Exceeds the Saving Bonds Limit

[huutrinon]

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!

 

[mark500]

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.

 

[aida2003]

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.

 

[huutrinon]

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?

 

[stephenandrew]

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.

 

[jazz4cash]

FWIW, I got the email and my account has been dormant for six years

 

[samclem]

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.

 

[ziggy29]

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.