U.S. Treasury
I don’t have a question but wish to share with you my experience with U.S. Treasury. A little over a year ago, my account was hacked and my account was frozen. Dealing with customer service was like talking to robots. They had their script and didn’t deviate. Finally, after 5 months, my account was unfrozen. It turns out that multiple accounts were hacked along with mine. The experience so soured me on the Fed that I decided to close my account. After I received the IDme email, I called them to transfer my treasuries to my account at Chase. They sent me a 6 page form to complete and said it would take at least 10 months! to complete the transaction after they reviewed my form. These are book entry securities! What a poorly run department. I listen to you and John Williams and know you’re high on the U.S. Treasury. It’s fine if you buy and hold but once there, it’s a nightmare to move securities elsewhere.
Terry Says
That’s a horrible story — and I think it’s what’s behind the new security procedures. BUT, here’s amistake YOU made. Instead of asking for your securities to be transferred, assuming you own T-bills or notes, you should have just let them mature and allow the money to be dropped back into your linked bank account. That’s far easier, and if it’s not too late, you should do that.
