Banking and changing domicile

[dosbeagles]

When changing a domicile is it really that important to actually change banks as opposed to just update your address with your bank.  The reason I ask is with interstate banking, electronic banking and atm networks how often do any of us really go into a bank.  

Or is the comment to change banking just left over from the last century?

[sandsys]

Our bank is in San Antonio, Texas, and we've been banking there since before computerized banking was even a thing. We have never been to San Antonio. Except for Dave's time in the Army and when we were full-time RVing we've lived in Minnesota. No, you don't have to change banks. But the more things you do move to your new domicile the easier it is to defend the move to that domicile if you are ever challenged by the state you left. Since our bank wasn't in the state we left there was no tie there to break.

Linda Sand

 

[SWharton]

We just changed the addresses on the accounts we have.It is an item that is irrelevant in todays world.

[Optimistic Paranoid]

As Linda said, some states are really aggressive about trying to collect taxes from people who they think haven't "really" left their jurisdiction.  They will claim you are just trying to evade taxes.  If your former state is such a state, then the more you do to demonstrate you are really gone, the better.  I imagine it can get really contentious if you have Social Security or pensions direct deposited to an account in your bank in your old state.  And lawyer fees can add up in a hurry.

If your old state isn't that kind, then it probably doesn't matter if you get a new bank or not.

[SWharton]

I would think this is only a problem if you use a local bank. If you use a national bank or credit union I don't see how you can have a problem.

[Kirk W]

7 hours ago, dosbeagles said:

When changing a domicile is it really that important to actually change banks as opposed to just update your address with your bank.

 

There is no specific thing that defines where you are domiciled and very few things that are iron clad as "must do" items to prove that you are truly domiciled in your chosen state. The key thing is to demonstrate your intention to leave your prior state and to permanently reside in the new one. Very few of those in the fulltime RV community is ever challenged over domicile, especially once the tie with the former state has been broken, but if you should be challenged then it could become important. I suggest that to make that decision, you need to consider all of the details and then make your choices since nobody here will share your problems if you are ever challenged. 

Domicile Law             Timing Your Domicile          Choosing a Domicile                The 10 Commandments of Domicile 

Free legal advice is usually worth about what you have paid for it so perhaps you should consider an attorney?

[JRP]

If your bank was a one shop bank with its only location in your old home time, I would consider a new bank. But if like most of us, your bank has multiple locations in several different states, then it shouldn't be an issue. 

Its also worth noting that for those who do contemplate opening a new bank or investment account for fulltiming. Its best to get that done while you still have a sticks & bricks address. Several banks & investment firms will take issue with your mail forwarding address when opening a new account (Real ID Law Requirement). Its usually not an issue if you're just changing mailing addresses on an existing account. But each institution interprets the requirement to verify the residence of their customers differently.

[ChrisRVLiving]

On ‎9‎/‎10‎/‎2018 at 12:39 PM, JRP said:

If your bank was a one shop bank with its only location in your old home time, I would consider a new bank. But if like most of us, your bank has multiple locations in several different states, then it shouldn't be an issue. 

Its also worth noting that for those who do contemplate opening a new bank or investment account for fulltiming. Its best to get that done while you still have a sticks & bricks address. Several banks & investment firms will take issue with your mail forwarding address when opening a new account (Real ID Law Requirement). Its usually not an issue if you're just changing mailing addresses on an existing account. But each institution interprets the requirement to verify the residence of their customers differently.

Anyone run into issues with E*TRADE or Charles Schwab with changing address to Escapees Forwarding address in South Dakota, Florida or Texas?       if the address is

John Doe
APT 12345
RV Drive
Escapee City, South Dakota

How would they know?   

[SWharton]

I know the Escapee zip code in Texas is unique to Escapees in Livingston. Probably documented in some database as a PMB. I don't know if that is true of the South Dakota or Florida address. I also believe the SD and FL should be used primarily for voter registration, DL and registration while using your Livingston address for everything else. 

[Kirk W]

1 hour ago, SWharton said:

I also believe the SD and FL should be used primarily for voter registration, DL and registration while using your Livingston address for everything else. 

That is certainly not what Escapees suggest and should you do that and have you domicile challenged you will likely lose! 

[JRP]

2 hours ago, ChrisRVLiving said:

Anyone run into issues with E*TRADE or Charles Schwab with changing address to Escapees Forwarding address in South Dakota, Florida or Texas?       if the address is

John Doe
APT 12345
RV Drive
Escapee City, South Dakota

How would they know?   

I don't personally use either of those, so have no first hand experience. But I have read here in previous posts that some have had issues with Chas Schwab. As I said above, most folks don't run into problems on an existing account when just changing the mailing address.  But when opening a new account, the institution is required to verify your physical residence address. That's part of the "Patriot Act" that setup a Customer Identification Program (CIP) that all federally regulated banks & financial institutions are required to comply with. However, that same act allows those who have no physical address to use the address of a close friend or relative, purely for CIP compliance, not as the account address of record or mailing address.

"How would they know" - all CMRA (commercial mail receiving agencies) operate under permit & regulation by the USPS. There is a publicly available listing of all CMRA which many businesses run computerized checks to see if your address matches one of the listed CMRA.

[SWharton]

Kirk,

From the Escapes Website for FL address:

Step 1: Secure a mailing address with Escapees Mail Service.

Note: As an Escapees mail service member, you may elect to use “Escapees: Home” as an additional mail service benefit. This service is specifically geared for full-time RVers who have sold their brick and mortar homes. Escapees: Home allows you to use Sumter Oaks RV Park as your physical address for state-specific documents (such as driver license, voter registration, and vehicle registrations.)

[Kirk W]

10 hours ago, SWharton said:

Kirk,

 

 

Exactly but continue to read what they have written about domicile. You can do business in FL but with the TX mailing address for other things that are not so address specific. My point was that people need to read more about domicile than just that part. If you only move those items you could be at risk.

[SWharton]

What else would be address specific? I can't think of anything else. All the utility bills, financial statements, insurance etc have a service address and a mailing address.

[ChrisRVLiving]

JRP - thanks for that insight.  I have been reading all I can on domicile as we prepare.  Legal opinion via some of the websites, Escapee articles and YouTube video, and some of the documentation from various other mail services.    Ultimate, Healthcare options for FL, SD, TX, may be our biggest deciding factor (we are 55/51).  It seems the other legal factors between the states can be overcome with some effort. e.g. new wills, trusts, drivers licenses, stock/bank address change etc.

And thanks to all the other posters, as I have read all of those too!   Great community!

[Kirk W]

8 hours ago, ChrisRVLiving said:

Ultimate, Healthcare options for FL, SD, TX, may be our biggest deciding factor (we are 55/51).  It seems the other legal factors between the states can be overcome with some effort. e.g. new wills, trusts, drivers licenses, stock/bank address change etc.

The probability of a legal issue once you are divorced from your former state is very low. Be careful about wills and medical power of attorney and domicile and use care about staying too long in other states that may get aggressive on vehicle registrations and such. The thing to keep in mind is that acceptance by your new state does nothing to protect you from laws of another state when you are spending time there.  

[Dutch_12078]

One thing to keep in mind that may help your stress level, is that literally millions of folks before you have successfully changed domiciles from one state to another for as long as state lines have existed. About the only thing somewhat unique to the process for fulltime RV'ers is the use of a PMB service for our new address.