US Treasury Direct Implements Account Freezing Measures
Customers’ accounts are currently frozen by US Treasury Direct (TreasuryDirect), preventing them from accessing their money for weeks or months.
Tammarra Johnson informed FrankNez that TreasuryDirect had been blocking access to her account since the time she made a deposit in April.
TreasuryDirect allows users to buy securities directly from the US Treasury.
But because they have access to TreasuryDirect’s auction house, large financial institutions have precedence over private clients.
Securities purchased through TreasuryDirect cannot be traded on the secondary market before they mature, according to Finance Strategists.
Johnson’s problem, however, is a touch unique because TreasuryDirect froze the account following a deposit from a settlement.
Since April, his account has been suspended, immediately following his deposit of $1,500 from a settlement. His bank sent the necessary form to complete in order to unlock his account, but it is still locked.
Samuel Clemens mentioned having a similar problem just ten months ago.
He purchased iBonds for ten years. So, 4 years after he opened a few proprietorship accounts, T Direct finally contacted him earlier this year to ask about a few registrations.
He is unable to communicate with them. Emails go unanswered, and written communication takes months. His accounts are frozen in the interim, and he is unable to access money. He said charges of fraud would be brought if this were a private company.
Read Also: CalFresh Recertification Deadline: Avoid Losing Your Benefits in October
Bank Freezes Account After Fraudulent Charges, Elderly Customer Stranded
A client reported on Thursday that a US bank is currently blocking some retiree accounts, putting them in an uncomfortable predicament.
For the past 20 days, Beth Williams, 78, who has held a WMC card for ten years, hasn’t been able to access her WMC/Green account.
What’s even more concerning is that the retiree, who claims to live off of Social Security, discovered two fraudulent charges before contacting the bank, which led to the account being frozen.
She hasn’t been able to log into her WMC debit card account since August 4th. She discovered two illegal charges on August 3rd and notified WMC/Green right away. According to the CS/RESOLUTION dept., her account had to be frozen.
The flimsy CS justifications are that the first and second systems need to be upgraded. CS informed me today that the card must arrive by standard postal on or before August 27, she told FrankNez.
Williams has been asked to keep us informed of the bank’s choices so that we may share additional information with readers who may also be looking for answers.
Read Also: How Much Does it Cost for Singles to Comfortably Live in the US?
Source: FrankNez