Learn More About Transaction Restrictions

In order for TreasuryDirect to process your transactions more effectively, we must apply restrictions to certain actions performed in your account. Treasury also enforces holding periods for marketable securities as a precaution, due to their flexible transactional capabilities. Details about these account rules are displayed below.

Closed Book Period: Four business days prior to a scheduled interest and/or maturity payment, TreasuryDirect "locks" the applicable security so we can schedule your upcoming payment(s). This rule applies to interest and maturity payments for marketable securities (Bills, Notes, Bonds, and TIPS) only. TreasuryDirect will not allow changes to: Registration, Payment Destination, or View/Transact Rights during this timeframe.

Additionally, Internal and External transfers of marketable securities are prohibited during the Closed Book Period. Any online transactions that are scheduled but not processed prior to the Closed Book Period will be canceled. Transactions requiring submission of a form will be held for processing when the Closed Book Period ends.

SellDirect requests scheduled but not processed prior to the securities entering the Closed Book Period due to a scheduled interest payment will be delayed. SellDirect requests scheduled but not processed prior to the securities entering the Closed Book Period due to a maturity payment will be canceled.

Original Issue Holding Period: TreasuryDirect requires Bills, Notes, Bonds, and TIPS be held for 45 days following original issue before they may be internally or externally transferred. 4-Week Bills bought at original issue in TreasuryDirect may not be transferred at all because of a 28-day holding period.

Bank Information Updates for Purchases and Payments: A requested change to your financial institution information will not apply to a given purchase or payment transaction if the processing of the transaction has already begun before the Bank Change Request form is received and approved.

"Called" Bonds: Bonds issued prior to 1985 that are subject to call by the Treasury Department. When Treasury exercises its option to call a bond, it intervenes prior to the bond’s original maturity date and redeems the bond. Redemption proceeds are deposited into your selected payment destination.

Zero-Percent C of I: When you purchase a C of I by debiting your financial institution, the total balance of your C of I will be ineligible for redemption for five business days. This is necessary in the event your C of I purchase request is returned to us by your financial institution. Five business days following receipt of the debit purchase, your funds are once again eligible for redemptions.

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