Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Exceeds the Saving Bonds Limit
Old 05-02-2008, 12:08 PM   #1
Dryer sheet wannabe
 
Join Date: May 2007
Posts: 21
Exceeds the Saving Bonds Limit

Hi,
Need some help. I've received two e-mail from the Treasury Direct about the new purchases which caused the limit exceeded (I just forgot the change the limit to $5000).

I tried to contact them to ask what will happen to the new purchase but can not find any 800 number to call. Does anyone know how to contact them? and by any chance that you know what they are going to do with my new purchases? They said further violation can cause some actions taken such as refund or account closure.

I have two registrations with my two nieces as my beneficiaries (My name POD my niece name). I thought I can have $5000 limit for each registration but seems to me it is not the case. Can I still be able to buy $5000 for EE series and $5000 for I series? If I can then I can buy the I series next time. I only have $6200 in EE saving bonds for them this calendar year.

Thanks in advance for your help!


:confused:
huutrinon is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-02-2008, 12:38 PM   #2
Recycles dryer sheets
mark500's Avatar
 
Join Date: Feb 2006
Posts: 146
I did this once, back in the 1990s. I discovered it myself. We were about $1000 over the limit.
My accountant told me to write a letter to the feds and tell them about it, and ask them what we should do.
We did, and they told us that "because it was not intentional", we did not need to do anything.
My accountant told us to keep the letter from the treasury.
__________________
The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of misery.

Winston Churchill
mark500 is offline   Reply With Quote
Old 05-02-2008, 12:55 PM   #3
gone traveling
 
Join Date: Feb 2008
Posts: 510
Reading the email from the Treasury, I understood that $5k limits apply per TIN and per bond series, so it sounds you're fine.
If you still need to call them, you'll have to send them an email through "Contact us" link on their website and then they'll email you back with answers to your questions or if not they'll give you a 800 #.
We had password issues and they emailed us the phone #. Sorry, I deleted that email, so I don't have it anymore.
aida2003 is offline   Reply With Quote
Old 05-02-2008, 05:18 PM   #4
Dryer sheet wannabe
 
Join Date: May 2007
Posts: 21
Thanks everyone for quick reply!
I just received another email from sending my question to "contact.us" Because i am the primary owner, my SSN is allowed to have:
$5000 in electronic EE series
$5000 in electronic I series
$5000 in paper EE series
$5000 in paper I series

Since i bought up to $7200 in EE series alone, it is over the limit for the allowed EE series. I could switch $2200 to the I series but do not know how to change it. I may get the refund and if so i will receive the email about it.

Thanks again everyone! Just wonder why the Fed limits to $5000 instead of $30000. Do they run out of money? Should they encourage people to save?
huutrinon is offline   Reply With Quote
Old 05-02-2008, 06:19 PM   #5
Recycles dryer sheets
 
Join Date: May 2007
Posts: 148
Quote:
Originally Posted by huutrinon View Post
I tried to contact them to ask what will happen to the new purchase but can not find any 800 number to call. Does anyone know how to contact them?

I may be mistaken, but I believe that if you need to commuincate with the the TreasuryDirect customer serivce folks, you have to use email (or maybe you can use snail mail). I've looked for a phone number before on their website, and never had any luck. If its there, they make it hard to find.
stephenandrew is offline   Reply With Quote
Old 05-02-2008, 06:19 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
FWIW, I got the email and my account has been dormant for six years
jazz4cash is online now   Reply With Quote
Old 05-02-2008, 06:48 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
samclem's Avatar
 
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
Quote:
Originally Posted by huutrinon View Post
Just wonder why the Fed limits to $5000 instead of $30000. Do they run out of money? Should they encourage people to save?
They made this change just as the mortgage 'crisis" was emerging. My guess is that they wanted to encourage money flows into banks (rather than the Treasury) to help the liquidity situation.

The Treasury (and the IRS) have a long way to go if they want to make owning US Savings Bonds easy. Wait until you sell some--the procedures for reporting this to the IRS are 30 years behind the times.
samclem is offline   Reply With Quote
Old 05-03-2008, 08:00 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
ziggy29's Avatar
 
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
Quote:
Originally Posted by samclem View Post
They made this change just as the mortgage 'crisis" was emerging. My guess is that they wanted to encourage money flows into banks (rather than the Treasury) to help the liquidity situation.
Could have something to do with it. But I just think that Treasuries are so cheap and low-yielding right now that Uncle Sam prefers to borrow that way.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
ziggy29 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Muni Bonds - Calif State University Revenue Bonds - 2008A. Disappointed FIRE and Money 0 03-24-2008 09:25 PM
There is no Bubble when Demand exceeds Supply honobob Other topics 4 02-11-2008 01:09 PM
Limit Professionals Compensation Danny Other topics 189 11-09-2007 02:56 PM
Credit card limit glinka FIRE and Money 10 10-07-2007 10:59 AM
Why Is There An Annual Limit? Tommy_Dolitte FIRE and Money 11 07-25-2004 08:55 AM

» Quick Links

 
All times are GMT -6. The time now is 08:06 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.