Treasury Direct Delays

[DonnyMcJr64]

Has anyone had any experience getting Bills/Notes transferred from Treasury Direct to your brokerage?

We purchased a two year treasury Note when we sold our home and then our plans changed and we started building a new home. Now, we need to sell that treasury note before maturity but Treasury Direct doesn't allow early sales, you must transfer them to your brokerage to sell.

Well, after submitting a paper form (the only way to request the transfer) we are at week 28 waiting for it to transfer and quickly closing in on our closing date for the new house. Mailed their support email and after a week they said, we're backed up we'll get to it.

Anyone else have any experience with TD and getting notes out?

 

[joesxm3]

Piggy backing on this due to the remark "Treasury Direct does not allow early sales".

I thought that Series I Savings Bonds can be cashed in any time. Is this correct. Does that comment only apply to Treasury Bills and Bonds?

 

[euro]

I'll be watching this thread as I have been contemplating this move as well. I know TD transfers can be very slow, but darn, 28 weeks sounds crazy.


"Piggy backing on this due to the remark "Treasury Direct does not allow early sales".

I thought that Series I Savings Bonds can be cashed in any time. Is this correct. Does that comment only apply to Treasury Bills and Bonds?"

Yes, I bonds can be cashed directly at TD, but other securities are not actually cashed, but have to be traded on the secondary market. TD does not participate in the secondary market which is why you have to transfer those.

 

[karen1972]

Piggy backing on this due to the remark "Treasury Direct does not allow early sales".

I thought that Series I Savings Bonds can be cashed in any time. Is this correct. Does that comment only apply to Treasury Bills and Bonds?

I-Bonds can be sold after the 1 year lockout, so yes if you have them for more than 1 year, you can sell anytime, if less than 5 years, you will forfeit 3 months of interest.

I sold what I bought in 2021 no problems, it only took like one day to show up in my bank account.

 

[Sunset]

I'd be on the phone/email/FB/X/etc each day and escalate.

You have a deadline approaching, if you are going to run out of $$ should this take too long, I'd look now for some contingency plans. Ex, delay or bridge financing..

 

[Sunset]

My I-bonds that were 1 year old or older, I cashed in 1->2 days into my bank account.

 

[DonnyMcJr64]

My I-bonds that were 1 year old or older, I cashed in 1->2 days into my bank account.

Thanks - these are treasury notes and unfortunately they aren’t like the bonds.

 

[audreyh1]

Treasury Direct for IBonds - your only option.

Brokerage accounts for all other treasuries including buying at auction.

 

[DonnyMcJr64]

I'd be on the phone/email/FB/X/etc each day and escalate.

You have a deadline approaching, if you are going to run out of $$ should this take too long, I'd look now for some contingency plans. Ex, delay or bridge financing..

Thanks agreed we are looking at 3/1 ARMs to bridge us, might even pay to leave the T-Note to maturity if we go the ARM route versus selling it

 

[homestead]

Just received an email from treasurydirect today so these are current delays for folks.

Cases are worked in the order they are received in our office. Your request is important to us and will receive attention as soon as possible. Please be aware of our estimated processing times to process your case which are based on the case type:

Cases requesting to cash Series EE and/or Series I paper savings bonds held in your name, at least 4 weeks.
Cases requesting to cash Series HH savings bonds held in your name, at least 3 months.
Unlocking your TreasuryDirect account, updating bank information in that account, or converting your paper savings bonds into electronic bonds in TreasuryDirect, at least 4 weeks.
Claims for missing, lost, or stolen bonds, at least 6 months.
All other cases, at least 20 weeks.

 

[DonnyMcJr64]

Thanks I got this email myself then a second one saying basically, we’re busy, we’ll get to it. Will try calling starting tomorrow to see if that helps at all.

 

[iloveyoga]

Just received an email from treasurydirect today so these are current delays for folks.

Cases are worked in the order they are received in our office. Your request is important to us and will receive attention as soon as possible. Please be aware of our estimated processing times to process your case which are based on the case type:

Cases requesting to cash Series EE and/or Series I paper savings bonds held in your name, at least 4 weeks.
Cases requesting to cash Series HH savings bonds held in your name, at least 3 months.
Unlocking your TreasuryDirect account, updating bank information in that account, or converting your paper savings bonds into electronic bonds in TreasuryDirect, at least 4 weeks.
Claims for missing, lost, or stolen bonds, at least 6 months.
All other cases, at least 20 weeks.

I got this same email on a savings bond issue. They are on my call list too.

 

[DonnyMcJr64]

Finally, Lesson Learned

Has anyone had any experience getting Bills/Notes transferred from Treasury Direct to your brokerage?

We purchased a two year treasury Note when we sold our home and then our plans changed and we started building a new home. Now, we need to sell that treasury note before maturity but Treasury Direct doesn't allow early sales, you must transfer them to your brokerage to sell.

Well, after submitting a paper form (the only way to request the transfer) we are at week 28 waiting for it to transfer and quickly closing in on our closing date for the new house. Mailed their support email and after a week they said, we're backed up we'll get to it.

Anyone else have any experience with TD and getting notes out?

And finally Treasury Direct has delivered, almost 29 weeks to transfer the note to our brokerage. I sold it and dropped the proceeds into a Money Market making 1% more than the note until we close in the house.

Lesson learned - if you are buying Treasury Notes or Bills do it in your brokerage account and not through Treasury Direct!

 

[euro]

OK, I just initiated the transfer of all my TF holdings (except the iBonds). The form was easy enough to complete but had to be Medallion guaranteed. My bank gets irritated by Medallion requests, so I had to go to Fido office (they kind of HAD to help me because the transfer goes to my Fido account). Sent in the form to TD and got acknowledgment e-mail about 10 days later. Expected wait for transfer out of TD is now "up to 20 weeks" ....

 

[Dash man]

I’m just letting my two treasury notes sit in Treasury Direct until they mature. The interest gets deposited like clockwork. That’s all that matters.

 

[Texas Proud]

LOL, yes TD is VERY slow...


I sent in a savings bond or my mom that was POD to me when it matured in January... got an email back that gave dates for various activities and mine is the last one with an estimate of OVER 20 weeks...


SOOO, will not get my money until the middle of the year... and I have 2 more that mature the next two years...

 

[GrayHare]

normally, gov't pays interest during such extended delays, such as if a tax refund is late, hmm

 

[DonnyMcJr64]

Good luck! Mine came in around week 27. I did call and though they promised nothing when I got a live person it did show up about 5 days later!

 

[DonnyMcJr64]

Correct they continue paying interest throughout the period. I got it to Fido and sold it and flipped to a 5.2% money market in one day