The US Treasury Direct (TreasuryDirect) is now freezing customer accounts, leaving users without access to their funds from weeks to months.
Tammarra Johnson reported to FrankNez that TreasuryDirect has frozen her account ever since she made a deposit going all the way back to April.
Users can purchase securities directly from the US Treasury with TreasuryDirect.
However, big financial institutions have access to TreasuryDirect’s auction house which means they have priority over individual customers.
Finance Strategists reports that’s securities purchased through TreasuryDirect cannot be sold in the secondary market before they mature.
“This lack of liquidity could be a disadvantage for investors who may need to access their investment capital before the securities’ maturity.”
But Johnson’s issue is a little different – TreasuryDirect froze the account after a deposit from a settlement.
“My account has been frozen since April right after I deposited $1,500 from a settlement. I mailed in the required form from my bank that was needed to unlock my account and it is still locked.
It’s sad to know financial institutions are basically taking citizens money like times aren’t already hard.”
Just ten months ago, Samuel Clemens reported having a similar issue.
“I’ve been buying iBonds for 10 years. So earlier this year, 4 years after I opened some some proprietorship accounts, t direct finally comes back to me to query some of the registrations.
There’s no way to speak with them. Emails are ignored and written correspondence takes months. In the meantime, my accounts are frozen, and I do not have access to my money. If this were a private business, fraud charges would be laid!
How about organizing a campaign to write to our congressional representatives to fix this? The IRS takes months to process returns, and the treasury can’t handle a simple savings program for citizens. It’s a national disgrace.”
This is a developing story – Keep reading below for more on banks freezing customer accounts nationwide.
Also Read: Banks Are Now Closing Thousands of Accounts Daily
A US Bank is Now Freezing Some Retiree Accounts
A US bank is now freezing some retiree accounts leaving users in a painful situation according to a customer’s report on Thursday.
Beth Williams, 78, says she’s been a WMC cardholder for 10 years now and has been unable to gain access to her WMC/Green account for 20 days now.
What’s more alarming is that prior to the bank freezing the retiree’s account, who says lives on Social Security, she noticed two unauthorized charges prior to reaching out to the bank.
“Since August 4th I have been unable to access my WMC debit card account. On August 3rd I noticed 2 unauthorized charges & immediately contacted WMC/Green. My account had to be frozen per CS/ RESOLUTION dept.
I have been calling and spending hours on hold to reach CS trying to find out when my expedited replacement card is arriving! CS has given to me 4 extended dates when I’ll get my replacement card.
The flimsy CS explanations: 1st-upgrade system & 2nd having technical difficulties! I was told today by CS that the card is to arrive on or before August 27th, and by standard mailing. I am panicking and afraid that I’m being lied to,” she reported to FrankNez.
We’ve asked Williams to keep us updated on the bank’s decisions so we may provide readers with more information who might also be seeking for solutions.
Unfortunately, Williams isn’t the only one being affected; the same bank is freezing accounts with users also reporting several weeks of being locked out.
“I have been going through the same thing with green dot. My funds were hacked at the beginning of August, and I’ve got nothing but the run around from them. They keep telling me my card is on its way. It was supposed to be here August 23 now they’re saying the 31st..I’m on SS and they’re holding my money hostage. What is going on!!” Sandra Machuga reported to FrankNez.
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Related: Bank of America is Freezing Accounts in New Scandal
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I HAVE BEEN FIGHTING WITH WELLS FARGO AND BAYPORT CREDIT UNION FOR ALMOST 3YRS,WELLS FARGO MOVED MY MONEY FROM A 401K THAT WAS BENIFITED TO ME BY MY LATE HUSBAND,I AS FOR A PAPER TRAIL AND WAS TOLD I COULD NOT HAVE ONE,BAYPORT CASHED 6 INSURANCE CHECKS AND ONLY PUT 2 IN A SAVINGS ACCOUNT,THE OTHER 4 AND A MONEY MARKET WENT IN A ACCOUNT I HAVE NO ACCESS TO,WHAT CAN I DO TO RETRIEVE MY FUNDS,I AM ABOUT TO LOOSE MY HOME,IS THERE ANY HELP FOR PEOPLE LIKE ME
Some people have been contacting the FDIC and the Better Business Bureau. That’s ridiculous…
I’ve been fighting with WMC/Green Dot for over Two years, they froze my account after I filed complaints for fraudulent charges, I’ve sent everything they’ve asked for, THEY NEVER FOLLOW THROUGH. SAME THING WITH NETSPEND ALL ACCESS. THEY BOTH HAVE MY MONEY AND WONT GIVE IT BANK
They haven’t allowed access to your funds for two years now???
Leave your thoughts below.