Frequently Asked Questions

Opening an Account
TreasuryDirect Accounts
Security Types Available in TreasuryDirect
Purchasing Savings Bonds
Redeeming Savings Bonds
Purchasing Marketable Securities
Marketable Securities
Transferring Securities
Interest Earned and Taxation
Zero-Percent C of I
Payroll Zero-Percent C of I
Converting Paper Bonds
The Payroll Savings Plan for Savings Bonds
Funding an Account with Electronic Deposits
Gift Giving
Managing My Account
Privacy Information
How to register EE or I bonds



Opening an Account

What is TreasuryDirect?
TreasuryDirect is a Web-based system that allows investors to establish accounts to purchase, hold, and conduct transactions in Treasury securities online.

Who is eligible to open a TreasuryDirect account?
Individuals and certain entities may open TreasuryDirect accounts.  In order to open a TreasuryDirect account, an individual or entity account manager must have a valid Social Security Number (SSN), be 18 years of age or over, and be legally competent. An entity must have a valid SSN or Employer Identification Number (EIN). The account owner must also have a United States address of record and have an account at a U.S. depository financial institution that will accept debits and credits using the Automated Clearing House method of payment. "U.S. person" as referred to in the online application refers to an individual or an entity eligible to open a TreasuryDirect account. See Learn more about Entity Accounts.

How old do I have to be to open a TreasuryDirect account?
The minimum age required to open a Primary TreasuryDirect account is 18 years. A parent, natural guardian, or person providing chief support may establish accounts for minor children under the age of 18.

What information do I need to open an account?
In order to complete our easy, online application, you will need the following items on hand: a Taxpayer Identification Number (Social Security Number for an individual or Employer Identification Number for an entity), bank routing number and account number (the checking or savings account you'd like to use to set up your TreasuryDirect account), IRS Name Control (for an entity), valid e-mail address, and a browser that supports 128-bit encryption. (This site is optimized for Internet Explorer.) Once you have all this, you are ready to open your TreasuryDirect account.

Are there any fees for opening a TreasuryDirect account?
No. We don't charge you any fees for opening an account.

Is TreasuryDirect allowed to ask for personal information?
Our authority to ask for personal information generally comes from 31 U.S.C. chapter 31 and 44 U.S.C. ß 3101. We ask for personal information for the purpose of conducting securities transactions. If we request that you disclose your Taxpayer Identification Number, we do so by authority of 26 U.S.C. ß 6109, which requires us to include this information on certain documents that we must send to the Internal Revenue Service. A request for you to disclose your personal information also is authorized under 31 U.S.C. ß 7701, for the purpose of reporting and collecting amounts that may be owed to the U.S. Furnishing personal information is voluntary; however, without the information, we may be unable to act upon your requests.

If you would like to access any of the mentioned statutes, log onto the URLs, which we have provided below:

31 U.S.C. chapter 31: http://www.law.cornell.edu/uscode/31/stIIIch31.html
44 U.S.C. ß 3101: http://www.law.cornell.edu/uscode/44/3101.shtml
26 U.S.C. ß 6109: http://www.law.cornell.edu/uscode/26/6109.shtml
31 U.S.C. ß 7701: http://www.law.cornell.edu/uscode/31/7701.shtml

Why do you ask for specific personal information?
We generally don't require you to provide any personal information in order to access this Web site. For account establishment, we'll ask for personal information such as your name, address, phone number, e-mail address, Driver's License Number/State ID Number, bank account information, and Taxpayer Identification Number. We use this information to enable us to identify owners and their accounts, process transactions, make payments, issue securities, and provide required reports to the Internal Revenue Service. We also use this information to give you access to your confidential information and to send you e-mail.

What information does TreasuryDirect automatically gather?
For site security purposes, as well as to improve our site, we use software that can monitor network traffic and identify unauthorized attempts to cause damage, upload, or change information. Like most Web sites, when a page is requested, we can obtain some information about the request, such as the type of browser used and the last site visited by the browser. We use this information for statistical purposes to make our site more useful to visitors.

How do I create a password?
To create a password, you must first complete the TreasuryDirect account application. Passwords must have at least eight (8) characters without spaces, and must have at least one letter, one number, and one special character, excluding \ < >. When selecting a password, you should avoid numbers, names, or dates that are significant to you. For example, your phone number, first name, or date of birth. Try to base your password on a memory aid.

Once you select your password, you will need to provide a password reminder and answers to three (3) security questions, which will be used in case you ever forget your password.

Can I use the same word(s) for both my password and password reminder?
While using the same password and password reminder may seem an easy way to remember your password, it is a security risk and TreasuryDirect does not permit you to match the two.

Why does TreasuryDirect ask me to select security questions?
Security questions are used to help us confirm your identity if you forget your account number or password. As an added security measure, TreasuryDirect may require you to answer one of your security questions when you attempt to perform certain transactions. When prompted to answer a security question, your response must match your previous answer.

Can I change my answers to the security questions?
Yes. You can change the answers to security questions, or you can change which security questions you want to answer. Keep in mind, you can provide answers to only three (3) of the security questions.

Why does TreasuryDirect ask me to select a personalized image and choose a caption?
A personalized image/caption will help you to know that you are accessing your account on the authentic TreasuryDirect website. The image and caption will be displayed on your password page when you log in to your TreasuryDirect account. Captions must have 3-30 alpha-numeric characters. You may change your personalized image/caption at any time.

How long will it take to verify my information?
Your personal information will be verified within one (1) minute after your TreasuryDirect account information has been submitted.

What if you are unable to verify my information?
When we are unable to verify your information, we offer you the opportunity to complete a convenient, printable authentication form. Please complete the form according to the instructions and submit it to the address we provide.

How long will it take to receive the e-mail that contains my account number?
Your account number will be e-mailed to you after your password and security questions are completed.

What is the difference between the new TreasuryDirect system and Legacy Treasury Direct?
The new TreasuryDirect is an account-based system that will allow you to purchase and manage most Treasury securities over the Internet. Legacy Treasury Direct is a separate system, available since 1986, for marketable Treasury securities only, which is being phased out.

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TreasuryDirect Accounts

What is a TreasuryDirect Primary account?
A TreasuryDirect Primary account is your personal account you open in TreasuryDirect. Once a Primary account is opened, you may establish Minor, Custom, and Conversion Linked accounts that are accessed only from your Primary account. A TreasuryDirect account gives you the ability to buy, manage, and redeem eligible Treasury securities via the Internet. By accessing your account with your unique account number and password, you can perform transactions on securities of which you have control. Minor accounts are not available in entity accounts.

What is a Linked account?
TreasuryDirect gives you the flexibility of opening a Minor, Custom, or Conversion account that is linked to your Primary TreasuryDirect account. The only way to access Minor, Custom, or Conversion accounts is through your Primary account. Holdings for each Linked account are maintained separately from your Primary TreasuryDirect account. Minor accounts are not available in entity accounts.

What is a Minor account?
A Minor account is a custodial account that a parent, natural guardian, or person providing chief support establishes for a child under the age of 18. You, as the custodian, may purchase, redeem, receive gift deliveries, and perform other transactions within the account on behalf of the minor. When the child reaches age 18 and establishes a TreasuryDirect account, you may de-link the securities into the child's account. De-linking refers to moving the Linked account's securities to a Primary TreasuryDirect account. If you choose to continue to maintain the account once the minor reaches age 18, you are restricted from performing nearly all transactions; however, you may continue to purchase securities on the child's behalf. Minor accounts are not available in entity accounts.

What is a Custom Account?
This is a flexible account you may establish to meet specific financial goals. You can even create a customized name such as "Vacation Fund" for the account. We offer the same convenient capabilities as in your Primary TreasuryDirect account.

What is a Conversion Account?
This is an account you may create so that you can convert your paper Series EE and I savings bonds to electronic securities in your TreasuryDirect account.

What does de-linking an account mean?
The only Linked account that TreasuryDirect customers can de-link is the Minor account. De-linking refers to moving the Linked account's securities to a Primary TreasuryDirect account. When the child reaches age 18 and establishes a TreasuryDirect account, you may de-link the securities into the child's account. If you choose to continue to maintain the account once the child reaches age 18, you are restricted from performing nearly all transactions; however, you may continue to purchase securities on the child's behalf. De-linking is not available in entity accounts.

What do I do if I get locked out of my account?
If you get locked out of TreasuryDirect for some reason, such as numerous failed login attempts, you will receive a message providing a telephone number to contact Customer Service for assistance.

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Security Types Available in TreasuryDirect

What is an EE Bond?
An EE Bond is an accrual-type security with interest added to the bond monthly or semiannually (depending upon the original issue date) and paid upon redemption. Interest rates vary depending upon the original issue date. Series EE savings bonds issue dated on or after May 1, 2005 will earn a fixed rate of interest. EE bonds earn interest for up to 30 years.

What is an I Bond?
An I Bond is an accrual-type security with interest added to the bond monthly and paid when the bond is redeemed. The I bond interest rate is based upon a combination of a fixed rate of return and a variable semiannual rate. I bonds grow in value with inflation-indexed earnings for up to 30 years.

What is a Zero-Percent Certificate of Indebtedness (Zero-Percent C of I or C of I) security?
A Zero-Percent Certificate of Indebtedness is a Treasury security that does not earn any interest. It is intended to be used as a source of funds to purchase eligible interest-bearing securities.

What is a Payroll Zero-Percent Certificate of Indebtedness (Payroll C of I) security?
A Payroll Zero-Percent Certificate of Indebtedness (Payroll C of I) is a Treasury security that does not earn any interest. It is intended to be used as a source of funds for purchasing Series EE and Series I savings bonds through the Payroll Savings Plan in TreasuryDirect.

How are electronic EE and I Bonds different from paper EE and I Bonds?
TreasuryDirect securities are electronic, with transaction records maintained and stored in your secure, online account. You may purchase electronic EE or I Bonds for as little as $25 up to $10,000 in penny increments.

What is a Treasury Bill?
U.S. Treasury Bills (T-Bills, Bills) are a type of short-term marketable security of one year or less, typically sold at a discount. Treasury calculates auction results to the sixth decimal place. In determining the particular dollar amount an investor will pay, Treasury rounds to the nearest penny using conventional mathematical rounding methods. It's possible that rates on Treasury bills sold at auction could be negative. If you were to participate in a Treasury bill auction where this occurred, you’d owe an amount larger than you’d receive back when the bill matures. Minimum purchase is $100 with multiples sold in the same increment. The maximum amount for a noncompetitive purchase is $5 million in a single auction.

What is a Treasury Note?
U.S. Treasury Notes are a type of medium-term marketable security of 2 to 10 years. Notes are fixed-principal securities. After purchase, interest payments are paid to your selected payment destination every six months until final maturity, when the principal is paid. The interest rate is determined at the time of auction. Minimum purchase is $100 with multiples sold in the same increment. The maximum amount for a noncompetitive purchase is $5 million in a single auction.

What is a Treasury Bond?
U.S. Treasury Bonds - not to be confused with savings bonds - are a type of long-term fixed-principal marketable security of 10 to 30 years. After purchase, interest payments are paid every six months until final maturity, when the principal is paid. The interest rate is determined at the time of auction. Minimum purchase is $100 with multiples sold in the same increment. The maximum amount for a noncompetitive purchase is $5 million in a single auction.

What is a Treasury Inflation-Protected Security (TIPS)?
TIPS are a type of medium to long-term marketable security of 5 to 30 years. They have a fixed interest rate with the value of the principal being adjusted semiannually, based upon changes in the Consumer Price Index - Urban (CPI-U). After purchase, interest payments are paid to your selected payment destination every six months until final maturity. Your investment is always protected from inflation because the interest rate is applied to the adjusted principal, so if inflation occurs, your interest earned increases. You won't lose money on your investment during a deflationary period either, since Treasury pays the greater of either the inflation-adjusted principal or the original face value of the security. Minimum purchase is $100 with multiples sold in the same increment. The maximum amount for a noncompetitive purchase is $5 million in a single auction.

What is a Floating Rate Note (FRN)?
A FRN is a security that has an interest payment that can change over time. As interest rates rise, the security's interest payments will increase. Similarly, as interest rates fall, the security's interest payments will decrease. This security makes use of an index rate (tied to the most recent 13-week bill rate, prior to the lockout period) and spread (determined at auction) to calculate an interest rate. The index rate changes periodically, in this instance every week, causing the interest rate to change or "float".

What are marketable securities?
Marketable securities are Treasury Bills, Notes, Bonds, FRNs, and TIPS, the U.S. government sells in order to pay off maturing debt and raise money needed to run the federal government. They're called marketable because the owner can buy and sell them in the secondary market at prevailing market prices.

What are the differences between electronic marketable securities and savings bonds in TreasuryDirect?
Treasury sells marketable securities - Bills, Notes, Bonds, FRNs and TIPS - at public auction through a broker/dealer, a financial institution or TreasuryDirect. In an auction, bidders are awarded securities at the same price. This price is set by the highest rate, yield, or spread of the competitive bids accepted. (TreasuryDirect accepts only noncompetitive bids.) Once these securities have been issued, they can be bought and sold in the commercial market at prevailing prices. NOTE: Legacy Treasury Direct, a separate system available since 1986, for marketable Treasury securities only, is being phased out.

Savings bonds - Series EE and I - are available for purchase at any time. These securities are only available from original issue - not through the commercial market. You can buy electronic savings bonds through TreasuryDirect. Paper bonds are not available through TreasuryDirect but can be purchased through most financial institutions.

Both products, since they're electronic, can be transferred to another TreasuryDirect account. Marketable securities can also be transferred to/from a broker/dealer, financial institution, another TreasuryDirect account, or from a Legacy Treasury Direct account.

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Purchasing Savings Bonds

How are my securities issued?
Securities are issued in electronic form in your TreasuryDirect account. No paper bonds are issued.

Who can purchase EE and I Bonds in TreasuryDirect?
U.S. individuals or U.S. entity account managers who are at least 18 years of age with a valid Social Security Number can purchase EE and I bonds in TreasuryDirect. An entity for which bonds are purchased must have a valid Social Security Number or Employer Identification Number. If you are a parent, natural guardian, or person providing chief support for a child under the age of 18, you may establish a Minor account within your TreasuryDirect account to purchase EE and I Bonds on behalf of your child.  Minor accounts are not available in entity accounts.

What are the minimum and maximum purchases?
When purchasing EE and I Bonds through TreasuryDirect, there is a minimum purchase amount of $25 and a maximum purchase amount of $10,000.

Is there a limit on how much I can invest each year in EE Bonds?
Yes. You can only buy $10,000 worth of EE Bonds per person (individual or entity) each calendar year through TreasuryDirect. The purchase limitation for EE Bonds isn't affected by purchases of any other Treasury securities. The purchase amount of the securities you transfer, deliver as gifts, or de-link to another TreasuryDirect account holder is applied to the recipient's annual purchase limitation in the year the transaction occurs. Gifts and de-linking are not available in entity accounts.

Is there a limit on how much I can invest each year in I Bonds?
Yes. You can only buy $10,000 worth of I Bonds per person (individual or entity) each calendar year through TreasuryDirect. The purchase limitation for I Bonds isn't affected by purchases of any other Treasury securities. The purchase amount of the securities you transfer, deliver as gifts, or de-link to another TreasuryDirect account holder is applied to the recipient's annual purchase limitation in the year the transaction occurs. Gifts and de-linking are not available in entity accounts.

Are there any fees for purchasing EE or I Bonds?
No. We don't charge you any fees to purchase EE or I Bonds.

How am I paying for this purchase?
During the purchase process, you will designate the source of funds as either a debit from your bank account or from your Zero-Percent C of I. If you are purchasing savings bonds using the Payroll Savings Plan in TreasuryDirect, your purchases will be debited automatically from your Payroll C of I.

What happens if I don't have enough funds in my bank account or C of I to cover a savings bond purchase?
On the issue date of a savings bond, TreasuryDirect debits your financial institution or your C of I, depending on which payment source you choose, and the savings bond is issued in your TreasuryDirect account.  If your financial institution returns the debit due to insufficient funds (which may take several days), the savings bond will be removed from your account.  On the next business day, TreasuryDirect will automatically send a second debit in an attempt to collect the funds (except when your C of I is used as the source of funds), and the savings bond will be issued back into your account. If your financial institution returns the debit a second time, the savings bond will be removed from your account and no further attempt to collect the funds will be made.  The Bureau of the Public Debt is not responsible for any fees your financial institution may charge relating to returned ACH debits.

How can I register an EE or I Bond?
There are three primary ways to register EE or I Bonds in individuals' names:

The registration for securities held in an entity account must accurately reflect the name of the entity. The forms of registration available for entities are:

For additional information and requirements concerning entity registrations, see Learn more about Entity Accounts.

When making a purchase request, how long does it take to go from pending to issued status?
Savings Bond purchases are generally issued to your TreasuryDirect account within one business day of the purchase date. If you select a non-business day as your purchase date, we will change it to the next available business day.

What is the difference between request date and issue date?
Request date refers to the date that the purchase request was submitted, while the issue date refers to the first day of the month in which the security was purchased. For example, if you had purchased an EE or an I Bond on July 10, the issue date would be July 1.

If I buy an EE or I Bond at the end of the month, what issue date appears on the bond?
The issue date of your bond is the first day of the month in which the Treasury receives funds for the purchase of the security. For example, if you purchased a savings bond on July 10, the issue date would be July 1. Funds must be received prior to Midnight Eastern Time to be credited for a particular day. If you make a purchase request at the end of the month, your bond's issue date may be the following month depending upon when funds are received.

How soon after a purchase can EE and I Bonds be cashed?
EE and I Bonds must be held for 12 months from their issue date before they can be redeemed.

Can electronic EE and I Bonds be converted to paper bonds, if desired?
No. Electronic EE and I Bonds may not be converted to paper bonds.

What is Purchase Express?
Purchase Express allows you to quickly purchase securities using your preferred registration and primary bank information or debit your bank account to fund your Zero-Percent C of I. After reviewing Purchase Express Terms and Conditions on the My Account page, fill in the Amount, check the certification box to agree to the Terms and Conditions, and then click Buy Now. The Purchase Express Confirmation page shows all of the details of your purchase. Use the Buy Direct tab to purchase securities with a different registration (individual accounts) or another financial institution.

If I de-link securities after the minor has turned 18 and set up an account, how does it affect his/her purchase limitation?
When you de-link securities, the amount is applied toward the child's annual purchase limitation for each security type in the year that you've de-linked the securities. De-linking is not available in entity accounts.

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Redeeming Savings Bonds

When do EE and I Bonds mature?
EE and I Bonds reach maturity 30 years after issuance.

What happens when my EE or I Bond reaches maturity?
The bond will automatically be redeemed and the proceeds will be used to purchase a Zero-Percent C of I in your Primary account on the next business day.

After I schedule a redemption, where can I see my pending redemption?
After you, or a grantee with Transact rights, request redemption of a savings bond, your pending redemption will appear in Current Holdings.

How do I redeem an EE or I Bond?
See How do I redeem savings bonds being held in my TreasuryDirect account?

How is payment made on an EE or I Bond?
We will make payment by ACH (direct deposit) method to your U.S. financial institution account or to your Zero-Percent C of I, whichever you designate.

What is the minimum amount allowable for a redemption?
Only an account owner, or a grantee with Transact rights, can redeem an EE or I Bond. If you are partially redeeming an EE or I Bond, you must redeem at least $25, and may not leave less than $25 of redemption value as the remainder of the held security.

How do I delete a pending redemption?
On the Pending Redemptions screen, just click Delete, then click "Yes" on the Pending Redemptions Delete screen, and the redemption is canceled.

What is the difference between a partial and full redemption?
A partial redemption is when an account owner redeems a portion of the security. The amount requested includes principal, as well as a proportionate amount of interest. The account owner must redeem at least $25, and may not leave less than $25 as the remainder of the held security. A full redemption includes both the principal and the total interest earned.

Is there a minimum amount that must remain in the EE or I Bond when I make a partial redemption?
Yes. You must leave no less than $25 in redemption value as the remainder of the held security when making a partial redemption.

Is there a penalty for cashing an EE or I Bond before it matures?
There is a 3-month interest penalty if you cash an EE or I Bond within the first five years from its issue date.

Are there any fees for redeeming EE and I Bonds?
No. We don't charge any fees for redeeming savings bonds.

Is it ever possible for an owner to obtain payment for an EE or I Bond prior to the required holding period?
We will allow early redemption in some cases if an owner is experiencing a financial hardship. Also, the holding period may be waived if the owner lives in an area that has been affected by a natural disaster. We usually announce such a waiver of the holding period through a press release on our main Website.

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Purchasing Marketable Securities

What is a Treasury securities auction?
Treasury Bills, Notes, Bonds, FRNs and TIPS are sold at public auction. In an auction, bidders are awarded securities at a single price, which is determined by the highest rate, yield, or spread set by the competitive bids accepted. TreasuryDirect only accepts noncompetitive bids. See Learn more about the Auction Process for more details.

What Treasury marketable securities may I purchase in my TreasuryDirect account?
You may purchase Bills, Notes, Bonds, FRNs, and TIPS during scheduled auctions through your TreasuryDirect account.

Are Cash Management Bills offered in TreasuryDirect?
No. Cash Management Bills are special Bills offered occasionally as Treasury borrowing needs warrant, and may not be purchased in TreasuryDirect.

How often do auctions take place?
Auctions of Treasury securities are offered depending upon the type of security. See General Auction Timing and Tentative Auction Schedule of U.S. Treasury Securities.

What is a single-price auction?
A single-price auction refers to Bills, Notes, Bonds, FRNs and TIPS, which are sold at the highest rate, yield, or spread of accepted competitive bids to all competitive and noncompetitive bidders.

What is a noncompetitive bid?
In a Treasury auction, a noncompetitive bid guarantees you'll get the full amount of the security you requested at the rate, yield, or spread determined during the auction by competitive bidding.

What is a competitive bid?
In a Treasury auction, a competitive bid specifies the rate, yield, or spread expected for a security. Bids lower than the accepted rate, yield, or spread receive the highest accepted rate. Bids higher than the highest accepted rate, yield, or spread are not awarded. Competitive bidding is only available through the Treasury Automated Auction Processing System (TAAPS®) and is therefore not available in TreasuryDirect.

How do I place a noncompetitive bid in my TreasuryDirect account?
See Learn more about the Auction Process for information about purchasing a marketable security through BuyDirect.

May I bid noncompetitively and competitively in the same auction?
No. You may only bid either competitively or noncompetitively in the same auction.

What is the minimum amount I may bid in a marketable securities auction?
You may purchase Bills, Notes, Bonds, FRNs, and TIPS in $100 increments.

What is the maximum amount I may bid in a marketable securities auction?
You may purchase $5 million of each marketable security type in a single auction - no matter what method you use to purchase Treasury marketable securities.

How do I find out the results of an auction for a security I've requested for purchase?
The results of all public auctions are released with details available to view in your TreasuryDirect account after 2 p.m. Eastern Time. Go to your Current Holdings Pending Purchases and Reinvestments for the requested security type to view the price per $100, as well as any discount, premium, or accrued interest that may affect your purchase. If you wish to see the auction results immediately after the auction closes, see Today's Auction Results.

How may I pay for my purchases in an auction?
You may debit an account at a financial institution selected from your bank information list during the purchase process. You may also select your Zero-Percent C of I as the source of funds.

Can I select different payment destinations for my maturity and interest payments?
Yes. TreasuryDirect gives you the flexibility to route your payments where you want them to go, either to your bank or your Zero-Percent C of I.

What happens if I don't have enough funds in my bank account or C of I to cover a security purchase?
On the issue date of a marketable security, TreasuryDirect debits your financial institution or your C of I, depending on which payment source you choose, and the security is issued in your TreasuryDirect account.  If your financial institution returns the debit due to insufficient funds (which may take several days), the security will be removed from your account and no further attempt to collect the funds will be made.  The Bureau of the Public Debt is not responsible for any fees your financial institution may charge relating to returned ACH debits.

What is the cut-off time for placing a bid in an auction?
Noncompetitive bids for Treasury Bills through your TreasuryDirect account must be received prior to 11 a.m. Eastern Time on auction day. Noncompetitive bids for Treasury Notes, Bonds, FRNs, and TIPS must normally be received prior to 12 p.m. Eastern Time on auction day. The closing times for Treasury Notes, Bonds, FRNs, and TIPS are variable. See Treasury Marketable Securities Offering Announcement Press Releases for detailed information regarding specific securities.

How can I see how much my security will cost after the auction?
Go to Current Holdings and click the Pending Purchases and Reinvestment link to find details about price per $100, premium, discount, and accrued interest for the security you've requested. These details are updated in your TreasuryDirect account after 2 p.m. Eastern Time so you're able to determine the final price of the security and ensure you have enough available in your selected source of funds to cover the purchase price. See Learn more about Reinvesting Maturing Proceeds for securities issued through reinvestment.

What is a reopening?
A reopening is the auctioning of additional amounts of a previously issued security. Reopened securities maintain their original maturity date and interest rate/spread; however, the issue date, price, and discount margin are different. You may have to pay a premium and/or accrued interest on a reopened security, but any accrued interest is paid back to you in the first semiannual or quarterly interest payment.

Are there reinvestments in TreasuryDirect?
Yes. You may reinvest the proceeds of a maturing marketable security. See Learn more about Reinvesting Maturing Proceeds.

How can I register a marketable security?
Currently, the registrations available for securities held in an individual account are:

The registration for securities held in an entity account must accurately reflect the name of the entity. The forms of registration available for entities are:

For additional information and requirements concerning entity registrations, please see Learn more about Entity Accounts.

May I grant View/Transact Rights to another TreasuryDirect account holder for my marketable securities?
Yes. You may grant View rights to a security held in your name to any individual TreasuryDirect account holder. View and/or Transact rights may be granted to the second-named registrant of a security with Primary Owner registration. View rights may also be granted to the Beneficiary of a security with that registration. Transact rights allow the second-named registrant, or grantee, to transfer a security, as well as change the maturity and/or interest payment destination. View/Transact rights are not available in entity accounts.

May I purchase Marketable Securities as gifts?
No. You may not purchase marketable securities with a gift registration.

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Marketable Securities

Am I charged a fee for holding marketable securities in my online TreasuryDirect account?
No. There are no fees for holding marketable securities in TreasuryDirect.

Can Marketable Securities be used as collateral?
No. Marketable securities held in your TreasuryDirect account may not be used as collateral.

What is the Original Issue Holding Period?
TreasuryDirect requires Marketable Securities originally issued in an account be held for 45 days before they may be transferred. 4-Week Bills bought at original issue in TreasuryDirect may not be transferred at all because of a 28-day term. The holding period also applies to securities issued through reinvestment which were not fully funded from a maturing security. The Original Issue Holding Period does not apply to securities transferred into your TreasuryDirect account from an outside bank or broker.

What is the 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. TreasuryDirect will not allow changes to registration, payment destination, number of reinvestments, or View/Transact Rights during this timeframe. Additionally, Internal and External Transfers of marketable securities are prohibited during the Closed Book Period. Transactions requiring submission of a form will be held for processing until the Closed Book Period ends. A maturing security scheduled for reinvestment will be "locked" on auction day if the auction for the new security is prior to the Closed Book Period.

What is Pending Maturity status?
Pending Maturity status refers to securities that are reaching their maturity date. Marketable security payments are sent to your designated maturity and interest payment destinations (if applicable). When a security has a Pending Maturity status it is ineligible for certain transactions.

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Transferring Securities

Are EE and I Bonds transferable?
Yes. The owner can transfer EE and I Bonds to another person with a TreasuryDirect account; however, you must wait five business days after the purchase date to transfer the bonds.

Are there any fees for transferring EE and I Bonds?
No. We don't charge any fees for transferring EE and I Bonds.

How do I transfer a savings bond?
A savings bond may be transferred either in full or in part to another TreasuryDirect account. See How do I transfer savings bonds from my TreasuryDirect account to another TreasuryDirect account?.

If I transfer savings bonds to another TreasuryDirect customer, how does it affect the recipient's purchase limitation?
If you transfer savings bonds to another customer, the amount of the transfer is applied toward the annual purchase limitation for each savings bond type in the year the transfer occurs.

May I transfer marketable securities to another TreasuryDirect account or to a broker/dealer account?
Yes. You may transfer Marketable Securities in increments of $100. You may choose to transfer a portion or the full amount of a single security or multiple securities to a single recipient or financial institution. See How do I transfer marketable securities out of my TreasuryDirect account?.

May I sell marketable securities directly from my TreasuryDirect account?
No. To sell marketable securities that are in your TreasuryDirect account, you must transfer the securities to a broker/dealer account. The broker/dealer can sell the securities for you.

Are there any fees for transferring marketable securities?
No. We don't charge any fees for transferring marketable securities.

May I move marketable securities from an outside account into my TreasuryDirect account?
Yes. You may contact your broker to transfer marketable securities you own in another account to be placed in your TreasuryDirect account as an Incoming External Transfer. Customer Service will process the request and release issued securities to your Current Holdings. Incoming transfers are issued with your primary bank information as the payment destination for maturity and interest payments (if applicable). See Learn more about Transfers for specific instructions.

May I move marketable securities from my Legacy Treasury Direct account into my new TreasuryDirect account?
Yes. To transfer holdings from Legacy Treasury Direct to your TreasuryDirect account, complete a Security Transfer Request, PD F 5179. Incoming transfers are released into the Current Holdings of your TreasuryDirect account.

What happens if I transfer a marketable security prior to its maturity and I originally scheduled it for deposit in my C of I?
If you decide to transfer a marketable security prior to maturity, any purchases you have scheduled using Zero-Percent C of I as the source of funds may be affected. The purchases may be canceled if funds are insufficient to cover the purchase request.

What if I want to transfer marketable securities from an outside broker to my TreasuryDirect account and the form of registration is invalid?
If we receive an incoming security transfer request with an invalid form of registration, we will reject it.

What if the marketable security I wish to transfer in from another outside account has "OR," "AND," or "With Right of Survivorship" in the registration?
When a security is transferred from an outside account into a TreasuryDirect account, it will be transferred in the name of the individual account owner in single owner form, regardless of the form of registration prior to the transfer. After the transfer is completed, the registration can be changed to any allowable registration.

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Interest Earned and Taxation

How is the interest rate of an EE Bond determined?
The interest rate of an EE Bond depends upon the original issue date. Series EE Savings Bonds issue dated on or after May 1, 2005 will earn a fixed rate of interest. These bonds increase in value every month, and interest is compounded semiannually. A 3-month interest penalty will apply to bonds cashed before five years. Some older EE Bonds earn interest based on 5-year Treasury security yields or at a guaranteed minimum. The rate that Treasury announces each May and November is applied to a bond for the 6-month earning period. For example, the 6-month earning period for a bond issued in May is from May through October; for a bond issued in June, it's June through November.

How is the interest rate of an I Bond determined?
The interest rate of an I Bond is a combination of two separate rates: a fixed rate of return and a variable semiannual inflation rate. The fixed rate remains the same throughout the life of the I Bond, while the semiannual inflation rate can vary every six months. The fixed rate of return is announced by the Treasury Department each May and November. The fixed rate of return announced in May of a given year is the same over the entire life of the I Bonds you purchase between May 1 and October 31 of that year. Likewise, the fixed rate of return announced in November of a given year applies to the entire life of the I Bond you purchase between November 1 and April 30 of the following year. The U.S. Treasury also announces the semiannual inflation rate each May and November. The semiannual inflation rate is based on changes in the Consumer Price Index for all Urban Consumers (CPI-U), which is reported by the Bureau of Labor Statistics. The semiannual inflation rate announced in May is a measure of inflation over the preceding October through March; the inflation rate announced in November is a measure of inflation over the preceding April through September. The semiannual inflation rate is combined with the fixed rate of an I Bond to determine the I Bond's earnings rate for the next six months.

Does a Zero-Percent Certificate of Indebtedness (Zero-Percent C of I or C of I) earn interest?
The Zero-Percent C of I is a Treasury security that does not earn any interest. It is intended to be used as a source of funds for purchasing eligible interest-bearing securities.

Does a Payroll Zero-Percent Certificate of Indebtedness (Payroll C of I) earn interest?
The Payroll C of I is a Treasury security that does not earn any interest. It is intended to be used as a source of funds for purchasing savings bonds through the Payroll Savings Plan.

Do I have to pay taxes on the interest my EE and I Bonds earn?
Any increase above the purchase price of an EE or I Bond is interest. This interest is subject to all federal taxes imposed under the Internal Revenue Code of 1986, as amended. It is also subject to state and local estate, inheritance, gift, and other excise taxes; however, it is exempt from state or local income taxes. By continuing to hold the bond, you can continue to postpone reporting the bond's accumulated interest for federal income tax purposes until you redeem it, you transfer the bond to another person, or the bond stops earning interest. When EE and I Bonds reach maturity, they are automatically redeemed and the interest earned is reported for federal income tax purposes.

How will my interest income be reported for tax purposes?
When you open a TreasuryDirect account, you consent to receive the appropriate tax reporting forms by electronic means. The form will be available in a printable format through your TreasuryDirect account. An online IRS Form 1099 is provided for your Primary account and each Linked account.

How do I report the interest earned from an EE and I Bond?
There are two methods you may use to report interest for federal income tax purposes: cash and accrual. Under the cash basis method, federal tax is deferred until the year of final maturity, redemption, or other taxable disposition, whichever is earlier. Under the accrual basis, you report interest each year as it accrues.

Why does my interest rate show "Not Available," instead of the current interest rate?
The interest rate will occasionally show "Not Available" when we are waiting to update the new rates announced by Treasury on May 1 and November 1. Please check your account at a later time, as the current interest rate will be displayed as soon as it becomes available.

Will I receive interest payments if I own a Treasury Bill?
No. Interest earned on a Treasury Bill is paid at final maturity. At that time, you are paid the full face value of the Bill. Bills are typically sold at a discount from the par amount, and the difference between the purchase price and the par amount is your interest. Treasury calculates auction results to the sixth decimal place. In determining the particular dollar amount an investor will pay, Treasury rounds to the nearest penny using conventional mathematical rounding methods. It's possible that rates on Treasury bills sold at auction could be negative. If you were to participate in a Treasury bill auction where this occurred, you’d owe an amount larger than you’d receive back when the bill matures.

Will I receive interest payments if I own a Note, Bond, FRN, or TIPS in TreasuryDirect?
Yes. Semiannual interest payments are made on Notes, Bonds, and TIPS and sent to your selected payment destination. Quarterly interest payments are made on FRNs and sent to your selected payment destination..

How are the payments for TIPS calculated?
Interest payments for TIPS are based upon the security's adjusted principal at the time the interest payment is calculated. At final maturity, the greater of the adjusted or original principal is paid to you.

Can deflation occur with TIPS?
Yes. If the principal is adjusted down because of deflation, your interest payments will be less than during a time of inflation or with no adjustment. In good faith, the Treasury pays you the original principal if the adjusted principal is less than the original principal at maturity.

Is the interest income earned from marketable securities taxable?
Yes. Interest earned from marketable securities is subject to federal tax, however, the interest is exempt from state and local income tax.

Does TreasuryDirect keep track of my tax reporting for my marketable securities transactions?
Yes. TreasuryDirect provides you with a detailed listing of all your taxable transactions, as well as an online, printable IRS Form 1099 for each calendar year. You may access this information in ManageDirect - Manage My Taxes.

Does TreasuryDirect provide all the tax information I need to file my tax return?
Yes. The IRS Form 1099 we provide in your account contains a 1099-INT, 1099-B, and 1099-OID. Your taxable transactions are displayed under each appropriate form.

Are there times when I will not be responsible for the tax liability for a transaction performed on one of my securities?
Yes. If you have granted Transact Rights to a second-named registrant on your securities, actions he/she performs may impact your tax liability. For more details about tax reporting exceptions, see Learn more about Tax Reporting. Transact rights are not available in entity accounts.

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Zero-Percent Certificate of Indebtedness

What is a Zero-Percent Certificate of Indebtedness (Zero-Percent C of I or C of I)?
The Zero-Percent Certificate of Indebtedness (Zero-Percent C of I or C of I) is a Treasury security that does not earn any interest. It is intended to be used as a source of funds for purchasing eligible interest-bearing securities.

Is there a limit to the amount of money I can hold in my Zero-Percent C of I?
No. There's no limit to how much money you can hold, but remember, your Zero-Percent C of I does not earn any interest.

How do I fund my Zero-Percent C of I?
You may instruct us to debit your bank account for a security purchase or you may establish a payroll deduction that will credit the Zero-Percent C of I in your account. You may also use your Zero-Percent C of I as a payment destination for savings bond redemptions and marketable security maturity and interest payments. Click Payroll Zero-Percent Certificate of Indebtedness for information about funding your Payroll C of I to purchase savings bonds through the Payroll Savings Plan.

Is there a limit to the amount of money I may request from my bank account to fund my Zero-Percent C of I?
Each transaction is limited to $1,000. You may, however, schedule multiple transactions each business day to fund your Zero-Percent C of I.

When are funds in the Zero-Percent C of I available to use for purchases?
Electronic deposits are generally available to use for purchases the business day the funds are received.

Can I redeem a security within my account and have the proceeds sent to my Zero-Percent C of I?
Yes. You may designate Zero-Percent C of I as the payment destination when you schedule a redemption.

Can I use both my Zero-Percent C of I and my bank account to purchase a security?
No. The source of funds selected for a security purchase can be either Zero-Percent C of I or a designated bank account, not both.

How do I buy securities with a Zero-Percent C of I?
You may buy interest-bearing securities with a Zero-Percent C of I by selecting it as a source of funds on Buy Direct.

Can I redeem my Zero-Percent C of I?
Yes. If you change your mind about using Zero-Percent C of I for security purchases, select the Zero-Percent C of I security on the Redemption page and enter the amount for deposit to your designated bank account. If, however, you have debited your bank to purchase a C of I, all C of I funds are ineligible for redemption for five business days following the purchase request. For more information, see Learn more about Transaction Restrictions.

May I cancel a scheduled redemption from my Zero-Percent C of I?
No. If you schedule a redemption for deposit into your bank account, you may not delete the transaction.

Where do I find records of the activity for my Zero-Percent C of I?
You can locate all transaction records for purchases and redemption activity in the C of I History.

Does my Zero-Percent C of I security count toward my annual purchase limitation?
No. A Zero-Percent C of I security does not count toward your annual savings bonds purchase limitation.

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Payroll Zero-Percent Certificate of Indebtedness

What is a Payroll Zero-Percent Certificate of Indebtedness (Payroll C of I)?
The Payroll C of I is a Treasury security that does not earn any interest. It is intended to be used as a source of funds for purchasing savings bonds through the Payroll Savings Plan.

Is there a limit to the amount of money I can hold in my Payroll Zero-Percent C of I?
No. There's no limit to how much money you can hold, but remember, your Payroll C of I does not earn any interest.

How do I fund my Payroll Zero-Percent C of I?
The only way to fund your Payroll C of I is to set up a regular payroll allotment with your employer and have the payroll office send the allotment directly to your TreasuryDirect account.

Can I redeem my Payroll Zero-Percent C of I?
You may redeem all or part of your Payroll C of I by going to ManageDirect and selecting the Redeem Securities text link. You may choose to redeem the full amount or a partial amount. You must select a payment destination bank for your Payroll C of I. Note: Redemption of your Payroll Zero-Percent C of I does not stop your payroll allotment.

May I cancel a scheduled redemption from my Payroll Zero-Percent C of I?
No. If you schedule redemption for deposit into your bank account, you may not delete the transaction.

Where do I find records of the activity for my Payroll Zero-Percent C of I?
You can locate all transaction records for purchases and redemption activity in the C of I History.

Does my Payroll Zero-Percent C of I security count toward my annual purchase limitation?
No. A Payroll C of I security does not count toward your annual savings bonds purchase limitation.

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Converting Paper Bonds

What is the SmartExchange® feature within TreasuryDirect?
SmartExchange is the process that allows holders of paper Series EE and I savings bonds to trade them in for electronic securities of the same series and issue dates (convert them) in a special Conversion Linked Account within their TreasuryDirect account.

Who can exchange their paper savings bonds for electronic securities?
A TreasuryDirect individual account owner who has a Conversion Linked account can exchange paper bonds on which he/she is the sole owner, co-owner, or owner with a beneficiary. Account owners can also exchange paper bonds purchased as gifts for someone else or bonds they have obtained through inheritance or other change in ownership.

A manager for an entity account with a Conversion Linked account can exchange paper bonds into the entity form of registration. Gift securities are not available in entity accounts. See Learn More About Converting Your Paper Bonds.

When may I convert my bonds?
You may convert your bonds through SmartExchange once you have created a Conversion account. You'll see a Conversion Linked Account (“My Converted Bonds”) in the account listing under Linked Accounts Information on your Account Summary page.

Am I required to convert my bonds?
No. Owners of paper bonds are not required to open a TreasuryDirect account or convert their securities to electronic form.

Do I have to pay a fee to convert my bonds?
No. However, you are responsible for the postage required to mail the bonds to Treasury for conversion.

Can I submit matured bonds for conversion?
If you submit a matured bond, TreasuryDirect automatically redeems the bond and purchases a Zero-Percent Certificate of Indebtedness in your Primary account with the proceeds. You can use all or some of the proceeds to purchase new securities or redeem the C of I to your bank account, in full or part. The interest earned on the bond is reportable to the IRS for the tax year in which the bond is redeemed.

If I change my mind, can I convert my electronic securities back into paper bonds?
No. Once your bonds are converted to electronic form, they can't be exchanged for paper bonds.

Will my electronic securities have the same issue date as the paper bonds I submit?
Yes. Each electronic security will have the same issue date and current redemption value as the paper bond you submitted.

Will my electronic securities earn the same rate of interest as my paper bonds?
Yes. Paper bonds and electronic securities earn the same rate of interest based on series and issue date.

Will my electronic securities have the same maturity period as my paper bonds?
Yes. Paper bonds and electronic securities have the same maturity period based on series and issue date.

How soon will my bonds appear in my TreasuryDirect account?
After we receive your conversion request in our office, your bonds should appear in your Conversion Linked Account within three weeks, unless we need additional information or evidence to complete the transaction.

Do any restrictions apply to the converted securities?
Certain restrictions apply when removing the name of a co-owner from any security. See Learn More About Converting Your Paper Bonds.

Can I convert bonds I've bought as gifts?
Yes. You can exchange bonds you've bought as gifts. Once converted, the bonds are placed in your Conversion Linked Account Gift Box. Gift securities are not available in entity accounts.

What happens if I submit matured gift bonds?
Gift bonds that have reached final maturity can be submitted, however, TreasuryDirect automatically redeems them. Your Conversion Linked Account Gift Box lists bond redemptions under Matured Gift Proceeds in the owner's name.

Can I convert bonds not registered in my name to which I'm entitled?
Yes. You can submit these bonds; however, the transaction will probably require supporting evidence to demonstrate entitlement. We will contact you after we receive the bonds and provide appropriate instructions to complete the transaction.

When I convert my bonds, is the interest earned reported to the IRS?
No. If your bonds have not reached maturity, the interest earned on those bonds is not reported to the IRS at the time of conversion.

If my bond matures after I convert it, is it automatically redeemed and the interest earned reported?
Yes. Once your bond is in electronic form, TreasuryDirect automatically redeems it at maturity and purchases a Zero-Percent Certificate of Indebtedness with the proceeds, unless you have scheduled it for redemption. The interest earned on the security is reported to the IRS for that tax year.

Should I sign the request for payment on the back of the bonds?
No. Please do not sign the back of your savings bonds. Your signature on the conversion manifest authorizes us to convert your bonds.

The instructions say I must enter each different registration on my paper bonds. What if I want to change the registration?
Please don't change the registration during the conversion process unless one of the people named on the bonds is deceased. Once the bonds are released to your Conversion Linked Account, you can change the registration online if you are the sole owner or the owner of Series EE or I securities in beneficiary form. If the securities are in co-owner form, you will need the consent of the co-owner to change the registration. We process these transactions offline. For entity accounts, since all securities in your account carry a registration identical to your entity account name, all bonds you convert will be registered in that form regardless of the registration on the paper bonds.

The instructions say I must enter each different registration on my paper bonds. What if the registration is incorrect?
For individuals, if a registrant's Taxpayer Identification Number is known, you can enter the correct information; however, if the name is incorrect for either registrant, don't change it during the conversion process. Instead, in the Comments field, include information about the error. This will help us process your request.

What happens to bonds when I select "Other" as the form of registration?
If the bond is not registered in an authorized form, we will change the registration to the closest authorized form. In certain circumstances, we may contact you after we receive the bonds and provide appropriate instructions to complete the transaction.

Can I mix series, registrations, and issue dates within a cart?
Yes. You can place different series, registrations, and issue dates in the same cart.

I know I can have up to 50 bonds in a cart. How many carts can I have?
You can only add bonds to one cart at a time. After you click Create a Manifest, the cart is emptied and you can add more bonds, if necessary. A new manifest is created with each cart of bonds you submit. Since each manifest is individually numbered, you can create as many manifests as you need in order to convert all your paper bonds.

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The Payroll Savings Plan for Savings Bonds

How does the Payroll Savings Plan work?
First, you establish a Payroll Savings Plan in your TreasuryDirect account. After you have established your Payroll Savings Plan, schedule a regular payroll allotment/direct deposit with your employer. Your payroll office will send the allotment/direct deposit directly to your Payroll C of I, and electronic savings bonds will be automatically purchased for you.

Where do I find the information I need to give my employer?
You can find the information for Funding Options in ManageDirect under Manage my Account.

Can I use the Payroll Savings Plan in place of my employer's traditional payroll deduction plan?
Yes. Once you've established a Payroll Savings Plan in your TreasuryDirect account, simply submit a request to your employer to have a regular payroll allotment/direct deposit sent to your account. (Go to ManageDirect; View my Funding Options, for complete instructions on what to give to your employer.) When you have accumulated enough in your Payroll C of I to buy a savings bond, one will be automatically purchased for you. You will receive savings bonds regularly until your employer stops the allotment/direct deposit. All your security holdings are available electronically in your secure, online TreasuryDirect account 24/7. See Learn more about the Payroll Savings Plan.

Note: Treasury phased out the issuance of paper savings bonds through traditional employer-sponsored payroll savings plans as of January 1, 2011. Electronic savings bonds and other Treasury securities will continue to be available through TreasuryDirect. See our FAQ about this change.

May I schedule payroll allotments/direct deposits for the Payroll Savings Plan in my Linked accounts?
No. The new Payroll Savings Plan feature is designed for individual primary account owners to make recurring purchases of electronic Series EE and Series I Savings Bonds.

Can I buy savings bonds in the Payroll Savings Plan with different registrations?
TreasuryDirect allows you the flexibility to enter multiple registrations, including gifts, in your personal account's Registration List. Select the registration you want for the savings bond you purchase through the Payroll Savings Plan. You can change the registration for future purchases any time you choose.

How much do I have to allot/direct deposit from my pay to participate in the TreasuryDirect Payroll Savings Plan?
There is no minimum or maximum payroll allotment amount for the Payroll Savings Plan. You may deduct as little as a penny; however, your employer may have a minimum dollar amount requirement. Your non-interest bearing Payroll Zero-Percent C of I holds all deposits until you reach the purchase price of the savings bond you choose ($25-$10,000).

Is there a limit to the amount I can hold in my Payroll Zero-Percent C of I?
No. There is no limit to the amount you can hold in your Payroll C of I; however, the Payroll C of I does not earn interest. It is intended to be used as a source of funds for purchasing savings bonds through the Payroll Savings Plan.

What happens if I stop my payroll allotment/direct deposit?
You may use the amount in your Payroll C of I to purchase a security or redeem it to a designated bank account.

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Funding an Account with Electronic Deposits

How do I set up electronic deposits?
You may request regular electronic deposits from your financial institution or payroll deductions through your employer to regularly purchase marketable securities and savings bonds in TreasuryDirect. (This is not the Payroll Savings Plan – for information about the Payroll Savings Plan, see above).

How do electronic deposits work in TreasuryDirect?
First, establish payroll deduction through your employer or direct deposit from your bank. Your deduction is sent to your Zero-Percent Certificate of Indebtedness (Zero-Percent C of I or C of I) in your TreasuryDirect account. The C of I does not earn interest and is intended to be used as a source of funds for purchasing eligible interest-bearing securities.

Where do I find the information I need to give my employer or bank?
You can find the information for Funding Options in ManageDirect under Manage my Account. Look under the ACH Credits heading.

Is there a limit to the amount I may have deducted through payroll deduction or electronic deposits?
TreasuryDirect has no restrictions on the amount you choose to deposit toward the purchase of a Zero-Percent C of I in your account.

May I schedule electronic deposits in my Linked accounts?
Yes. You may designate the account number for your Primary and any of your Linked accounts to purchase a Zero-Percent C of I.

I buy my savings bonds using more than one registration. Can I do this in my TreasuryDirect account?
Yes. TreasuryDirect allows you the flexibility to enter multiple registrations, including gifts, in your personal account's Registration List. First, select the registration you want for the securities you purchase. Establish a purchase schedule using your Zero-Percent C of I as the source of funds, and choose a frequency-it's that simple. Entities can also participate by purchasing bonds in their entity account. All securities in an entity account carry a registration identical to the entity account name.

How much do I have to deduct from my pay to participate in the TreasuryDirect payroll deduction plan?
There is no minimum or maximum amount for payroll deduction in TreasuryDirect. You may deduct as little as a penny, however, your employer or financial institution may have a minimum dollar amount requirement. Your Zero-Percent C of I holds all deposits until you are ready to purchase a security.

Is there a limit to the amount I can hold in my Zero-Percent C of I?
No. There is no limit to the amount you can hold in your Zero-Percent C of I; however, the Zero-Percent C of I does not earn interest. It is intended to be used as a source of funds for purchasing eligible interest-bearing securities.

What happens if I stop my electronic deposit?
You may use the amount in your Zero-Percent C of I to purchase a security or redeem it to a designated bank account.

What happens if I don't have enough money in my Zero-Percent C of I for a scheduled purchase?
If funds in your C of I are insufficient to cover the security purchase, the purchase will be canceled.

How else can I fund my Zero-Percent C of I to pay for security purchases?
You may debit, or make a purchase of a C of I, using your checking or savings account. This option is handy when you need to supplement the amount in your C of I for a security purchase. You may also route maturing securities, interest payments, or redemptions of savings bonds directly to your C of I. Your financial institution can even set up direct deposit from an annuity, pension fund, or other financial account.

How much may I request directly from my bank to fund my Zero-Percent C of I?
You may request up to $1,000 per transaction through BuyDirect for Zero-Percent C of I.

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Gift Giving

Can I purchase an EE or I Bond for a friend or family member as a gift?
Yes. If you purchase an EE or I Bond as a gift, the recipient's Social Security Number must be provided. Gift securities are not available in entity accounts.

May I purchase a marketable security with a gift registration?
No. You may not purchase a marketable security with a gift registration.

When can I deliver a gift savings bond to the recipient’s account?
You must wait five business days after the purchase date to deliver a gift savings bond.

How long can I hold a gift before delivery?
You may hold an EE and I Bond that is registered as a gift until it reaches maturity.

What happens when a gift security matures before being delivered?
If the gift bond has not been delivered to the recipient prior to maturity, the redemption amount will be held as Gift Box Proceeds in your Gift Box until delivered.

If I deliver gifts to another TreasuryDirect customer, how does it affect the recipient's purchase limitation?
If you deliver gifts to another customer, the amount of the delivery is applied toward the annual purchase limitation for each security type for the year the gift delivery occurs.

May I deliver gifts to a minor's TreasuryDirect account?
You may deliver a bond purchased as a gift to a Minor account that has been established within a Primary TreasuryDirect account. Gift securities are not available in entity accounts.

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Managing My Account

How do I contact you?
We welcome your questions, comments, and suggestions! Go to Contact Us, and send us your name, account number, e-mail address, daytime phone number, and the reason for your inquiry and/or comment. We'll respond in an e-mail.

Why am I asked if I want to register my computer?
You will be given the opportunity to register your computer so it will be recognized when you log in. Registering your computer makes accessing your account convenient; if you choose not to register your computer, you’ll need a one time passcode which will be emailed to you each time you access your account. You must have JavaScript and cookies enabled to register your computer. Registering your computer will authorize the use of persistent cookies and help us recognize you as an authorized user. Do not register a public or shared computer, such as a library computer.

Why does TreasuryDirect ask me to select a personalized image and choose a caption?
A personalized image/caption will help you to know that you are on the authentic TreasuryDirect website. The image and caption will be displayed on your password page when you log in to your TreasuryDirect account. Captions must have 3-30 alpha-numeric characters. You may change your personalized image/caption at any time.

What is a confirmation number and how can I use it to manage my account?
A unique confirmation number is assigned to scheduled transactions within an account. The confirmation number may be used to track the status or history of a transaction. The table below shows the beginning letter for each confirmation number type along with a description and example of the transaction it identifies.

Confirmation Number Key
Confirmation Number
Begins with Letter
Description Example
D   Gift Delivery DAAAI
E   Zero-Percent C of I Purchase EAAB2
I   Security Issued IAAC1
K   External Security Transfer KAAA8
M   Zero-Percent C of I Issue MAA12
N   Non-Deliverable Matured Gift Proceeds NAAA7
P   Gift Proceeds Delivery PAAB2
Q   Redirected Undelivered Zero-Percent C of I Payment QAAC9
R   Security Redemption RAALE
S   Security Interest Payment SAAR1
T   Security Transfer TAACB
U   Redirected Undelivered Security Redemption Payment UAAA1
V   Zero-Percent C of I De-Linked VAAB3
W   Zero-Percent C of I Redemption WAAI4
X   Security De-Linked XAAB2
Z   Security Sold ZAA10

What is a hold code?
When necessary, a designation is placed on an account by TreasuryDirect Customer Service to prohibit certain transactions. In addition, you may place a hold on your account, which will prohibit access to the account and will prohibit all transactions.

What are pending transactions?
Pending transactions are scheduled requests that you have made, but which have not yet been processed.

How do I change TreasuryDirect account information?
Changing your account information is easy. To edit your account, simply select the Account Info tab, which allows you to review all your account information. Scroll to the bottom of the page and select the Edit button. This will take you to the Account Info Edit page, where you will be able make changes to your information. When you are finished, click the Submit button.

How do I change my password?
To change your password, simply select the ManageDirect tab, then select Change my password under Manage My Account. This will take you to the Change Password page, where you will be able to make your change. When you are finished, click the Submit button.

How do I update bank information?
To protect the security of your investments, we require that you mail us a signed and certified Form PD F 5512 E (TreasuryDirect Bank Change Request) to add a new bank or edit an existing bank. A link to this form will be presented on a page when you click the Add or Edit button on the ManageDirect Bank Information page.

Note: The bank selected as your primary bank appears first on the bank information list and in the drop-down boxes throughout TreasuryDirect. To designate a different bank listed in your existing bank information as the primary bank, e-mail us by clicking the Contact Us link in your TreasuryDirect account. A Bank Change Request is not necessary if you are not adding or editing existing bank information.

Do I need to close my Legacy Treasury Direct account now that marketable securities are being offered in my online TreasuryDirect account?
No. You are not required to close your Legacy Treasury Direct account at this time; however, with the added conveniences (24/7 account access and management) and features available in your TreasuryDirect account, you may wish to move your holdings to TreasuryDirect. NOTE: Legacy Treasury Direct is being phased out.

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Privacy Information

How secure is TreasuryDirect?
We use Secure Sockets Layer (SSL) software to ensure secure online commerce transactions. It encrypts all of your personal information so that it cannot be read as the information travels over the Internet. See Learn More About Security Features and Protecting Your Account for additional information on account security.

What is SSL?
SSL (Secure Sockets Layer) is a common method for sending payment information securely over the Internet. SSL works by using a private, mathematical key to encrypt (or scramble) data that's transferred between your Web browser and the Web site you're visiting. You can verify that it's working by checking for a closed lock in the lower right-hand corner of your Internet Explorer browser.

Can I use my Back, Forward, Refresh, and Stop buttons in my browser window?
No. Because of security features, if you use the Back, Forward, Refresh, or Stop buttons in your browser window, you will automatically exit from the system and your information will be deleted. You will have to start over.

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