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HELP! Challenges with Treasury Direct
Old 06-29-2022, 06:28 PM   #1
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HELP! Challenges with Treasury Direct

Upfront -- a lot of this is our fault.

My husband purchased a bond (he doesn't recall which one it was) for $500 when our son was born 12 years ago. We moved 5 years later, we forgot all about it and we remembered when we tried to open a new a/c on TD to buy an iBond in his (husband's) name as the website claimed there is already an a/c in his name. He's been trying to call & email them and neither option works because the phone number on file is no longer accepting customer phone calls and no emails will be responded to unless we have a PRIOR case number with them. GREAT.

I then tried to open an a/c in my name, and MOST UNFORTUNATELY, entered it wrong. This has NEVER happened in the past - this is our most frequently used number and I remember double / triple checking it before entering it but it shows a different number. OK, MAYBE I did screw this up. Problem is, I cannot change or remove this a/c online and had to get account verification done by my bank. I did it and sent in the paperwork 2 weeks ago and still the wrong a/c info shows and I am unable to purchase any bonds.

I understand that this is the govt I'm dealing with here, but this is SO INCREDIBLY FRUSTRATING. Has anyone else gone through this? How can my husband retrieve his a/c info and when will my a/c info be corrected on the website? We just wanted to buy a bond. Thanks, Uncle Sam.
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Old 06-29-2022, 08:07 PM   #2
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There is phone number on the TD website you can call. It's my understanding that there is a very long hold time before you get a person on the line, so be prepared. Or, there is also a link for recovering account numbers. From the TD website: https://www.treasurydirect.gov/email.htm

TreasuryDirect customers:
We are currently experiencing higher than usual call volumes. We sincerely apologize for the long wait times and are working to support our customers as quickly as possible. Thank you for your patience.

Our current call center hours are Monday-Friday, 8am-5pm ET. You may reach us at 844-284-2676.

If you open an account and are asked to send us an Account Authorization form, you must submit the form before you can access your account.
If you've had trouble accessing your account, please try again. Recent changes we made may enable you to log in now.

Web help:
How do I . . . ?
Instructional videos
To recover account number
To reset password
Due to heavy volume, we are temporarily limiting communication by e-mail. For us to respond to your e-mail, it must concern a pending case and it must state your case number in the subject line of your e-mail.
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Old 06-29-2022, 10:03 PM   #3
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Everything you do with TD direct takes a very long time. While I was waiting my 3 hours and 20 minutes to talk to a person about my locked account, I must have heard a message over a dozen time about getting a reply by mail to some issue. The total time was 13 weeks. It's very possible the paperwork you sent in may not be processed for a long time.

I understand getting I-bonds converted to electronic form is now a multi-month wait.

They simply were not ready to handle their new popularity.
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Old 06-29-2022, 11:20 PM   #4
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I only needed to call their phone line once several years ago. It was for a password reset when I remembered it wrong and kept trying different ones until I was locked out.

The wait was not excessive as I recall. Apparently, there are so many people opening account that their service personnel are swamped.
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Old 06-29-2022, 11:29 PM   #5
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I remember reading Treasury Direct has sold more iBonds in the past 12 months than the previous 15 years combined. Sorry, I canít find that link.
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Old 06-30-2022, 12:47 AM   #6
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In The Wall Street Journal today, there was an article discussing the frustrations of many who tried purchasing I Bonds through TreasuryDirect.gov and ran into difficulty. Some called it ďcruel and unusual punishment.Ē The WSJ stated that through mid-June, the government sold $14.4 billion in I bonds, roughly 40 times as much in all of 2020, treasury data show. More than 1.5 million accounts have been opened since November, whereas less than a million existed prior. Thereís no doubt, they are swamped.
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Old 06-30-2022, 08:21 AM   #7
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I opened an account for my wife and bought bonds in a couple of days in May. My account was flagged for the paper bank guarantee form (probably because I used an online bank for mine and big, brick and mortar for hers). Itís been in three weeks so far. I check back every couple of days. Anticipating 2-3 months.
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HELP! Challenges with Treasury Direct
Old 06-30-2022, 08:28 AM   #8
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HELP! Challenges with Treasury Direct

I wonder when (if?) the backlog at Treasury Direct will ease up. Iíve made my I bond purchases for 2022 already and will have some flexibility for 2023.

Itís good to get anecdotal updates here. It seems that most difficulties have related to establishing new accounts.
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Old 06-30-2022, 11:22 AM   #9
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Quote:
Originally Posted by Safire View Post
I understand that this is the govt I'm dealing with here, but this is SO INCREDIBLY FRUSTRATING. Has anyone else gone through this? How can my husband retrieve his a/c info and when will my a/c info be corrected on the website? We just wanted to buy a bond. Thanks, Uncle Sam.
I haven't gone through problems opening a new account, but the Treasury Direct website is like, "Welcome to the year 2000" as far as website design, functionality, and security is concerned. However, since my bank was bought by another bank my routing number and checking account number information was outdated so when I wanted to cash out some old bonds I had to get a signed authorized statement confirming this information from my bank and MAIL IT IN. Then Treasury Direct would allow me to update my routing information. This was about a three week turnaround, IIRC.

Also, if you cash out any bonds they don't mail out 1099 statements. It's up to you to remember to go onto the website, go through their byzantine method of logging in, and then download the 1099 statement, which is in some sort of a text document and not in the form of a .pdf file. Oh yeah, they didn't have our 1099 available until almost April 15th.
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Old 06-30-2022, 11:33 AM   #10
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My account was flagged for the paper bank guarantee form (probably because I used an online bank for mine and big, brick and mortar for hers).
How were you able to get a medallion signature? I set up an account linked to my credit union back in the early 2000s. I want now to link the TD account to our main bank. We went to the bank yesterday and they said they can't do medallion signatures to treasury direct. Last week I talked to a Fido rep and he didn't think they could do it either.

We will try a credit union today to see if they will do a medallion to link our main bank. I'm baffled why little credit unions can do medallion signatures, but Fido and our bank cannot.
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Old 06-30-2022, 11:40 AM   #11
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Originally Posted by steelyman View Post
I wonder when (if?) the backlog at Treasury Direct will ease up. Iíve made my I bond purchases for 2022 already and will have some flexibility for 2023.

Itís good to get anecdotal updates here. It seems that most difficulties have related to establishing new accounts.
The backlog will ease when the automobile dealer lots refill.

Just kidding. Seems like every dang thing that is good right now is in a shortage crisis.
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Old 06-30-2022, 01:07 PM   #12
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I opened an account in TD in order to purchase an I-Bond. I swear that when I entered all the bank information and it was correct. So after the account was established, I placed my order for the $10K I-Bond. The order failed. The issue was the account.

So when I checked, they had the account # in the field for bank name and the routing # in the field for the account #. I decided to call and after a couple of attempts and then finally getting through one morning after a 30 minute wait, the rep was unable to help. She said I had to submit the form with the certification from the bank. Unbelievable... just switch the data in the two fields she could not do.

So now it's been 30 days and the email I received that they got my form says that it could take up to 13 weeks! Cannot make this up, really.
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Old 06-30-2022, 01:17 PM   #13
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Originally Posted by Helen View Post
How were you able to get a medallion signature? I set up an account linked to my credit union back in the early 2000s. I want now to link the TD account to our main bank. We went to the bank yesterday and they said they can't do medallion signatures to treasury direct. Last week I talked to a Fido rep and he didn't think they could do it either.

We will try a credit union today to see if they will do a medallion to link our main bank. I'm baffled why little credit unions can do medallion signatures, but Fido and our bank cannot.
Medallion guarantees are purchased like an insurance policy at the granting location. You have to find a location with the proper amount of ďinsuranceĒ for your level of guarantee.
I had to drive 2 hours to Aspen to get our medallion since no local bank could handle it.
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Old 06-30-2022, 01:25 PM   #14
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Originally Posted by Helen View Post
How were you able to get a medallion signature? I set up an account linked to my credit union back in the early 2000s. I want now to link the TD account to our main bank. We went to the bank yesterday and they said they can't do medallion signatures to treasury direct. Last week I talked to a Fido rep and he didn't think they could do it either.



We will try a credit union today to see if they will do a medallion to link our main bank. I'm baffled why little credit unions can do medallion signatures, but Fido and our bank cannot.


My bank (wells) did the signature guarantee side of the form. They said they stopped doing medallions a year or so ago.
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Old 06-30-2022, 04:12 PM   #15
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Originally Posted by Safire View Post
Upfront -- a lot of this is our fault.

My husband purchased a bond (he doesn't recall which one it was) for $500 when our son was born 12 years ago. We moved 5 years later, we forgot all about it and we remembered when we tried to open a new a/c on TD to buy an iBond in his (husband's) name as the website claimed there is already an a/c in his name. He's been trying to call & email them and neither option works because the phone number on file is no longer accepting customer phone calls and no emails will be responded to unless we have a PRIOR case number with them. GREAT.

I then tried to open an a/c in my name, and MOST UNFORTUNATELY, entered it wrong. I sold iBonds in 2019 and wanted to buy some treasuries today. This has NEVER happened in the past - this is our most frequently used number and I remember double / triple checking it before entering it but it shows a different number. OK, MAYBE I did screw this up. Problem is, I cannot change or remove this a/c online and had to get account verification done by my bank. I did it and sent in the paperwork 2 weeks ago and still the wrong a/c info shows and I am unable to purchase any bonds.

I understand that this is the govt I'm dealing with here, but this is SO INCREDIBLY FRUSTRATING. Has anyone else gone through this? How can my husband retrieve his a/c info and when will my a/c info be corrected on the website? We just wanted to buy a bond. Thanks, Uncle Sam.
If you haven’t recovered your TD account yet, I went through it today. My problem was we’ve moved and I wasn’t sure which state was in my account info. I sold all my iBonds in 2019 and wanted to buy treasuries today. I didn’t keep any of my account info, and when I went to create a new account, like you it wouldn’t let me - said there’s already an account with that info. I went back to the 1099-INT I got when I sold off my iBonds in 2019, and the TD account number was right there. So I entered that and clicked on forgot my password, and after verifying my SSN and answers to security questions (thank goodness I remembered) - TD let me set a new password. So I’m in, with access to anything I need in TD. Hope this helps?
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Old 06-30-2022, 05:31 PM   #16
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It's really important to know your security question answers. Glad it worked for you Midpack.

For everyone, you will get the security question when you want to look at your 1099. So get those questions right. I save the answers in my password manager.

If you screw up, you're locked out. Be careful.
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Old 06-30-2022, 08:24 PM   #17
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We had to get medallion guarantees for both of our accounts. The local bank handled it but they seemed nervous about it.
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Old 06-30-2022, 09:57 PM   #18
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Quote:
Originally Posted by Chuckanut View Post
Everything you do with TD direct takes a very long time. While I was waiting my 3 hours and 20 minutes to talk to a person about my locked account, I must have heard a message over a dozen time about getting a reply by mail to some issue. The total time was 13 weeks. It's very possible the paperwork you sent in may not be processed for a long time.

I understand getting I-bonds converted to electronic form is now a multi-month wait.

They simply were not ready to handle their new popularity.
Anyone wanna be the first to say they are surprised?
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Old 07-02-2022, 08:42 AM   #19
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We opened 2 accounts a few months ago with absolutely no problems. We both max'd our yearly I-bonds, then a while after (to make sure no problems) I bought a "gift" I bond for wifey & delivered it. Again, so far so good.

Then a few weeks later set up a series of monthly 52 weeks notes... Seems all good.

Just in case anyone is scared off from the doom and gloom.

I linked to an online bank account I've had for years...

Side note, I am NOT a unicorn...
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Old 07-02-2022, 10:00 AM   #20
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We opened 2 accounts a few months ago with absolutely no problems. We both max'd our yearly I-bonds, then a while after (to make sure no problems) I bought a "gift" I bond for wifey & delivered it. Again, so far so good.

Then a few weeks later set up a series of monthly 52 weeks notes... Seems all good.

Just in case anyone is scared off from the doom and gloom.

I linked to an online bank account I've had for years...

Side note, I am NOT a unicorn...
Just a note, if you and DW max'd your individual purchases and then bought a gift Bond, you can't deliver it until next year without issues as that would put her over the $10k annual limit.
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