Government, Investing 
10
comments

Emigrant Direct Foiled My Series I Bond Purchase!

Email  Print Print  

I don’t know if TreasuryDirect changed their policy or if EmigrantDirect changed theirs, but my attempt to purchase Series I Bonds and take advantage of the potentially awesome new rates was foiled! I received the following message from TreasuryDirect:

Dear JIM,

We’re sorry, but your purchase request IAAAB was canceled. While trying to collect payment from your bank, they returned our debit. Please check the Investor InBox section of your TreasuryDirect account for more detailed information.

Thank you for using TreasuryDirect.

It was entirely my fault. It wasn’t Emigrant Direct’s fault, or the Treasury Direct’s fault, it was Jim Direct’s fault. The only linked account I had was from an Emigrant Direct savings account and I assumed it would still be valid to make another purchase. I had purchased $100 in Series I bonds a while back just to play with the system and assumed everything was still good. Unfortunately, TreasuryDirect now debits the linked account rather than a regular ACH transfer (I think) and so a savings account doesn’t debit! (The other explanation was that there were insufficient funds, but I confirmed I had enough)

So the only solution is to head over to the bank and buy a paper Series I Bond so I can still take advantage of the upcoming favorable rates. I suspect it should be pretty easy, the government always makes it easy for you to give them your money :) .

{ 10 comments, please add your thoughts now! }

Related Posts


RSS Subscribe Like this article? Get all the latest articles sent to your email for free every day. Enter your email address and click "Subscribe." Your email will only be used for this daily subscription and you can unsubscribe anytime.

10 Responses to “Emigrant Direct Foiled My Series I Bond Purchase!”

  1. CK says:

    Emigrant only allows transfers through the checking account linked to the Emigrant account. I tried transferring money to Vanguard once and Emigrant said no way. The only way in or out is through your linked account.

  2. jim says:

    Must be a recent development because I bought the other $100 bond through Emigrant… oh well, I just bought a paper one at the bank. It took like five minutes.

  3. Stephen says:

    I’ve heard of other bloggers having trouble with EmigrantDirect and TreasuryDirect recently. Haven’t heard of any other Online Savings Account having issues. Wonder what the deal is?

  4. cheo reom says:

    hey jim…quick question…

    i also dropped by the bank today to purchase paper bonds…it was through citi and they debited my checking account…the thing is..did they give you a certificate right away? citi said they’ll mail it to you but i wasn’t sure how this normally works…it’s my first time buying paper bonds.

    thanks.

  5. jim says:

    cheo reom: Yeah, they mail it in three weeks but the certificates are effective as of today. It was the first time for me and that’s how they explained it to me. It makes sense, the banks don’t have the bonds right there (plus they have to be in your name) so I expected them to mail it.

  6. cheo reom says:

    i see. thanks for the confirmation jim!

    besides that, did you have to fill out a paper application inside the bank? i was surprised when the banker did everything electronically and just gave me the trans receipt at the end. i was hesitant but he said it was fine…hmm..

  7. Jay says:

    Bought mine last week via an ING savings account: no problems. Wonder what’s up with Emigrant.

  8. jim says:

    cheo reom: Hmmmm, I did have to fill out an order form (PD F 5374) and it was this really old (Revised November 1998) form for ordering Series I Savings Bonds. The back of the form says processing takes three weeks, you’ll see apost up tomorrow (though it’ll only confirm your experience, minus the paperwork).

    Jay: That is kind of odd then, I assumed that since it was a “debit,” it was a debit like one has a debit card linked to a checking account. Either way, I got paper bonds for the amount I wanted to put into the Savings Bonds so I’m satisfied. Thanks for sharing your experience though, certainly befuddles me even more though.

  9. aa says:

    EmigrantDirect sucks. You can’t make any ACH transfers with unlinked accounts.

    The current balance of that account is now $0.

  10. Shania says:

    Hey Jim,

    I filled out the same Order For US Savings Bonds a few days ago. The form number was PD F 5374 but the interesting thing is it says: Revised July 2001. However, there is also a note that says: Previous Editions Usable.

    Oh well, guess my bank sells more bonds than yours?

    Just my 2¢ worth on the matter. . .

    Shania


Please Leave a Reply
Bargaineering Comment Policy


Previous Article: «
Next Article: »
Advertising Disclosure: Bargaineering may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
About | Contact Me | Privacy Policy/Your California Privacy Rights | Terms of Use | Press
Copyright © 2014 by www.Bargaineering.com. All rights reserved.