Comments on: Reference Question of the Week – 11/13/11

By: Anthony Paz

Anthony Paz — Sat, 07 Jan 2012 18:41:37 +0000

Wow, I can’t believe all of these comments. Add me to the list. I don’t understand why they would make investing in America so difficult. Like a few others, as a child I received savings bonds as birthday and Christmas gifts. When my Grandson came along 11 months ago I wanted to provide him with the same opportunities that US savings bonds provided me. His first bond in December was no problem. The bank took care of it and my grandson was on his way to a helpful financial future. The bank did inform me that all future bonds would have to be purchased on-line but felt it would be no problem. Most of my purchases, banking and updating all of my Department of Motor Vehicle items are done on-line. As stated previously by another, I hit a few bumps in the road while setting up the account but mustered through it. The real headache came while trying to purchase a bond for my grandson. I read all of the FAQ’s and still no way! As another stated maybe a bank CD is the way to go.
What a shame it appears government has just gotten so much more complicated with red tape. Somebody please fix this problem!

By: Brian Herzog

Brian Herzog — Thu, 01 Dec 2011 12:36:10 +0000

@laura: Thanks for the link – I actually thought about calling them to ask about alternatives, so I shouldn’t be surprised they’ve already done it.

By: Alex Zealand

Alex Zealand — Wed, 30 Nov 2011 13:16:14 +0000

Thanks for writing about this – I just shared it with my Reference team.

By: laura

laura — Wed, 23 Nov 2011 22:15:50 +0000

Planet Money did a story recently about the changes to savings bonds and why they're disappearing.

By: Brian Herzog

Brian Herzog — Tue, 22 Nov 2011 17:34:06 +0000

I’m kind of glad the process is actually this difficult, and that it’s not just me. But no, that’s just sad.

@Holly: I’m sorry about scooping you, but I’m glad you persevered with your patron. But ultimately, @Nelson is probably right: there’s got to be something better right now, anyway.

By: Holly Hibner

Holly Hibner — Tue, 22 Nov 2011 01:21:04 +0000

You beat me to this post by a few days! I was just starting to put together a draft about helping a patron do this very thing. She actually saw it through and decided it was “their problem” (the person she was giving the savings bond to) about getting their own account at TreasuryDirect and receiving the gifted savings bond.

You’re right – it’s ridiculously difficult. I made two separate one-on-one appointments with this patron to get it to go through. What a nightmare.

By: Nelson Dent

Nelson Dent — Mon, 21 Nov 2011 18:11:15 +0000

I tried this two years back and it was a nightmare. Buying a Series EE online was an awful experience. The passcode setup alone took me over an hour with very detailed survey questions. Customer service is based out of West Virginia providing they answer the phone. Then, they froze my account for 360 days and wouldn’t allow me to add money or make a larger purchase. Mind you we’re facing the largest debt meltdown in history. Buying a C.D. from my credit union? 10 minutes…

By: Rosemary

Rosemary — Mon, 21 Nov 2011 16:25:33 +0000

Thanks for sharing what you found. It’s a real shame that they’re completely eliminating the paper bonds in favor of electronic. My Grandma has been buying savings bonds for birthdays and Christmas for my niece, but at 91 years old, she will likely stop doing it rather than try to figure this out. (Not to mention that my slightly paranoid/anti-government brother won’t want to set up an account for himself and his daughter.)

By: Kathy

Kathy — Sat, 19 Nov 2011 16:16:30 +0000

While I understand the necessity for all that information, it’s really unfortunate that the process was made difficult enough that it caused you, and most likely, other potential gift givers to walk away from it. I received savings bonds as gifts when I was a small child and greatly appreciated them when I was older and they came due. A pity for the recipients as well as for the government.