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deppeler

Fulltime Banking

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Hi,

 

We are in the process of moving into fulltime rving.

One question. In our current state (Oklahoma -sticks and bricks) we have banked with Tinker FCU for years. They have online apps to deposit, etc.

Our new domicile will be Texas. Do we need to change to a bank or CU in Texas?

If Tinker is not acceptable, I see some people using CapitalOne360, do they not have a 'phyisical' branch and therefore ok to use as opposed to Tinker FCU?

If we used CapitalOne360, do they accept our Excapees address or should we open the account now while still living in Oklahoma (as we have a sticks and bricks) and then just change our address to the Escapees address later?

 

thanks

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If Tinker works for you I see no reason to change. If you DO change for some reason, you should be eligible for USAA Bank. They are superb for military folks. We went to USAA in my retirement transition 10 years ago. I have never seen a USAA building (San Antonio), and have had car loans, home loan, checking, saving, and investment accounts with them. Their online banking website and apps work great, and telephone assistance is fantastic if needed. You would be WAY better off with USAA Bank than with anything like Capital One.

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OP. When I had accounts in a brick and mortar bank, that banking corporation was domiciled in Delaware - not the state of my domicile. My accounts have since been with internet only banks - no brick and mortar office in any state. Both situations occurred while I was full timing and while I was not. The domicile police corps of none of the states in which I have domiciled during my life have ever expressed any interest in the locale of my branch, my bank or even if my bank had a physical location. If your current depository meets your needs when you are on the road (direct deposit, auto bill pay, atms, credit cards, debit cards etc.) there is no need for you to change. When YOU decide, for whatever reason, that you want a different banking relationship, investigate and then pick one, wherever it may be (your domicile state, some other state or the 'cloud') that meets your needs.

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Okay good to know...I was thinking the domicile police would throw a red flag because I chose to keep my bank in my previous state of domicile.

Talking of domicile, the Texas Residency Affidavit required to obtain a Texas drivers license states 'The following are acceptable as long as they include the name of the applicant and their Texas residential address and
show the applicant has lived in Texas for at least 30 days prior to application'

Does that mean we as fulltimers and haven chosen Texas as our domicile, have to phyisically live in Texas for at least 30 days before we can get a drivers license??

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Your Escapees Rainbow Dr address should do it ... particularly if you do the paperwork in Polk County (Livingston) ...at least it did for me when we finally made it to Texas in 2006. We set up the Escapees address in early 2005, registered to vote via Escapees, and transferred vehicle registrations to Texas via mail.

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Remember that OK has state income tax and Texas doesn't. in those cases it is better to completely seperate from the 'old' state.

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Okay, I am leaning toward opening another account now and closing that account (Tinker) when we actually move, seems less chance things could get messy.

 

A question, I have the 'ESCAPEES Domicile Step-by-Step Guide' but what it doesn't give you is a time frame of what can be done (if anything) before you actually travel to your new domicile state.

What 'steps' can be done while still having your recidency (i.e. before my house has sold) in another state?

 

 

thanks

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Set up your mail service about 3 months before you retire. Get change of address with all businesses, etc. that you have done by then. Open a new bank account with that address. Then drive down to Polk county and complete the 'move'.

 

Barb

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Welcome to the Escapees forums and RV club.

So the bank will accept the Escapees Rainbow Dr address my permanent address?

That will depend upon the bank that you choose. If you mean a bank in Livingston the answer is yes. With other banks, you will just have to ask at the bank in question. While there are rules about addresses which banks and financial institutions must comply with, the law is the minimum but the bank can add their own rules.

 

I think that you might find it helpful if you take the time to read this article on my website which was published in Escapee's Magazine. It should help to explain the domain issue, which can be a bit complicated.

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I will read the article thanks.

Well I guess my question would be, are there others here whom have their domicile as Texas (Escapees Rainbow Dr address) and use CapitlalOne360 as their bank?

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I had an account with them for several years but have now closed it. I find that USAA is much more responsive and their web site is far friendlier and easy to use. I do most of my interaction with them through the phone app. It is super simple. I still use the web interface on my browser as well when I want a bigger screen.

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We started using USAA bank long before we moved from Minnesota in 2008. As a company started by military personnel they understand that you may not live at your address so it was easy for us to change our address to our mail service when we went full time. We also have/had checking, savings, car loans, home mortgages, and investments with USAA over the years without ever visiting their offices. We even used ATM machines abroad because they know military personnel go everywhere in the world so they know how to handle that, too. We used to do everything by mail or phone but now most of it is done over the internet by either computer or smart phone except we did use the phone for wire transfers when we sold our last house. You could probably do a wire transfer to move your money from Tinker FCU to USAA. I feel very fortunate that USAA is there for us who qualify.

 

Linda Sand

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Right now I'm full-timing in Pahrump,NV. My home address is at my son's house Abilene, Texas. My credit union is there where I do all my banking. The bank address I'm using is my mail box with Escapee in Livingston, TX. And as long as I notify them on where I'm at in the country there is, and has not been a problem. Even went up to Oregon last month with no problems. It just doesn't get any easier then that.

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Moved from Minnesota to SD about 10 years ago, we continued to use the credit union where we had checking, savings accounts, vehicle loans, etc. and never had any questions from any government entity. We bought a MH, TT, 4 cars in 6 different states, using the credit union in MN for the loans, all of it was handled via mail/fax. MN is a high tax state and they will and do go after anyone/everyone who they think owes the state any amount of money.

 

My own opinion is that banking isn't as big an issue as having multiple vehicles licensed in multiple states, using an LLC or something like that. I think that so many banks/credit unions have branches all over the US that it might be less of an issue.

 

Safe travels

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Been using Wells Fargo for 10 years now, they accept our Sioux Falls mail forwarding address as a legal address. We also use the 'Credit Union Service Center' system to access our Indiana business account since the Indiana credit union will not do any transactions or mail anything to an out of state address.

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We have domiciled in S Dakota and did not change from our credit union in Michigan. We haven't done anything in person at the branch in almost 5 years. Our checks are printed with our S Dakota address. I don't think it matters as most everyone does everything on line now days.

Edited by PETE & PAT

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Hi All

 

I am retired military and Federal Government. Have been living in a Motorhome since 1996 and on the road since 2002. The point of all this background is we have had SKP's Livingston as domicile and legal address since 2000.

 

Our banking is now spread between USAA, Pentagon Federal Credit Union and AAFES Credit Union. We have had accounts with other "civilian" Banks etc and have dropped all of them for one reason or another and never missed them.

 

BTW this includes credit cards and direct deposits. We do have a chase Officers Club card for the discounts at Fam Camps and an AM EX for Costco (Probably soon gone).

 

Bottom line for OP, Come on out and join us and don't worry about this.

 

Dave O

 

 

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For 16+ years, we've had accounts with Wells Fargo, Bank of America, Fidelity and Vanguard using the Escapees address with absolutely no problems. If you're happy with Tinker, just stay with them.

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Before retiring and going full time we banked with Bank of America, and since their branches a pretty much all over we decided to stay with them. That being said, we haven't been physically in a bank branch in over 5yrs. We're completely paperless and can do all our banking wireless, and can use any ATM we choose without a fee. It works for us.

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For 16+ years, we've had accounts with Wells Fargo, Bank of America, Fidelity and Vanguard using the Escapees address with absolutely no problems. If you're happy with Tinker, just stay with them.

My only concern is that if I receive interest from my Tinker savings account would I still have to file a non-resident OK State Tax return, that is what I am trying to avoid, doe anyone one know?

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The only way to be sure is to contact the OK revenue department, but I'd bet that the answer will be yes. It would be income that was generated in OK and that is usually the key. If you never plan to return to OK, then it may be much less complicated to just make a complete break now. Keep in mind that there are military credit unions in TX that would probably be very similar to the one at Tinker and you could probably transfer between the two very easily.

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My only concern is that if I receive interest from my Tinker savings account would I still have to file a non-resident OK State Tax return

I was in that situation many times over my years of active duty and never once filed a state return solely due to bank account interest, even when I had tax pros do my returns. But an inquiry to the OK Dept of Revenue would give you the definitive answer in your case. Edited by AFChap

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My only concern is that if I receive interest from my Tinker savings account would I still have to file a non-resident OK State Tax return, that is what I am trying to avoid, doe anyone one know?

If this Tinker bank is a local mom & pop with only branches in OK and only used to dealing with Ok residents, then you may have reason to be concerned. But most banks these days are federally licensed and regulated. It doesn't matter if the banks home office is in NY, CA or Tx, as far as your personal income tax status. Your tax liability is based on where you live & work, not where the bank is located. My personal account with Wells Fargo has been the same account for 30 yrs, when I lived in Colorado, Utah, Nevada, Washington, California, and now South Dakota. The account moves with you to your new physical home state, assuming the bank is licensed to operate in that state. I also have investment accounts with banks based in NY, Del, Ct, Ca and Puerto Rico; none of which effects where my taxes are due.

You do have to make it clear to every business, account, income source, and state agency that you are no longer an OK resident after xx/yy/zz; and back that up by physically leaving Ok and cutting all official ties to OK. But maintaining an account with the same bank is usually not an issue, assuming its a federally regulated bank with offices in many different states.

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