Customers’ accounts at US Treasury Direct (TreasuryDirect) are currently being frozen, depriving them of their money for several weeks or months at a time.
Tammarra Johnson informed FrankNez that ever since she made a deposit in April, TreasuryDirect had suspended her account.
TreasuryDirect allows users to buy securities straight from the US Treasury.
However, TreasuryDirect’s auction house is accessible to large financial organizations, giving them precedence over ordinary clients.
Securities acquired through TreasuryDirect are not eligible for secondary market sales prior to their maturity, according to Finance Strategists.
Investors who might need to access their investment cash before the securities’ maturity could be harmed by this lack of liquidity.
Johnson’s problem, however, is a touch different because the account was frozen by TreasuryDirect following a settlement deposit.
“In April, shortly after I deposited $1,500 from a settlement, my account was locked. My bank requested me to mail in a paperwork in order to unlock my account, but it remains locked.
Knowing that banks are essentially stealing money from citizens as if things aren’t already difficult is depressing.
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Samuel Clemens reported experiencing a similar problem just eleven months prior.
“I’ve spent ten years purchasing iBonds. Four years after I created various proprietorship accounts, T Direct finally contacted me early this year to inquire about a few of the registrations.
It’s impossible to communicate with them. Emails are not answered, and it takes months to write a letter. My accounts are frozen in the meantime, therefore I can’t access my money. If this were a private company, accusations of fraud would be brought!
What if we started a campaign to ask our congressional representatives to address this? The Treasury is unable to manage a basic savings program for people, and the IRS takes months to complete returns. It’s a shame to the country.
This is a developing topic; for additional information on bank account freezes nationally, continue reading below.
Currently, some retirement accounts at a US bank are frozen.
A client said on Thursday that a US bank is now suspending some retiree accounts, putting them in a difficult situation.
The 78-year-old Beth Williams claims to have had a WMC card for ten years, but she hasn’t been able to access her WMC/Green account for the past twenty days.
Even more concerning is the fact that the retiree, who claims to live off Social Security, discovered two fraudulent charges on her account before contacting the bank and having it frozen.
In an attempt to find out when my expedited replacement card will arrive, I have been calling and waiting on hold for hours to speak with customer service! I have four further dates from CS for when I will receive my new card.
The weak CS justifications: system upgrade on the first and technical issues on the second! CS informed me today that the card must arrive by regular mail by August 27th at the latest. She told FrankNez, “I’m scared that I’m being misled and I’m in a panic.
Williams has been requested to keep us informed about the bank’s choices so that we can give readers who might be looking for answers additional information.
Williams is sadly not the only one impacted; consumers of the same bank are claiming account freezes and lockouts lasting many weeks.
“I’ve been experiencing the same issue with green dots. At the beginning of August, my money were compromised, and all I’ve received is the runaround from them. They assure me again that my card will arrive.
August 23 was the scheduled arrival date; however, they are currently stating August 31.They’re keeping my money hostage while I’m on SS. What’s happening!? Sandra Machuga was a FrankNez reporter.