Show HN: Earn 9.62% on US Treasury I Bonds on Yotta

Re:Show HN: Earn 9.62% on US Treasury I Bonds on Yotta by sebhook on Wednesday October 05, 2022 @06:33PM (#33102051)

I hope everyone reading this post knows how easy it is for Yotta to open any account at any other brokerage with this information. From there, they could initiate a transfer from your OTHER (non-Yotta) brokerages and drain your account. It really is that easy with the in-kind (or ACAT) process. Even if Yotta isn't nefarious, they could be hacked and a bad actor could use your data to accomplish the same thing.

I recommend locking down all of your investment accounts, Fidelity specifically has a lockdown mode designed for this. You can still trade/add money/pay bills, but no one can drain your account just because they opened up another account with your SSN.

https://www.nerdwallet.com/article/investing/switch-brokers-...

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Re:Show HN: Earn 9.62% on US Treasury I Bonds on Yotta by saxonww on Wednesday October 05, 2022 @09:11PM (#33103183)

Yeah, this is crazy. Do not have 3rd parties do this on your behalf.

That said, I just tried to sign up for a Treasury Direct account, and while it was 'successful,' I immediately got an email saying they could not verify some of my information and so my account was on hold pending receipt of a notarized form I have to mail. For my protection. It says the average approval time for this form is up to 13 weeks, so I can probably forget about I Bonds this year.

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Re:Show HN: Earn 9.62% on US Treasury I Bonds on Yotta by mritchie712 on Thursday October 06, 2022 @09:50AM (#33108136)

Yotta likely doesn't solve the issue you bumped into though

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Re:Show HN: Earn 9.62% on US Treasury I Bonds on Yotta by UncleMeat on Thursday October 06, 2022 @11:48AM (#33109789)

OP is in this thread and has confirmed that they cannot handle that case.

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Re:Show HN: Earn 9.62% on US Treasury I Bonds on Yotta by saxonww on Thursday October 06, 2022 @01:01PM (#33110892)

Yeah, to be clear I would rather not invest at all than have Yotta do this for me. That is a bad pattern and clearly the company cares more about visibility than customers or they wouldn't even offer it.

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Re:Show HN: Earn 9.62% on US Treasury I Bonds on Yotta by jeffmc on Saturday October 08, 2022 @02:53AM (#33130362)

I too had a problem (maybe same email with multiple accounts). You have to get the form stamped with a "medallion stamp", not just a notary. So check your bank if they have someone that can do this

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