Thread: To TSP Members - RESTRICTED ACCOUNTS

Originally Posted by Braveheart

First of all I spoke to a Government Official and off the record he stated the letter regarding the FRTIB dated March 13, 2008 (Thursday) did not give anyone the proper 30 DAY NOTICE as most Government Agencies Require. Most members would not receive the Certified Letter until (Monday) March 17, 2008. This would give that person 10 Business Days of Notice.

The quick timing is notable. After receiving my lock-out letter I was outraged because I felt i was in good-faith following their requirements of 2 ETF's and then unlimited into G. I talked to TSP and they looked at my trades and _agreed_ they did not know why I was locked out and suggest I call the board.

I called the board they informed me that there are two policies - 1) interim and 2) final. However, this was never ever clearly delineated in their warning letter, in the FAQ or the interim policy PDF link on the TSP website. I showed this to Kevin at the board and all he could do was stutter and agree that it was not clear and suggested I send in a letter explaining this.

I also explained to Kevin that even the folks at TSP were confused. If the people responsible for customer service are confused on the policy how do they expect the customer not to be confused!

Further I asked Kevin what is the logic behind two subtly different policies - he had no answer and didn't know why.

I responded immediately with a letter, I have not heard anything back - meanwhile I am locked out.

They have very quickly responded to implementing lock-out software, but not to addressing the question that they did not unambiguously define the rules. Since they are requiring communications to be via letters they simply did not allow sufficient time for objections to be heard.

Originally Posted by troxel

The quick timing is notable. After receiving my lock-out letter I was outraged because I felt i was in good-faith following their requirements of 2 ETF's and then unlimited into G. I talked to TSP and they looked at my trades and _agreed_ they did not know why I was locked out and suggest I call the board.

I called the board they informed me that there are two policies - 1) interim and 2) final. However, this was never ever clearly delineated in their warning letter, in the FAQ or the interim policy PDF link on the TSP website. I showed this to Kevin at the board and all he could do was stutter and agree that it was not clear and suggested I send in a letter explaining this.

I also explained to Kevin that even the folks at TSP were confused. If the people responsible for customer service are confused on the policy how do they expect the customer not to be confused!

Further I asked Kevin what is the logic behind two subtly different policies - he had no answer and didn't know why.

I responded immediately with a letter, I have not heard anything back - meanwhile I am locked out.

They have very quickly responded to implementing lock-out software, but not to addressing the question that they did not unambiguously define the rules. Since they are requiring communications to be via letters they simply did not allow sufficient time for objections to be heard.

Troxel - you are right, they have mishandled this whole process, and people like you have an excellent argument for getting this whole thing halted until they can straighten out the mess. If you have not yet contacted your Congressmen and told them your story, I urge you to do so, as your situation is a classic example of how FRTIBs arrogance and misguided policies have harmed people that are just trying to follow the proposed rules. Even for folks that chose to NOT abide by the threats in their warning letter (like me), they STILL cannot legally implement restrictions against us until the comment period is over and a final decision on the proposal is made, but they chose to do it anyway. But your situation is a clear case where they have messed up in a big way, without any doubt..........all you need is a Congressman to make an inquiry on your behalf, and we should be able to get this thing stopped.

I am also locked out.Does anyone know the time table on when this mess will be over?I am sitting in the g fund and missed the big rally early April.My family missed out on over 10,000$ in one day!Today is the 16th and we will miss out of another big gain!I wish they would quit protecting me from myself,my retirement can't afford it.With the 2 itf s a month,how much money is that going to in my account each year?I don't want to pay a fee for itfs that will just put more of my money in someone elses pocket.

In theory, the new system/restrictions are to be in place 'no sooner' than May 1st. I'm not sure if they've specified the year, or not.

Originally Posted by bohammer

I am also locked out.Does anyone know the time table on when this mess will be over?I am sitting in the g fund and missed the big rally early April.My family missed out on over 10,000$ in one day!Today is the 16th and we will miss out of another big gain!I wish they would quit protecting me from myself,my retirement can't afford it.With the 2 itf s a month,how much money is that going to in my account each year?I don't want to pay a fee for itfs that will just put more of my money in someone elses pocket.

Originally Posted by Paladin

Thanks, it will all be used.

All good points as well, and these will also be used.

Used for what?

Originally Posted by weatherweenie

In theory, the new system/restrictions are to be in place 'no sooner' than May 1st. I'm not sure if they've specified the year, or not.

In the spirit of fairness, they did specify the year, 2008, but did state 'no sooner than May 1, 2008.'

Perhaps y'all should check out this website:

http://www.sueeasy.com/

On its Web site, Mountain View, Calif.-based SueEasy says its "primary concern is for you to register a genuine complaint or grievance as quickly and as simply as possible."

spoke to a lovely customer service rep from the TSP. Very helpful indeed. Here is some updated news FWIW. You can now fax in your TSP-50. The Fax number is 866-817-5023. I mailed in my TSP-50 to enter the S Fund and it still was not received. This week it cost me over 7000 dollars from just waiting. This is very sad. I am still stuck in the G Fund. Also she told me they are aiming for the new rules to go into effect May/June. To be honest with everyone, I rather have my 3 EFTs including the last one to be the G Fund then to handle my trading this way. Trading with the TSP-50 is like playing the lottery. My luck ,when they receive and post my transfer to the S Fund, the market will be in a bad mood. I never seen anything more crazy than the way this is handled and I have been a trader since 1987 on my own. At the very least TSP should of punished us my giving us the 3 EFTs per month while we wait for the new rules to kick in. Another note..Appealing with Mr. Long, she told me it will take up to 30 days for him to respond. By the time this happens the new rules will be into effect. SAD

FYI (To repeat.)
Sent TSP-50 in on Tue. (Last week) express/return receipt.
Was received on Wed.
Was posted Sat. morning.
lost $1800 while it sat on someone's desk!

Originally Posted by camper65

FYI (To repeat.)
Sent TSP-50 in on Tue. (Last week) express/return receipt.
Was received on Wed.
Was posted Sat. morning.
lost $1800 while it sat on someone's desk!

they are telling me it can take up to 14 business days.

simply saying thats what it was. I'm sure they will take up to 14 days if they have a mind to.