Charles Schwab closing IRA due to PMB address

[mptjelgin]

We have run across a small percentage of on-line forms that will not accept a character in the address field that is non alphanumeric. So putting the "#" sign in the address generates an error. 

In those cases we use "213 Rainbow Drive 12345" as our format and it has worked fine. Seems to fly in the face of the above quoted postal regulation, but so be it!

[bigjim]

I agree that is what the postal regulations say but I have had more than one instance where some business or entity has made my address APT 0000.  I have had some that could not seem to put the  Pmb #, Apt # or anything like that.  One was a major  insurance company that finally after years got it right.  I know that if the PO decides to enforce the regulation it could cause issues but I think unless it is massive or done by our mail service they will simply ingore it.

[docj]

1 hour ago, Kirk W said:

Mail sent to an addressee at a CMRA must include either the PMB identifier or the #, followed by the appropriate private mailbox number. Use of any other identifier is prohibited. Either a three line or four line address format can be used with a CMRA address and the PMB or # identifier,

At MyDakotaAddress I routinely used "Apt" instead of PMB for >7 years and no one objected.  During my scramble to change all our addresses I discovered that some address fields aren't set up to take the # character even though you would think they should be.

Bottom line, when USPS says that  "Use of any other identifier is prohibited" exactly who is going to enforce that?  USPS operations sure doesn't care; my mail gets there just fine the way I address it.

[Kirk W]

10 hours ago, docj said:

Bottom line, when USPS says that  "Use of any other identifier is prohibited" exactly who is going to enforce that? 

Just as I said back when this discussion began, " I have no idea if anyone ever enforces that rule or not. And if they do enforce it, is there some sort of penalty?"

[Sehc]

I down loaded and read the USPS publication 28, which addresses the standards for labeling US mail. It is to make it easier for the USPS to delver mail in this automated world.  It doesn't say the mail will not be delivered. It does recommend using "PMB 123" or "# 123" 

Any other requirements are belonging to your bank or other finance company. I would think your mail-box service can advise you. My plan is to just have the number on an address line with no prefix.

[Dutch_12078]

10 hours ago, Kirk W said:

Just as I said back when this discussion began, " I have no idea if anyone ever enforces that rule or not. And if they do enforce it, is there some sort of penalty?"

I think the only penalty the USPS could impose would be to return the mail to the sender marked "Undeliverable as addressed".

[Barbaraok]

Why make things difficult when the simple solution is move to companies that want your business.   We've been with Vanguard (as have many, many others who are Escapees) for decades.  

[rynosback]

On 11/11/2018 at 4:43 PM, dewilso said:

I NEVER use PMB # on my address, it’s either #, or Apt #.

Yup, that’s the trick. 

[Barbaraok]

Yes, it is a commercial mail forwarding company.  Tell us something that we don't know.  

Why are you worried about California if you live in Texas?  

No, we don't all speed.  

Again, I'm trying to figure out why you are tilting at windmills?  If a company doesn't want to deal with you, find another company.  

[bja1234]

I stood personally in the Escapees Legal Dept. office to discuss this very concern in October 2019.  Paraphrasing: The female attorney, sorry don't recall her name, told me directly that Escapees has a form letter, if you will, that addresses this concern and has always solved the situation with Schwab and many other institutions.  She went on to say that it is a matter of time until all institutions will be contacted by the Feds to address the issue and when the non-compliance fines get large enough, each institution will be searching for a solution.  This matter of time may well be longer that any individual's lifetime.  She also stated that this Escapees Form has been 100% accepted each time utilized and had been used many many times. 

I did not ask if there was a fee.   I use #50xx for box number.  I am very comfortable for when and if the situation arises.

P.S.  Evidently this does not arise frequently, as the first person I saw in the legal office wasn't aware of the situation.  On the other hand may have been new to the office.

[Barbaraok]

Hmnnn, the person making all the noise about CA tax problem seems to have left this group?   All his posts removed.   Strange.   

[Zulu]

On 1/1/2020 at 10:20 AM, bja1234 said:

The female attorney, sorry don't recall her name, told me directly that Escapees has a form letter, if you will, that addresses this concern and has always solved the situation with Schwab and many other institutions.

I'd like to see that letter. Does anyone have a copy?

[rls7201]

We have been with Stifel  for over 25 years. They treat us well and don't jerk us around.

Richard