I-bonds Issue
Hi Terry! I just got the following letter from Treasury.gov:
“8:08 AM (4 hours ago)
to me
A review of our records shows that you exceeded the annual purchase limitation for electronic Series I bonds registered in your name in your TreasuryDirect account. The regulations governing the sale of electronic savings bonds specify that purchases in a calendar year are limited to $10,000 per series, either EE or I, per social security number of the first-named registrant.
The purpose of this email is to notify you that on November 19, 2022, we will adjust the holdings in your account by refunding the purchase price for recently purchased savings bonds. The refund will be transmitted to your bank account of record using the ACH method of payment. The proceeds should be deposited to your bank account within two to three business days.
We apologize for any inconvenience and encourage you to contact us via return email if you have any questions. Thank you for investing through TreasuryDirect.”
It seems that they are going to now refund my $10,000 I-bond, which they issued mistakenly to me in April of this year. I didn’t know of the limitation at the time, and used all the same information to purchase two $10,000 bonds. I believe they are not only refunding the bond, but also not going to award any interest for this $10,000 that they received from me 7 months ago. Do you think I have any recourse to keep the bond, or at least be granted interest?
Thanks,
Lisa
Terry Says
Check your account at TreasuryDirect (I’m assuming you have one!).
Perhaps you clicked twice to buy your $10,000 of I-bonds.
They’ll send hte money back –and in the meantime you’ll be earning interest at 9.62% on that money!
