US Treasury Direct customers are now reporting being unable to access their money after many others were left with frozen accounts.
Treasury Direct (“TreasuryDirect”) said that its website is currently under system maintenance, however, customers have been experiencing an array of issues for many months now.
Tammarra Johnson reported to FrankNez that TreasuryDirect has frozen her account ever since she made a deposit going all the way back to April.
“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.”
Also Read: A US Bank is Now Holding Retirees SS Money Hostage
US TreasuryDirect Problems
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.”
“Treasury Direct is down right now. Starting to wonder if investing in treasuries is really a risk free return if they can’t even keep their website running,” said one user on Tuesday.
Other Treasury Direct customers have reported being unable to access their money all week via Downdetecter.
Customers have shared the following announcement from the site:
“The TreasuryDirect application will be unavailable starting Friday, September 1, 2023, at 6:00 p.m. ET and is expected to remain unavailable until Sunday, September 3, 2023, at 6:00 p.m. ET due to system maintenance. We apologize for any inconvenience.
We’re sorry! TreasuryDirect services are unavailable at this time due to scheduled system maintenance. We apologize for any inconvenience this may cause. We appreciate your patience and invite you to return later. In the meantime, you may want to visit the TreasuryDirect website for other news and information.”
Also Read: Banks Are Now Closing Thousands of Accounts Daily
Other Bank Discrepancy Reports
Reports from TreasuryDirect surfaced after multiple people, including retirees, began reporting alarming concerns surrounding Green Dot Bank to FrankNez.
“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 BACK,” reported Deborah Morrison to FrankNez last week.
Beth Williams, 78, says she has been a WMC cardholder for 10 years now and has been unable to gain access to her WMC/Green account since August 4.
Is something happening with the US Treasury and banking sector? Or is this all just a coincidence. Leave your thoughts and opinions in the comment section down below.
This is a developing story – for more market news and updates, opt-in for push notifications or join the popup newsletter. You can also follow me on social media down below.
Also Read: Bank of America is Freezing Accounts in New Scandal
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
You can also follow me on Twitter, Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Become a Sponsor for only $1/mo.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Leave your thoughts below.