Anyone use treasurydirect with paper bonds?

[Olav23]

I just received a stack of E and EE series US Savings Bonds from my parents. I finally got my login info for treasury direct, and I figured I could put the various paper bonds I had into the system. I can not figure out for the life of me how I "import" these into the website for redemption.

Anyone know?

[twaddle]

I've never tried it, but it looks like you need to send them an email to setup your account for conversion:

Individual - Convert Your Paper Savings Bonds Using SmartExchange

[Olav23]

Thanks so much Twaddle. I thought it was easier to set up the TD account as opposed to just going to my local bank and redeeming in person. This has been the most assinine system ever. You first have to apply, get a form in the mail, then the login process takes:

1. Some giant long account number
2. A password that has at least some punctuation, requiring you to immediately forget it or write it down to make the security so strong
3. To type your password into an on screen virtual keyboard with the keys placed randomly.
4. Using this credit card sized decoder card to find characters in a matrix and type them again on a virtual keyboard.

Seriously.
..

Seriously!

And then you can't even simply put in yoru savings bonds. you apparently have to send them a mail and wait 2 days for them to "enable" this for you. Not even add them, just ENABLE the feature. I think it is very obviously a government designed system!

[Spanky]

That's one of the many reasons that the government has a mountain of staffs because of its complicated, convoluted, and ?###$%% policies, laws and systems as their ways to protect or service the public. I would not be surprised that more than 50% of people in the government are employed to resolve or handle complicated issues induced by the government.

[ChemEng]

Quote:

Originally Posted by Spanky That's one of the many reasons that the government has a mountain of staffs because of its complicated, convoluted, and ?###$%% policies, laws and systems as their ways to protect or service the public. I would not be surprised that more than 50% of people in the government are employed to resolve or handle complicated issues induced by the government.

Guilty. But its paying the bills, so I cant complain too loudly.

[Achiever51]

I checked it out but decided it's simpler to just keep the actual bonds in my bank's safety deposit box and track the bonds using the Savings Bond Wizard.

[ladelfina]

Quote:

This has been the most assinine system ever. You first have to apply, get a form in the mail, then the login process takes: 1. Some giant long account number 2. A password that has at least some punctuation, requiring you to immediately forget it or write it down to make the security so strong 3. To type your password into an on screen virtual keyboard with the keys placed randomly. 4. Using this credit card sized decoder card to find characters in a matrix and type them again on a virtual keyboard.

I converted all my paper bonds last year since I am abroad and didn't want the hassle of having to physically take them to a US bank on those particular dates just after interest comes due and you want to cash out.

I filled out the info for the TD account on line, wrote them an e-mail request for a conversion account "invitation", logged in to the site with the PW they e-mailed me, entered the bond numbers, printed a manifest to send with the bonds I was mailing in, then mailed the bonds and they showed up in my account. It was kind of finicky and confusing toward the end since there were now two parallel accounts -the "conversion" and the regular- and the conversion is one layer removed, so I freaked when the bonds didn't seem to show up (but were there). I don't know anything about a decoder card!

There seem to be two types of TD accounts (and several sub-types). Did a bit of poking but the differences between "Treasury Direct" and "Legacy Treasury Direct" are not entirely clear. I did "Treasury Direct"; the "Legacy" account is the one that seems to require the mail-in forms to set up.

I found the site and the process easier than I expected, but the gov. just can't seem to help itself from being obscure:

Quote:

What is the difference between the new TreasuryDirect system and Legacy Treasury Direct? The new TreasuryDirect is an account-based system that will allow you to purchase and manage most Treasury securities over the Internet. Legacy Treasury Direct is a separate system, available since 1986, for marketable Treasury securities only.

TreasuryDirect Help: FAQ

oooo kaay... It's weird that they allow people to keep signing up for "Legacy" rather than just have it eventually peter out from attrition.

[Olav23]

Perhaps that is the key. I signed up for the new TD. I didn't realize you could even sign up for the legacy version. I assumed, like you, that legacy means some old style, and all new participants should go for the new. Guess I should have read the entire software spec in advance!

They mailed me this plastic card that basically looks like an excel matrix. Letters aross the top and left side.

Then they tell you the top and side characters and you have to type the character that matches inside the matrix using those. The whole login process takes about 4 minutes, I'd say, since you have to hunt and peck on the "virtual keyboard", keep an obscure account number handy (instead of a login name) plus find the decoder card, find the characters on it THEN type those in again on a virtual keyboard.

[ladelfina]

From my experience of last year the "plain" version was easier, but. .. hey!.. you must feel really safe!