I Bond Buyers Irate Over Website Outages as Deadline Nears

Another tweeter, @sujankapadia, wrote: "Trying again today – waited another 2.5 hours, still on hold. This is absolutely ridiculous. Why can't you unlock your account online?"

"These ibond rates are juicy, but treasurydirect.gov is soooo painful to use," tweeted @IFudym.

Some tweeters asked if the website was down.

Treasury Department media representatives did not immediately respond to an email from ThinkAdvisor seeking information about the situation.

I bond and would-be I bond buyers may be frustrated no matter how they try to reach TreasuryDirect's customer service representatives.

The government website notes that "higher than usual call volumes" are resulting in long phone wait times, which, according to a recording at the customer service number, are two hours or more.

Email isn't necessarily an option, either.

"Due to heavy volume, we are temporarily limiting communication by e-mail. For us to respond to your e-mail, it must concern a pending case and it must state your case number in the subject line of your e-mail," the website says.

Recorded messages played in a loop on the phone hold also noted that heavy volume is slowing processing times.

People whose accounts were locked when they created them need to download an account authorization form and sign it in the presence of a certifying officer at their bank or a notary public and mail it to the Treasury Department, where it could take the agency a 13-week processing time to remove the hold, one message says.

Another recorded message cites the same potential processing time for cases that customers have submitted.

Those whose TreasuryDirect accounts are locked because of problems with passwords or problems answering security questions can wait on hold to talk to a representative.

During this high-inflation year, financial experts have recommended I bonds as a way to get an appealing guaranteed interest rate that would be difficult to find elsewhere.

Individuals may buy up to $10,000 in electronic I bonds per calendar year through TreasuryDirect and $5,000 in paper bonds per year through income tax refunds. I bonds earn interest for 30 years or until cashed. Holders may redeem bonds after 12 months, but if they cash them in before five years they'll forfeit the last three months' interest.

At least one high-profile investing expert has run into trouble over the years in trying to buy I bonds through TreasuryDirect.gov. A. Gary Shilling, economist and investment advisor, recently told ThinkAdvisor the site had frustrated his efforts, through an in-house accountant, to purchase I bonds for himself and his children.

One financial advisor, in a CNBC article, likened the website to visiting the DMV. The site recently received a makeover and the Treasury Department plans future upgrades, CNBC reported recently.