Treasury Direct Redemption/Refund delays

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Jennyontheblock
Posts: 4
Joined: Sun Feb 28, 2021 5:17 pm

Treasury Direct Redemption/Refund delays

Post by Jennyontheblock »

Due to Treasury Direct not canceling an original IBond order after online request to do so, and then doubly processing two orders, I am due a $10k refund (from May 1st)!

After FINALLY reaching a live person to inquire about the missing refund (which an email stated I would receive in "8-10 weeks"), the nice but very apologetic lady said, "honey you'll be lucky if you get this refund in 6 months"...

Which made wonder how long it takes when you choose to redeem an Ibond. Does anyone care to share your experience?
mamster
Posts: 637
Joined: Tue Jan 11, 2011 1:05 pm

Re: Treasury Direct Redemption/Refund delays

Post by mamster »

One business day. Maybe a couple of additional days if your bank has slow ACH. I assume refunds need to go through a bureaucratic process, but redeeming is as automated as purchasing.
Topic Author
Jennyontheblock
Posts: 4
Joined: Sun Feb 28, 2021 5:17 pm

Re: Treasury Direct Redemption/Refund delays

Post by Jennyontheblock »

mamster wrote: Fri Aug 05, 2022 9:02 am One business day. Maybe a couple of additional days if your bank has slow ACH. I assume refunds need to go through a bureaucratic process, but redeeming is as automated as purchasing.
Well that is very encouraging! I was tempted to stop Ibond purchases for my elderly mother if it was found to be a hassle!
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