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I would like to move all of my T-Bills to my Bank of America…

Customer Question
I would like to...

I would like to move all of my T-Bills to my Bank of America Money market account -*****************.

Accountant's Assistant: Which Bank of America product do you have?

Money Market account

Accountant's Assistant: What have you tried so far with your Bank of America software?

Have tried nothing. Tried moving 1 T-Bill account and it went to BOA but to some strange account - not the money market account

Submitted: 7 months ago.Category: Tax
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Answered in 24 minutes by:
7/29/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,542
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane.

...

You'll need to liquidate the T-bills to move them into a money market account at the bank.

...

The only way you can hold them in kind (keep them in T-bill form without selling them) is to move them to a brokerage account - the same kind of account that can hold, t-bills, notes, bonds, stocks, etc. OR get the bank to hold them in kind (not all will do this) OR hold with Treasury direct.

...

Although money market accounts have T-bills as the underlying asset, you don't own the t-bills themselves. You own the money market fund or money market deposit account.

...

There are both money market deposit accounts at the bank and money market mutual funds at the brokerage firm (or brokerage platform of the bank).

...

But neither of these hold your specific T-bills. The only way, again, to hold t-bills in kind (keep the ownership your specific t-bills, with their specific CUSIPs) are to hold them in a brokerage account, or AS T-bills with the bank (not all banks will do this, typically only banks that sell T-bills will hold them in an account for you, in kind) or with Treasury Direct.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago

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Thanks,

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986

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