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Its a little easier now to set up a TreasuryDirect Account.

Download the form from the website (, fill out the info, attach a canceled check, sign, and mail it in. That's it. When you want to purchase a T-Bill, log onto your TreasuryDirect Account, give the specifics of maturity, etc, and after the auction date it deducts the amount from your checking/savings account.

About 2-3 weeks before maturity of the bill, the treasury will send you a letter asking if you want to change your renewall status (you initally specified how many renewall's you wanted in your first purchase). If so, log on and change it, if not, it will follow your instructions. Eventually the proceeds will be deposited into the aformentioned account.

In the event you need to get out early, TreasuryDirect will either transfer your bonds to a broker, or sell them on the open market for $35/bond type using the Fed's trading desk (that's per bond type, not bond). Not a bad deal. The only fee is if you have more than $100,000 face value bonds, there is a $25/year fee.

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