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I'm sharing my experience with changing my primary bank at Treasury Direct, in case it will help someone else in the future.
We are changing our primary bank and I've been working on updating linked accounts.
At the beginning of January, on the Treasury Direct web site, I added our new bank account and designated it as our Primary Bank for purchases and payments. I waited to delete our old bank until I was sure everything was set up correctly.
On January 16 we received an interest payment for some TIPS that we own. The payment went to our old bank account. I spent some time on the phone with TD this morning, and found out that under "Holdings" I had to open up each individual TIPS and designate the new bank account as the one to receive interest, and for redemptions. Simply adding the new bank and designating it as the primary under account information was not enough.
Personally I don't think knowing you need to do this is at all intuitive, which is why I'm sharing to hopefully save anyone who reads this some time and aggravation in the future.
As an additional FYI, we also own I Bonds and Series EE Bonds and I didn't need to make an individual bank designation on any of those. The agent I spoke with on the phone told me that would be done when I redeem them.
Cheers.
We are changing our primary bank and I've been working on updating linked accounts.
At the beginning of January, on the Treasury Direct web site, I added our new bank account and designated it as our Primary Bank for purchases and payments. I waited to delete our old bank until I was sure everything was set up correctly.
On January 16 we received an interest payment for some TIPS that we own. The payment went to our old bank account. I spent some time on the phone with TD this morning, and found out that under "Holdings" I had to open up each individual TIPS and designate the new bank account as the one to receive interest, and for redemptions. Simply adding the new bank and designating it as the primary under account information was not enough.
Personally I don't think knowing you need to do this is at all intuitive, which is why I'm sharing to hopefully save anyone who reads this some time and aggravation in the future.
As an additional FYI, we also own I Bonds and Series EE Bonds and I didn't need to make an individual bank designation on any of those. The agent I spoke with on the phone told me that would be done when I redeem them.
Cheers.
