Changing treasury direct bank

[Blue456]

I have a Chase bank account that I no longer wish to use. Unfortunately my TD (treasury direct) is linked to Chase. I joined a local credit union, I confirmed on their website that they provide Medallion Signature in their HQ office near me. Is there anything else I need to know when changing banks for TD? My TD has half of my emergency fund and I wouldn't want to be locked out for several months.

[samsoes]

If your CU will provide a Medallion stamp, you should be good to go, however, the form needs to be mailed to TD and processing of it could take weeks and weeks. They are extremely busy these days.

[Motostash]

FWIW it just took them 10 weeks to process for me.

[OpenMinded1]

Took my bank account change about three weeks after mailed.

[adestefan]

Be aware that most credit unions will not give you a signature until you’re a member for a certain amount of time. Most are 90 days, but some are as long as 1 year.

[UpperNwGuy]

Why not keep your Chase account and just use it for Treasury Direct transfers?

[JoMoney]

It took 4 weeks from mailing my form to add a bank and getting the bank added
viewtopic.php?p=6709271#p6709271

[beyou]

Why not keep your Chase account and just use it for Treasury Direct transfers?

At least keep until the other acct is linked.
There are usually significant minimums for the big banks, so I can see why you want to close it, but note I have both a small friendly bank and Citibank linked to Tsy Direct, and planning to keep both. Good to have a brick and mortar major bank as an option, IMO. If I wanted to make changes (rare for me) if anything I would switch Citi to Chase. Citi has gone downhill, and I find Chase the best of the mega banks. I am sure they have their issues, but my experience as a cc customer has been good at Chase.

[LookinAround]

About 3 weeks after mailing my Bank Change Request (FS Form 5512), i received an email Jun 4 TD received it. On July 15 i was notified the change was applied. I'd plan 8 -10 weeks to be on the safe side.

[Blue456]

Why not keep your Chase account and just use it for Treasury Direct transfers?

I don't want to have too many accounts.

[LookinAround]

Why not keep your Chase account and just use it for Treasury Direct transfers?

I don't want to have too many accounts.

As mentioned, file the TD paperwork to ADD the second account. Wait till it's finally added. Then you can go online to make your credit union your primary account and then delete Chase.

[Blue456]

Why not keep your Chase account and just use it for Treasury Direct transfers?

I don't want to have too many accounts.

As mentioned, file the TD paperwork to ADD the second account. Wait till it's finally added. Then you can go online to make your credit union your primary account and then delete Chase.

Sounds like a plan.

[LookinAround]

Sounds like a plan.

One word of advice from painful experience: After the account is added and you go online to change your bank info, you'll be challenged with the answer to your security question. Type it in slowly. I didn't realized I typo'ed mine the first time and got an error message. Thinking I used the wrong answer I entered something else. Then BAM! Two strikes and you're locked out. 2hrs 50min on hold with TD to get it re-enabled. The penalty for my haste!

[lws]

You really do not want to mail anything to TD now. Takes weeks to process. I have been waiting for 16 weeks for them to process my power of attorney form.
I am prohibited from buying or selling treasuries until they process the form.
I can login and do other things.

[LookinAround]

You really do not want to mail anything to TD now. Takes weeks to process. I have been waiting for 16 weeks for them to process my power of attorney form.
I am prohibited from buying or selling treasuries until they process the form.
I can login and do other things.

Have you received an email from TD acknowledging receipt of your request? Curious, when did you mail yours? I mailed mine in may to change banks. Took about a month for the acknowledgement. Another month to make the change.

[Blue456]

You really do not want to mail anything to TD now. Takes weeks to process. I have been waiting for 16 weeks for them to process my power of attorney form.
I am prohibited from buying or selling treasuries until they process the form.
I can login and do other things.

Sounds like I will probably wait a year. Which should be also long enough to establish relationship with my local credit union.