I-bond purchase questions

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nonnie
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I-bond purchase questions

Post by nonnie » Wed Jan 18, 2012 9:41 pm

Please take pity on me- I've searched everywhere I know and can't find the answer to this question (feel free to send me a snarky link). From the TD website--"You can buy a savings bond, schedule repeat purchases." My questions are, 1) may I log in today and schedule a purchase for next Tuesday? 2) Once I log in and make a purchase is there a predictable set number of days it takes to have my bank account debited?

Thanks,
Nonnie
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NAVigator
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Re: I-bond purchase questions

Post by NAVigator » Wed Jan 18, 2012 9:54 pm

When I bought some I-bonds a couple of weeks ago, the funds were taken from my checking account the next day.

I just checked on TD and yes, you can schedule a purchase for some date in the future.

Jerry
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ftobin
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Re: I-bond purchase questions

Post by ftobin » Wed Jan 18, 2012 9:56 pm

If I remember correctly, yes, you can schedule when a purchase takes place. Why don't you login and try it? You can get that far without committing.

The Treasury was pretty consistent about debiting the same day as the purchase or the next business day. My advice is don't play to the wire with these things, though, as your bank will likely nail you with some fee that wipes our your interest for the past 3 years.

nonnie
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Re: I-bond purchase questions

Post by nonnie » Wed Jan 18, 2012 10:25 pm

ftobin wrote:If I remember correctly, yes, you can schedule when a purchase takes place. Why don't you login and try it? You can get that far without committing.

The Treasury was pretty consistent about debiting the same day as the purchase or the next business day. My advice is don't play to the wire with these things, though, as your bank will likely nail you with some fee that wipes our your interest for the past 3 years.
Thanks, I know I'm being ridiculous trying to save that $1.00 in interest fromn my 1% p.a. interest based savings account. I don't know why --other than I've had problems with logging in to TD in the past and a few complaints folks have made here about problems logging in to TD-but I haven't, silly as it seems, been able to take the plunge to try to log in. Tomorrow!
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nonnie
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Re: I-bond purchase questions

Post by nonnie » Thu Jan 19, 2012 5:43 pm

NAVigator wrote:When I bought some I-bonds a couple of weeks ago, the funds were taken from my checking account the next day.

I just checked on TD and yes, you can schedule a purchase for some date in the future.

Jerry
Did you check on TD by doing it or just reading about it? I logged in right now, went to the purchase page, entered I-bonds and the amount and the ONLY option I had was to click on "Buy Now."

Nonnie
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tfb
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Re: I-bond purchase questions

Post by tfb » Thu Jan 19, 2012 5:57 pm

nonnie wrote:
NAVigator wrote:When I bought some I-bonds a couple of weeks ago, the funds were taken from my checking account the next day.

I just checked on TD and yes, you can schedule a purchase for some date in the future.

Jerry
Did you check on TD by doing it or just reading about it? I logged in right now, went to the purchase page, entered I-bonds and the amount and the ONLY option I had was to click on "Buy Now."

Nonnie
If you want to schedule a purchase in the future, click on Buy Direct on the top, not the more visible Purchase Express on the right hand side. I just did it last night.
Harry Sit, taking a break from the forums.

nonnie
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Re: I-bond purchase questions

Post by nonnie » Thu Jan 19, 2012 6:19 pm

tfb wrote:If you want to schedule a purchase in the future, click on Buy Direct on the top, not the more visible Purchase Express on the right hand side. I just did it last night.
Thanks again, that's the solution--you're right I tried the "more visible."

Nonnie
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hollowcave2
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Re: I-bond purchase questions

Post by hollowcave2 » Thu Jan 19, 2012 7:22 pm

Yes, I've set up one-time and repeat purchases on a regular schedule.

Just be aware that the I-bond will be issued the next business day after your purchase. My bank's debit goes through the next business day as well.

Just be careful about end of month purchases. If you want to buy a January bond this month, for example, you need to purchase on Jan. 30 so that you're I-bond will be issued on Jan. 31.

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NAVigator
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Re: I-bond purchase questions

Post by NAVigator » Thu Jan 19, 2012 8:09 pm

nonnie wrote:
NAVigator wrote:When I bought some I-bonds a couple of weeks ago, the funds were taken from my checking account the next day.

I just checked on TD and yes, you can schedule a purchase for some date in the future.

Jerry
Did you check on TD by doing it or just reading about it? I logged in right now, went to the purchase page, entered I-bonds and the amount and the ONLY option I had was to click on "Buy Now."

Nonnie
Yes, by doing it, and then I canceled before committing to the transaction. As described by others the "Express" window on the first page is for making a purchase now. The "Buy Direct" allows a one time purchase on a date you select or making periodic purchases starting on a date you specify and periodically afterward. I hope you were able to specify the purchase you want to make. The payment from your bank account will be later in the day or the next business day.

Best wishes,
Jerry
"I was born with nothing and I have most of it left."

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SSSS
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Re: I-bond purchase questions

Post by SSSS » Thu Jan 19, 2012 8:41 pm

One caveat about scheduling future purchases -- they do not automatically enforce the annual purchase limits (recently raised to $10,000 per year per series). Excess purchases will be allowed to go through, but a few minutes after the purchase you'll receive an automated e-mail threatening to liquidate your account if you do it again. You get to keep the excess bond, though.

None of this makes a lot of sense.

sscritic
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Re: I-bond purchase questions

Post by sscritic » Thu Jan 19, 2012 8:57 pm

The code of federal regulations say this is a "reserve the right" situation. It doesn't mean they have to. Have you ever been served in a restaurant while not wearing shoes?
We reserve the right to take any
action ...



鲍勃不是我的名字

nonnie
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Re: I-bond purchase questions

Post by nonnie » Thu Jan 19, 2012 9:17 pm

sscritic wrote: 鲍勃不是我的名字

很可爱不能得到谷歌翻译SS评论家
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nonnie
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Re: I-bond purchase questions

Post by nonnie » Thu Jan 19, 2012 9:29 pm

NAVigator wrote: I hope you were able to specify the purchase you want to make. The payment from your bank account will be later in the day or the next business day.

Best wishes,
Jerry
Thanks to hollowcave2 and to you for answers. When I couldn't find the right button I decided to just switch funds from my CU to checking account I'd used in the past for electronic bonds but they won't transfer until Monday and I'll schedule the purchase then. It now dawns on me that one could just specify a routing number and bank/CU account and they'll take the money??? can't remember if there's a verification process or not.

Nonnie
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alanf56
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Re: I-bond purchase questions

Post by alanf56 » Thu Jan 19, 2012 9:47 pm

There was no verification process when I signed up. In fact I did the buy a bond thing and then cancelled it because I didn't want to buy it yet! It cancelled without a problem. So I guess I tested the system one step further.

nonnie
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Re: I-bond purchase questions

Post by nonnie » Thu Jan 19, 2012 10:36 pm

alanf56 wrote:There was no verification process when I signed up. In fact I did the buy a bond thing and then cancelled it because I didn't want to buy it yet! It cancelled without a problem. So I guess I tested the system one step further.
Sorry, I should have been more clear-- I meant verification process of my bank account-- or will they just take the money from anywhere I specify and if they don't get it, I don't get the I-bonds? I guess I'm used to other financial sites where I link accounts and they first have to do a "test" deposit or two to determine it's really my account and I have access to it.


Nonnie
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alanf56
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Re: I-bond purchase questions

Post by alanf56 » Thu Jan 19, 2012 11:04 pm

Yes there was no verification on my bank account. I guess they just run it and like you say.... If it goes it goes.

AQ
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Re: I-bond purchase questions

Post by AQ » Thu Jan 19, 2012 11:23 pm

is there any thread about who is good candidate and who isn't to buy I-bonds? I never give it a try since I heard complaints about TD site, and also heard it's not a good choice for people in high tax buckets...

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HueyLD
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Re: I-bond purchase questions

Post by HueyLD » Fri Jan 20, 2012 9:22 am

nonnie wrote:Sorry, I should have been more clear-- I meant verification process of my bank account-- or will they just take the money from anywhere I specify and if they don't get it, I don't get the I-bonds? I guess I'm used to other financial sites where I link accounts and they first have to do a "test" deposit or two to determine it's really my account and I have access to it.
The first linked bank account at initial funding did go thru the "prenote" test, and the turnaround time was about two days (IIRC). Subsequent funding takes only one day.

However, in order to change the linked bank account or add another bank account, you will have to fill out the required form, have it verified by a bank officer (not just a notary public) and mail it back to TD and they will notify you by email when the new bank account is setup. It could take a few weeks to complete such a process.

As to all the complaints about TD, I have absolutely no idea as to the causes. I use TD regularly and have NEVER been locked out or encountered problems. Yes, there are steps to go thru to login, but the process is not that different from that of a secured bank or brokerage site. If people couldn't remember the "exact spelling" of their password or answers to security questions, it's not TD's problems.

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SSSS
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Re: I-bond purchase questions

Post by SSSS » Fri Jan 20, 2012 10:39 am

AQ wrote:is there any thread about who is good candidate and who isn't to buy I-bonds? I never give it a try since I heard complaints about TD site, and also heard it's not a good choice for people in high tax buckets...
They may not be a good deal if your tax rate is going to still be high in 30 years and you don't expect to have a single year with a lower tax rate along the way.

I think speculating about tax rates in 30 years is an exercise in futility, but I do think most people will have have occasional years of lesser income (job loss, etc) that could be used to cash bonds at lower tax rates.

nonnie
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Re: I-bond purchase questions

Post by nonnie » Fri Jan 20, 2012 2:59 pm

HueyLD wrote: The first linked bank account at initial funding did go thru the "prenote" test, and the turnaround time was about two days (IIRC). Subsequent funding takes only one day.

However, in order to change the linked bank account or add another bank account, you will have to fill out the required form, have it verified by a bank officer (not just a notary public) and mail it back to TD and they will notify you by email when the new bank account is setup. It could take a few weeks to complete such a process.
Thanks much, I new I read something about a second bank account somewhere and this process. Sigh, another reason I stay with Bank of America as another poster has said--reliable Medallion guarantees.

Nonnie
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Tony
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Re: I-bond purchase questions

Post by Tony » Sat Jan 21, 2012 10:12 am

Nonnie wrote: Sigh, another reason I stay with Bank of America as another poster has said--reliable Medallion guarantees.

Both of the credit unions I'm aware of offer Medallion Signature Guarantees.

Best wishes!
Tony

nonnie
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Re: I-bond purchase questions

Post by nonnie » Sat Jan 21, 2012 3:11 pm

Tony wrote:
Nonnie wrote: Sigh, another reason I stay with Bank of America as another poster has said--reliable Medallion guarantees.

Both of the credit unions I'm aware of offer Medallion Signature Guarantees.

Best wishes!

Can you name them please? I'm lucky that I live in near a city that actually has a brick and mortar Alliant Credit Union (because Alliant is the "old" United Airlines credit union and SF was/is a United hub) and they don't offer Medallion Sig. Guarantees.

Nonnie
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Tony
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Re: I-bond purchase questions

Post by Tony » Sun Jan 22, 2012 12:07 am

nonnie wrote:
Tony wrote:
Nonnie wrote: Sigh, another reason I stay with Bank of America as another poster has said--reliable Medallion guarantees.

Both of the credit unions I'm aware of offer Medallion Signature Guarantees.

Best wishes!

Can you name them please? I'm lucky that I live in near a city that actually has a brick and mortar Alliant Credit Union (because Alliant is the "old" United Airlines credit union and SF was/is a United hub) and they don't offer Medallion Sig. Guarantees.

Nonnie
Two that I know of are Heritage Family Credit Union in Vermont and Point West Credit Union in Oregon. I bet that there are some credit unions in the SF Bay Area that offer it as well.
Tony

alanf56
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Re: I-bond purchase questions

Post by alanf56 » Tue Jan 24, 2012 8:39 am

I can confirm that in my case the money came out of my bank account the next day and there were no "test" deposits for confirmation.

mikep
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Re: I-bond purchase questions

Post by mikep » Tue Jan 24, 2012 9:28 am

AQ wrote:is there any thread about who is good candidate and who isn't to buy I-bonds? I never give it a try since I heard complaints about TD site, and also heard it's not a good choice for people in high tax buckets...
They are great in high tax states since the interest is exempt from state taxes.

sscritic
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Re: I-bond purchase questions

Post by sscritic » Tue Jan 24, 2012 9:30 am

mikep wrote:
AQ wrote:is there any thread about who is good candidate and who isn't to buy I-bonds? I never give it a try since I heard complaints about TD site, and also heard it's not a good choice for people in high tax buckets...
They are great in high tax states since the interest is exempt from state taxes.
So to take full advantage, you should move to a high-tax state when you retire and want to cash in your I bonds. :)

amfox1
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Re: I-bond purchase questions

Post by amfox1 » Tue Jan 24, 2012 11:01 am

alanf56 wrote:I can confirm that in my case the money came out of my bank account the next day and there were no "test" deposits for confirmation.
Same for me. We bought our 2012 I-bonds over the weekend online and the money was taken out yesterday (Mon.).

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