Questions and Answers about the Legacy Treasury Direct Phaseout
Legacy Treasury Direct is being phased out. We've discontinued purchases, reinvestments, new accounts, and incoming transfers (but we still allow transfers from one Legacy account to another).
The following questions and answers provide information on the phaseout and related topics.
Background
What transactions remain available?
Why is Treasury phasing out Legacy Treasury Direct?
Transfers
How do I transfer securities from Legacy Treasury Direct to TreasuryDirect?
Do I need a medallion seal or stamp to transfer my securities?
Remaining Securities
Now that you've stopped purchasing and reinvesting in Legacy Treasury Direct, what happens to the securities in my account?
Will you make me move my securities out of Legacy Treasury Direct?
Account Maintenance Fee
Do you still assess a maintenance fee?
Electronic Services
Is Electronic Services for Treasury Bills, Notes, and Bonds still operating?
Purchasing
Where do I buy Treasury securities if I cannot purchase them through Legacy Treasury Direct? Are there fees involved in purchasing?
Do I have to submit a paper tender in order to buy Treasury bills, notes, bonds, or TIPS in TreasuryDirect?
I tried TreasuryDirect once, but the registration I needed was not available. Has this changed?
I'm not a U.S. citizen. May I open an account in TreasuryDirect?
Reinvestments
May I schedule reinvestments for existing securities in my Legacy account?
Contact
I need to speak directly with a Customer Service Representative. What number do I call?
TreasuryDirect
What is TreasuryDirect?
How can I learn more about TreasuryDirect?
Background
What transactions remain available?
Customers can perform these transactions:
- transfer securities
- between Legacy Treasury Direct accounts,
- to your TreasuryDirect account
- to a commercial book-entry account
- obtain a Statement of Account
- obtain an account balance
- obtain a duplicate 1099
- update the registration as long as the Taxpayer Identification Number does not change
- change address information
- change banking information
- change telephone number
- pay the annual account maintenance fee (assessed on accounts of more than $100,000)
Why is Treasury phasing out Legacy Treasury Direct?
Phasing out Legacy Treasury Direct is intended to cut costs associated with the Treasury Retail Securities program and support Treasury's plan to increase paperless transactions. In 2002, we introduced a web-based system called TreasuryDirect®, and we encourage our customers to open a TreasuryDirect account to continue investing in Treasury securities.
Transfers
How do I transfer securities from Legacy Treasury Direct to TreasuryDirect?
To transfer securities from Legacy Treasury Direct to TreasuryDirect, take these steps:
1. Open an account in TreasuryDirect. (If you already have an account, you may skip this step.)
2. Complete the Legacy Treasury Direct form "Security Transfer Request" (PD F 5179). In the form's section 3, check the box for "Transfer to an Established Online TreasuryDirect Account Number." Your signature on this form must be certified. Your bank may provide this service.
3. Mail the form to the Bureau of the Public Debt, at the address shown on the form.
Do I need a medallion seal or stamp to transfer my securities?
A financial institution’s official seal or stamp, such as a corporate seal, signature guaranteed stamp, or a medallion seal, is needed to certify your signature when transferring securities. A broker must use a medallion stamp. The certification must also include the original signature of the certifying officer, not a stamped signature.
Remaining Securities
Now that you've stopped purchasing and reinvesting, what will happen to the securities in my account?
At the present time, we will continue to maintain your unmatured securities in Legacy Treasury Direct, if you so desire. Once a security matures, payment will be made according to the instructions in your account.
Will you make me move my securities out of Legacy Treasury Direct?
Currently, we will not make you move your securities from Legacy Treasury Direct. We're looking at long-term options for Legacy Treasury Direct, and customers will be notified when a decision is made.
Once all my securities mature or I move them out of Legacy Treasury Direct, do I need to do anything?
Please maintain a current mailing address in the system until you receive your final tax statement.
Account Maintenance Fee
Do you still assess a maintenance fee?
Yes. The Treasury, Postal Service, and General Government Appropriations Act of 1995 authorizes and requires the Treasury to collect an annual fee to cover the cost of providing account services to Legacy Treasury Direct investors. We assess this fee on accounts with balances over $100,000.
Electronic Services
Is Electronic Services for Treasury Bills, Notes, and Bonds still operating?
Yes. It will remain available until further notice.
Purchasing
Where do I buy Treasury securities if I cannot purchase them through Legacy Treasury Direct? Are there fees involved in purchasing?
You can purchase Treasury bills, Treasury notes, Treasury bonds, TIPS, and savings bonds through TreasuryDirect. No fees are charged. Also, all the securities above except savings bonds can be purchased through a financial institution or a broker/dealer. You'll need to contact a broker/dealer or a financial institution for information concerning fees they may charge.
Do I have to submit a paper tender in order to buy Treasury bills, notes, bonds, or TIPS in TreasuryDirect?
No. You submit a purchase request online through your TreasuryDirect account, not by a paper form.
I tried TreasuryDirect once, but the registration I needed was not available. Has this changed?
It's possible the registration you need is available. In addition to individual accounts, TreasuryDirect now allows some entity registrations.
I'm not a U.S. citizen. May I open an account in TreasuryDirect?
Possibly. To open an account in TreasuryDirect, you must have a valid Social Security Number, have an account at a United States depository financial institution that accepts debits and credits using the Automated Clearing House method of payment, and be able to receive mail at an address in the United States.
Reinvestments
May I schedule reinvestments for existing securities in my Legacy account?
No.
Contact
I need to speak directly with a Customer Service Representative. What number do I call?
Please call 800-722-2678.
TreasuryDirect
What is TreasuryDirect?
TreasuryDirect is a secure web-based system that allows investors to establish accounts to purchase, hold, and manage Treasury securities online. Through TreasuryDirect, investors can purchase Treasury bills, Treasury notes, Treasury bonds, and Treasury Inflation-Protected Securities (TIPS) as well as Series EE savings bonds and Series I savings bonds.
How can I learn more about TreasuryDirect?
The following links point to some of this website’s (TreasuryDirect.gov) extensive information.
Demo on Logging In to an Account
Help (User guide, FAQs, glossary, more)
