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A young relative of mine is having a miserable time cashing Treasury bonds that were gifted to her through TreasuryDirect for her tuition. Treasury is requirin
by rgovostes 1mo ago
A young relative of mine is having a miserable time cashing Treasury bonds that were gifted to her through TreasuryDirect for her tuition.
Treasury is requiring she get a medallion signature guarantee from a bank to access her funds but, like 40%+ of her generation, she uses online banking with no accessible branch. Treasury insists she can get this from any bank, but as the guarantor is liable for a loss, there's no way they will provide this to a non-client. They generally won't even make their ordinary notary public available.
So she is now switching financial institutions simply to access a modest amount in her TreasuryDirect account. If you are thinking about gifting saving bonds to someone: do them a favor and don't.
- greyface- 1mo agoBrick-and-mortar banks often don't want to provide these to existing clients, either. I got the runaround from mine when I tried to open a TreasuryDirect account.
- ghaff 1mo agoI had a real PITA with medallion signature a while back. The local branch couldn't do it and, in spite of providing all my documents, the central location also couldn't do it for some reason. Ended up having to drive 45 minutes to my brokerage and they handled in about 5 minutes (was a stock transfer) but it was a real nuisance. It seemed like a bunch of things were suddenly much easier during COVID but they seem to have mostly reverted. I got some I bonds from Treasury Direct when interest rates were going crazy. It's not a lot in the scheme of things. I should clear them out and consolidate as I've done with other investments.