Series 1 Savings Bond keeping my excess $ 10,000.
Dear Terry,
Help. On June 22nd I deposited $20,000 in a checking account. The next day I bought a $10,000 Treasury bond for myself. Then I planned to buy one for my husband with the second $10,000. But I didn’t understand how to do it and made a mistake. I thought I would deposit his as a gift not knowing he had to have his own account. Lickety split, I was told my 2nd $10,000 would be held up for 8-10 weeks. Now it is 19 weeks ! Telephone calls have over 1 1/2 hours waiting times. Is there any more expedient was to get my money returned? I am hoping you can help me in some way. My husband and I are over 80 and are not too computer savvy. Thank you for any ideas /suggestions you can give. Sincerely, Sharon Carlson
Terry Says
I received a response from Treasury on this. Here it is:
Good news and bad news on this one. On June 24, the system was updated to stop this activity from happening. Therefore, the system did allow customers to purchase too much and then we have to manually give it back to the customer. This is a timely process and the goal is to have these done by the end of the year. Now the good news, she is earning interest on these funds and will continue to do so until we return these to her. If she did want this done faster, she can call and we will expediate the return but she will stop earning interest. If she waits until we return the funds to her, she can just go back in and purchase again.
So maybe wait patiently. You are earning interest on your over-purchase! The refund will show up in your account eventually.
