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Demand for inflation-linked U.S. bonds crashes the TreasuryDirect website [View all]
PERSONAL FINANCE
Inflation-linked U.S. bonds crashed the TreasuryDirect website
Americans searching for a respite from inflation flooded the antiquated site trying to buy Series I savings bonds
Perspective by Michelle Singletary
Columnist
May 20, 2022 at 7:00 a.m. EDT
People searching for a respite from inflation have flooded the Treasury Department phone lines and website to try to buy Series I savings bonds, causing much longer waits than usual. It’s the latest example of outdated government computer systems causing anguish for Americans.
On May 2, the Treasury Department announced that the inflation-protected I bonds will earn 9.62 percent interest at least until the end of October. A day later, TreasuryDirect, the website that people have to use to purchase the bonds, crashed.
“As interest in series I securities has grown and traffic to the TreasuryDirect website and call center has increased, we recently encountered issues that impacted some users’ experience,” a Treasury Department spokesman said in an emailed statement. ... The department has shifted staff to manage the higher call volume, the spokesman said.
People have questions about the rules for buying I bonds. Some have reached out to me by emailing or calling my toll-free number: 1-855-ASK-POST (1-855-275-7678). ... You can buy up to $10,000 in I bonds each calendar year. But there are ways to increase that amount, such as using your federal tax refund to buy an additional $5,000 in paper I bonds. You want to make sure you get it right, because purchases that exceed the limit will be refunded and that refund could take up to 16 weeks.
{snip}
By Michelle Singletary
If you have a personal finance question for Washington Post columnist Michelle Singletary, please call 1-855-ASK-POST (1-855-275-7678). Her award-winning column, “The Color of Money,” is syndicated by The Washington Post News Service and Syndicate and carried in dozens of newspapers. Twitter https://twitter.com/SingletaryM
Inflation-linked U.S. bonds crashed the TreasuryDirect website
Americans searching for a respite from inflation flooded the antiquated site trying to buy Series I savings bonds
Perspective by Michelle Singletary
Columnist
May 20, 2022 at 7:00 a.m. EDT
People searching for a respite from inflation have flooded the Treasury Department phone lines and website to try to buy Series I savings bonds, causing much longer waits than usual. It’s the latest example of outdated government computer systems causing anguish for Americans.
On May 2, the Treasury Department announced that the inflation-protected I bonds will earn 9.62 percent interest at least until the end of October. A day later, TreasuryDirect, the website that people have to use to purchase the bonds, crashed.
“As interest in series I securities has grown and traffic to the TreasuryDirect website and call center has increased, we recently encountered issues that impacted some users’ experience,” a Treasury Department spokesman said in an emailed statement. ... The department has shifted staff to manage the higher call volume, the spokesman said.
People have questions about the rules for buying I bonds. Some have reached out to me by emailing or calling my toll-free number: 1-855-ASK-POST (1-855-275-7678). ... You can buy up to $10,000 in I bonds each calendar year. But there are ways to increase that amount, such as using your federal tax refund to buy an additional $5,000 in paper I bonds. You want to make sure you get it right, because purchases that exceed the limit will be refunded and that refund could take up to 16 weeks.
{snip}
By Michelle Singletary
If you have a personal finance question for Washington Post columnist Michelle Singletary, please call 1-855-ASK-POST (1-855-275-7678). Her award-winning column, “The Color of Money,” is syndicated by The Washington Post News Service and Syndicate and carried in dozens of newspapers. Twitter https://twitter.com/SingletaryM
3 replies
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