 

[curious1]

Update - Called TD to get status of the locked acct, was told it looks like first week of Feb would be the estimate, so it would of taken 6 months if they actually release the account by they . Asked the CSR if they were going to mail me my 1099 since I obviously do not have access to my acct online, he told me I can call and they will tell me what my interest amount is and that I do not need a copy to file taxes.. I prefer a hard copy with the figure than just a number given over the phone. Someone on another thread asked when they supply the 1099's, I only saw online it would be Jan 31, 2024, but don't know if they could be sooner if you have online access..

[roi2020]

That's just plain ridiculous your account was locked out for ~6 months.
To top it off, they won't even send you a 1099 form.
TreasuryDirect really stinks!
I have a TD account which holds only I Bonds.

[yogibearbull]

I hold only I-Bonds at Treasury Direct because there is no other option.

All other Treasuries are at brokerages (T-Bills/Notes, FRNs, 5-yr TIPs).

Treasury being Treasury, it sends 1099 only when there is reportable interest. So, for T-Bills only after maturity, for I-Bonds only after sale. Actually, banks do this too - no 1099 if interest is under $10.

[Deleted]

I don't think Treasury Direct mails anyone a 1099. They are only available for download.