One thing I just learned

[rynosback]

I will be full timing soon, as soon as 30 days. Just waiting for the stick and bricks home to sell. None of my financial institutions will take my South Dakota mailing address. They say it is because of the patriot act. They basically told me to lie and give them an address of a relative or a friend. I will be doing my taxes under SD in 2016. So what do all you full timers do? This just does not feel like a comfortable position to me. I mean the government wants me to be honest, but then lie to them about my nest egg. Where is the sense in that?

[skp51443]

We used an address at a campground we stayed at when in SD, they'd forward any mail that came to us there to our mail service.

 

Using an alternate address (not claiming it as your domicile address) seems to be an accepted alternative, several other topics on that recently.

[Ronbo]

Since we had owned a house less than 30 days earlier Charles Schwabb took or Escapees address

[nana25k]

Our Merrill Lynch never cared about our Addy in SD, our bank has never questioned it. Alluant Credit Union needed a secondary on the MH loan and a credit card. They suggested and we used our daughter

[don&penny]

The way I understand this problem is -

 

The patriot act "requires" financial institutions to "know their clients". All in an effort to limit money getting to the bad guys. The financial institutions have "decided" that a physical address for each client is the way to handle that requirement. The physical address must be a non commercial, residential address. They do allow you to use any mailing address.

 

That is why we have two address associated with every account that holds our money, our mailing address for communications and a physical address (we own no sticks and bricks, so use a relatives address) to allow the institution to "know" us.

 

Nothing illegal about doing it that way and you don't have to make up an address. We chose to use a relatives address in a state that has no income tax, so that never becomes an issue with state income tax people.

 

Don

[kountryguy1]

Having given TD Ameritrade my daughters address, my attorney suggested sending them a letter stating that I am supplying that address to comply with the patriot act, but that I have no intention of residing at that address. Just so there is no problems with wills, trusts or whatever.

[rynosback]

My banks will take the address, it is just my investments. And then like you said, you get into a possible tax issue stating one state on record and then filing taxes from another state. It's just such BS to me.

[EagleEye]

So far in over three years I have not had any problems with my SD address with either investments or two different credit unions. I'm sure that sonner or latter they will discover me and I'll have to do something.

[TXiceman]

Wells Fargo took our Livingston Escapees address with no problems.

 

Ken

[Kirk W]

Wells Fargo took our Livingston Escapees address with no problems.

We are with Wells Fargo Advisers also and they have never questioned our Escapee's address.

[CatsInACan]

We are just getting started and have acquired an Escapee's Livingston, TX address. Our bank, Ally, called today and requested another address due to the patriot act. They will use the Livingston one as our mailing address but have it flagged as a business/RV park. Luckily we had been reading various forums and knew this could be an issue. This prompted us to buy an empty lot in Groesbeck, TX for $2000. The postal service is forwarding all mail from that address to my parents in MO for now and in 6 months, we will have mail forwarded to the Escapee's address. (Nothing should go to the Groesbeck address but this is just a precaution.) We will see how Citibank, Chase, Barclay, Discover, Wells Fargo, Capitol One, and Amex handle the change of address.

[Kirk W]

Welcome to the Escapee forums! It is great having you join in with us here.

This prompted us to buy an empty lot in Groesbeck, TX for $2000. The postal service is forwarding all mail from that address to my parents in MO for now and in 6 months, we will have mail forwarded to the Escapee's address.

You really should not need to do that sort of thing as many of us here in TX do not and have not done such. The patriot act is frequently misunderstood by businesses and the very idea of claiming a bare lot being more secure than a mail service is really a ludicrous idea.I suppose that one does what they must, but there are banks, such as Alliant that want your business and will deal with this properly.

[Not A Clue]

We plan on Full timing in 2016 and using SD as a mail forwarding address and changing all our vehicles and Drivers License to SD.

 

If I have a problem with my financial places using that address can I use my son's address in Minnesota and still claim SD as my domicile for tax purposes?

[rynosback]

We plan on Full timing in 2016 and using SD as a mail forwarding address and changing all our vehicles and Drivers License to SD.

 

If I have a problem with my financial places using that address can I use my son's address in Minnesota and still claim SD as my domicile for tax purposes?

Yes, but from what I understand. Where ever your investments address is (your Sons Minnesota address) and gains with draws or any taxes related to your investments would be pre-taxed by Minnesota's tax laws. I'm still looking into ways around this. But I'm dealing with the sale of my house now. So I have to prioritize things in my life at the moment.