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Fidelity not Full time friendly


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Closed on the house earlier this week as part of going full time. Fidelity has a number of new account bonuses available and so I opened an account and transferred the proceeds of the house sale. I used my South Dakota address, which was accepted by Fidelity's forms (other banks have flagged it as a PMB and requested another addy).

Went to check the progress of the transfer and my account was locked. Called customer service, per the note, and was told that if I wanted to see my money ever again, I needed to appear IN PERSON at a Fidelity office with proof of ID and proof of address. I was told two forms of government issued picture ID was necessary. Thankfully, I have a passport. Thankfully, I am only 35 miles away from an investor center. Unfortunately, I recently had knee surgery and cannot drive. So I got a driver, took my proof and went to Fidelity. I had proof of my old address, my closing documents, showing the old address and my temp florida addy, proof of the wire from the closing agent to my bank account, proof of mail sent to me from another bank to my Florida address, proof of Medicare having my south Dakota addy, proof of my bank having the South Dakota Addy. proof of car insurance out of South Dakota, and proof of South Dakota health insurance with the South Dakota Addy.

The head of Fidelity's loss prevention determined that this was not sufficient proof of address and demanded as a condition of my getting access to my money that I produce utility bills (and nothing else) to prove I was staying in Florida and to prove that I lived at the South Dakota address. This was after two and a half hours at Fidelity.

It took a phone call to Fidelity's general counsel to get them to back down, and even so, they still want to hold my money for four more days. Obviously if I were a distance to an investment center or did not have a current passport, I would be totally unable to access my funds without substantial travel or waiting for the government to issue a passport.

Therefore, I would really recommend not using Fidelity as a full timer.

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If it was me I would be pulling all my money from fidelity. What if someone 6 months from now gets a hair where you know where and your account gets locked again???

Steve and Joy

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This is a fairly common complaint for almost all investment firms. It is not them but the federal government requirements to stop money laundering. Each firm seems to interpret them differently. When we received a notice from Schwab for proof a residential address because we use a PO box I called my agent. I have been with him for 20 years and he explained there that although there are the regulations, noting in them explains what is acceptable proof. I sent a tax bill and power bill and all was good. As usual us honest folks pay for the actions of the criminal element.

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FWIW. Morgan Stanley has our Livingston address as our primary address, and only address that I can find.

Frank
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This is a fairly common complaint for almost all investment firms. It is not them but the federal government requirements to stop money laundering. Each firm seems to interpret them differently. When we received a notice from Schwab for proof a residential address because we use a PO box I called my agent. I have been with him for 20 years and he explained there that although there are the regulations, noting in them explains what is acceptable proof. I sent a tax bill and power bill and all was good. As usual us honest folks pay for the actions of the criminal element.

That's just not true. There is a Federal Reg (don't have number off hand) that specifies exactly what is acceptable proof. What it boils down to is you need to have someone (with an address) that can verify your whereabouts.

 

edit found it:

31CFR 1020.220

§ 1020.220 Customer identification programs for banks, savings associations, credit unions, and certain non-Federally regulated banks.

(a) Customer Identification Program: minimum requirements—
(1) In general. A bank must implement a written Customer Identification Program (CIP) appropriate for its size and type of business that, at a minimum, includes each of the requirements of paragraphs (a)(1) through (5) of this section. If a bank is required to have an anti-money laundering compliance program under the regulations implementing 31 U.S.C. 5318(h), 12 U.S.C. 1818(s), or 12 U.S.C. 1786(q)(1), then the CIP must be a part of the anti-money laundering compliance program. Until such time as credit unions, private banks, and trust companies without a Federal functional regulator are subject to such a program, their CIPs must be approved by their boards of directors.
(2) Identity verification procedures. The CIP must include risk-based procedures for verifying the identity of each customer to the extent reasonable and practicable. The procedures must enable the bank to form a reasonable belief that it knows the true identity of each customer. These procedures must be based on the bank's assessment of the relevant risks, including those presented by the various types of accounts maintained by the bank, the various methods of opening accounts provided by the bank, the various types of identifying information available, and the bank's size, location, and customer base. At a minimum, these procedures must contain the elements described in this paragraph (a)(2).
(i) Customer information required—
(A) In general. The CIP must contain procedures for opening an account that specify the identifying information that will be obtained from each customer. Except as permitted by paragraphs (a)(2)(i)(B) and © of this section, the bank must obtain, at a minimum, the following information from the customer prior to opening an account:
(1) Name;
(2) Date of birth, for an individual;
(3) Address, which shall be:
(i) For an individual, a residential or business street address;
(ii) For an individual who does not have a residential or business street address, an Army Post Office (APO) or Fleet Post Office (FPO) box number, or the residential or business street address of next of kin or of another contact individual; or
(iii) For a person other than an individual (such as a corporation, partnership, or trust), a principal place of business, local office, or other physical location; and
(4) Identification number, which shall be:
(i) For a U.S. person, a taxpayer identification number; or
(ii) For a non-U.S. person, one or more of the following: A taxpayer identification number; passport number and country of issuance; alien identification card number; or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard.

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Ray-nomad,

 

Thinking what you posted actually fits the mail services we use...if you break apart the highlighted part. "For a resident who does not have a residential or business street address///....a business street address///....of another contact individual" seems to work. I am not a legal eagle but I do know statements like that have to be broken down to get the meaning. Not saying I am right, just thinking are not the folks in Livingston or SD or Fl "another contact individual" ? After all, they do know where to find us.

Ya just can't RV without a hitch.....!

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As advised by our mail service, we do not use PMB in our address for things like this. We either use apt# or ste#. so - our address would be like --

 

123 Any Street Apt 214 , City, State, Zip We have not had any problems with anything in 5 yrs.

Pat DeJong

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Ray-nomad,

 

Thinking what you posted actually fits the mail services we use...if you break apart the highlighted part. "For a resident who does not have a residential or business street address///....a business street address///....of another contact individual" seems to work. I am not a legal eagle but I do know statements like that have to be broken down to get the meaning. Not saying I am right, just thinking are not the folks in Livingston or SD or Fl "another contact individual" ? After all, they do know where to find us.

Never thought about it this way but I'd tend to think you are correct. Makes sense to me. In fact reading into it the mail service is a business. The CFR doesn't state it has to be your business.

BUT you are dealing with the legal depts in these various banks/brokerages so they probably walk on the safe side.

I personally use my daughters physical address in NJ when the question came up (twice) and never had a problem.

Ray & Deb - Shelbi the Aussie & Lexington the cat
2004 Volvo 630 500HP ISX "Bertha D" - 10 Speed-MaxBrake -ET hitch.SOLD
2009 Designer 35RLSA SOLD
Fulltiming since '07 - stopped 2016

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As advised by our mail service, we do not use PMB in our address for things like this. We either use apt# or ste#. so - our address would be like --

 

123 Any Street Apt 214 , City, State, Zip We have not had any problems with anything in 5 yrs.

I also use "apt", "suite", "#" instead of PMB but I think these companies are looking at the zip and address to determine it's not a residential address. So far that has worked. When it becomes a problem I guess I'll have to argue the CFR.

Ray & Deb - Shelbi the Aussie & Lexington the cat
2004 Volvo 630 500HP ISX "Bertha D" - 10 Speed-MaxBrake -ET hitch.SOLD
2009 Designer 35RLSA SOLD
Fulltiming since '07 - stopped 2016

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I have used Fidelity for 20 years. Fits at two MI home addresses then the past couple years two SD mail forwarders addresses, never stated PMB, I just give the box number after forwarders street address. Greg

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Like Big Greg, we've been with Fidelity for decades and have never had a problem with our Livingston address. Again, like Greg, just us our 456 Rainbow Dr. #123 but never mention it being a PMB.

Mark & Sue---SKP#86611
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American Express for one, confirmed our address at Evergreen Coho and said that it showed as a PMB per the USPS. We gave our daughters address across the state which was satisfactory.

Jim & Vickie
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Chimacum, Wa

 

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I think one of the key factors here is the opening of a new account. We had several Fidelity accounts before we went full time, and they accepted our Mail forwarding address with no issue but when we opened a NEW account they wanted a physical address or the address of a relative (any relative, living anywhere).

 

That being said, if they had done that to me I'd be moving my money out too- IF I could find somewhere that I didn't have the same issue opening a NEW account.

Sue and Paul- fulltimed 2009 -2015 with Dozer, our Gray Tuxedo cat

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This is a fairly common complaint for almost all investment firms. It is not them but the federal government requirements to stop money laundering. Each firm seems to interpret them differently. When we received a notice from Schwab for proof a residential address because we use a PO box I called my agent. I have been with him for 20 years and he explained there that although there are the regulations, noting in them explains what is acceptable proof. I sent a tax bill and power bill and all was good. As usual us honest folks pay for the actions of the criminal element.

100% right. My Sister is a bank compliance officer and different banks have different policies.

2015 Ram 3500 RC DRW CTD AISIN 410 rear

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We use Merrill Lynch and have - so far - had zero issues with our Livingston address. And I have two separate accounts with them - with different financial advisers. I've opened and closed accounts several times with them in the past years. So far no issues, but I anticipate that may change some day.

 

Just another example of egregious government "oversight" into people's lives. Keep alert because it can happen to anyone at any time.

Jack & Danielle Mayer #60376 Lifetime Member
Living on the road since 2000

PLEASE no PM's. Email me. jackdanmayer AT gmail
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Funny how things happen.....

 

I just obtained a loan from a well known bank for my new rig that has issues with my Fl "PMB", even though, like others, I never use those letters as part of my address, and have never had a problem. I was scratching my head about why they were so worried about it, and low and behold the post about Fidelity appears on the forum, with the post quoting the related federal banking statute.

 

Now I know!

Ya just can't RV without a hitch.....!

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American Express for one, confirmed our address at Evergreen Coho and said that it showed as a PMB per the USPS. We gave our daughters address across the state which was satisfactory.

 

 

Just had a message last month on AE, to please update our address. I called and talked to a rep, explaining that this was our legal domicile with South Dakota Driers License, etc. He put me on hold for about two minutes, then came back and said to ignore the message, that all was OK.

 

Have the gents name date and time of call. But just checked again for this post, and still see this message on AE...

Smitty

 

"Please provide a physical address for your Card account.

  • Federal guidelines require us to maintain physical address for our customers.
  • We do not have updated information for your physical address. The physical address is the street address where you currently reside (mail collection agency addresses or P.O.Boxes are not valid).
  • Your charging privileges will be suspended if you do not update your physical address by March 31, 2016."

 

 

Be safe, have fun,

Smitty

04 CC Allure "RooII" - Our "E" ride for life!

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