A month ago I mailed some paper I-Series Savings Bonds to Treasury Retail Services to convert the ownership from one trust to another. I just spoke with a rep who said that they received the bonds but the process would take 6 months.
If you want to get something done at Treasury within a specific year, start early.
Wendy
It’s too bad we can’t hold I-bonds at our brokerage instead. At this point, I hold 90+% of my treasury bills/notes at a brokerage instead of at treasurydirect. And the treasurydirect 1099 is the WORST format I have ever seen anywhere.
Wait until you see the 1099 you receive when you become an SS recipient.
I’m just letting my I-bonds mature and then write them off as a bad 30-year investment.
I’m hoping the procedes will just automatically show up in my checking account, but i’m probably mistaken.
Edit: I see that you have to request that the bond be cashed out on the Treasury Direct website. It takes 2 days for the money to show up in your checking account.
intercst
If you want to get something done at Treasury within a specific year, start early.
Good to know. It is similar in other agencies. A family member had filed a claim for disability with the Social Security Agency in November of 2021. It was denied almost immediately (of course) and required the now de rigueur hiring of an attorney specializing in contesting these rulings and SSA finally decided in November of 2023 that disability eligibility was warranted. But it took until late January 2024 to issue the letter providing that confirmation for eligibility retroactive to the original 11/2021 application date.
GREAT! So when will the funds be sent?
The letter didn’t commit because they had a couple more questions that needed answers before they could release the funds and start payments. Okay, what are they? Who can we call?
That’s not the way they work. They schedule a call and call YOU. That call might be three weeks out. They’ll collect that ONE piece of information previously identified, then push the paper to the next step. If THAT step uncovers ANOTHER piece of information, the task to sync up to collect THAT piece of information is a new task that goes…
…to the bottom of the pile which means you wait another 3+ weeks.
And I’m sure that if you fail to answer one of these calls due to some other pressing emergency, your “call” goes to the back of the line to await rescheduling again for another 3+ weeks.
For a decision to begin providing disability benefits that was made in November 2023, monthly payments didn’t start until 2/29/2024 and the arrears payment isn’t expected to arrive until 5/1/2024. I’m grateful the benefits were approved and will be paid but it should not take this long AFTER “yes” has been reached.
I don’t blame the workers. It’s clear the entire SSA system has no modern “ticket” based work planning system and guardrails around data entry that can spot problems up front and confirm all data is collected and validated. When things fall off the rails, a unit of work cannot be merely placed on hold for an hour or a day, it essentially gets written back to some core system which flushes it from the control of the last person who touched it and it goes to the back of the line.
This is what we get when we treat every aspect of the government like the enemy and fund it accordingly.
WTH
"m hoping the procedes will just automatically show up in my checking account, but i’m probably mistaken.
Edit: I see that you have to request that the bond be cashed out on the Treasury Direct website. It takes 2 days for the money to show up in your checking account."
I’ve been using 4,8, and 12 week notes for funds that are intended for possible purchases within a year or so. Treasury Direct seamlessly deposits the proceeds after every maturity date. Also real easy to buy, account is linked with credit union account. Do have to manually go in and print the 1099, but it’s pretty easy once you get used to the site. Sure beats that bupkis amount the credit union pays.
“This is what we get when we treat every aspect of the government like the enemy and fund it accordingly.”
I’ve been deferring SS, but will be watching closely the November election results. If the results go a certain way, will be signing up for SS, based on the lunatic fringe element taking the reins of the federal government. Want to get the system paying me, as the potential new occupants of the government will probably do everything possible to gut the staff. But hopefully the results do not go that way.
I have been collecting SS since 62. eight years ago. Once it’s in my hands, it would be a lot harder for them to take it away. Going forward? They could follow “Plan Steve” at any time.
Steve
Treasury Direct is good with trades that are done by computer. The problem arises when human service is required as in handling paper bonds.
Wendy
“The problem arises when human service is required as in handling paper bonds.”
oh, ok, I’ve never had to deal with that, have only been in Treasuries for a few years. Bought I-bonds, but it was an online transaction.
Actually started putting money into them based on many of your previous posts, so thanks for that ! Much higher rates than CU, and no State tax owed on them, pretty good deal for assets being purposely left out of equities or bonds. Have never bought an individual bond, either. And I understand the interest rate risk of bond funds, so not interested in those, either. Did make a decent trade on the 20 year ETF TLT but that was always just a short term trade. Was not impressed with the bond fund performances during Covid crash, so will probably never own bonds as a long term hold.