Jump to content
George / Tresa Adamson

Domicile issues with financial institutions

Recommended Posts

We just joined Escapees in May and just this week set up our mail service and are choosing to use TX as our domicile (we have lived here for 10+ yrs). When I mentioned this to our RV dealer they told me financial institutions frown on the borrower not having a physical address, which we will not as we are selling our house and living on the road. I started changing our address with our various banks, etc. and am running into issues when trying to update my physical address to the Rainbow drive address (it is recognized as a mail forwarding address). Has anyone else experienced this yet and if so how did you make it work? If push comes to shove I could possibly use my mom's address but it is in a different state and am not sure how that would affect taxes, insurance, etc.

Any input would be greatly appreciated.

Share this post


Link to post
Share on other sites

This can be an issue with certain institutions, Charles Schwab shows up a lot. I do know the Vanguard does not have a problem, nor does Alliant CU. Others will make comments.

One you understand the issue better you may want to switch institutions or talk to your institutions compliance officer.

Also, don't use PMB in the address, use just the numbers of Apt. and then the number.

Share this post


Link to post
Share on other sites

Welcome to Escapees RV Club and to the forums! Always good to have new folks join in.

If you do business Livingston you will have less issues as everyone there is familiar with Escapees and how we live, as well as the legal issues.  There are legal address requirements which must be met but there is also an alternative for those of us who live in RVs with no permanent physical address. The law states:

Quote

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.

You mother could very well serve as that "next of kin or other contact individual" but you still use the Escapee address for your mail from them. If you continue to have problems, call the Escapee business office and ask for their help. 

Share this post


Link to post
Share on other sites

I use the Escapees So Dakota address. I am a fulltimer. When I bought my Class A I had no problem with the bank. My loan is with Bank of the Ozarks. The selling dealer arranged the loan for me. A friend of mine was selling his house and got the loan, not sure what bank, before he closed escrow. Then he went and picked up his new Class A after the sale closed and used the proceeds for his down payment. Like Kirk said, if you use a financial institution near Livingston, most know Escapees. Another option is to use a financial institution that specializes in RV loans like Bank of theWest or Essex. 

Share this post


Link to post
Share on other sites

A national national financial institution should be able to handle your address whether it has a presence in Livingston or not. I am not aware of any that have a presence in Livingston so trying to use a Livingston financial institution would be very limiting.

If an institutions computer programs throw back the address it would do the same whether you us a local office or not.

 

Share this post


Link to post
Share on other sites
4 hours ago, George / Tresa Adamson said:

If push comes to shove I could possibly use my mom's address but it is in a different state and am not sure how that would affect taxes, insurance, etc.

The US Patriot Act in 2003 started a new requirement for all US financial institutions regulated by the federal gov, called CIP or Customer Identification Program, also referred to as "Know your Customer". This required the financial institutions to implement a program to verify the identity & physical address of all new customers. Although the Patriot Act itself has since expired, the CIP provision was adopted into the Federal Banking regulations and is now a permanent requirement. It does have an exception for those with no physical home, which Kirk quoted above. When you give them your moms address, you must be clear that address is solely for CIP compliance purposes and is not your tax residence nor your mailing address. 

Many here have run into this issue in the past. Whether you're based in TX, FL or SD, they're all subject to this issue. There is a computerized list published by the US Postal Service that identifies all known "Commercial Mail Forwarding addresses" , since they are operating under USPS Permits. 

Enforcement of this CIP requirement has been hit & miss. Some institutions comply above & beyond the laws intent and others are more flexible & lenient especially with existing customers. If you run into one of the hardball institutions, just go to a different firm.

Edited by JRP

Share this post


Link to post
Share on other sites

Thank you all very much for the input, this helps a lot. So far the only issue we have had is one of our credit cards (Capital One) will not let us use the Rainbow address as the physical address (the billing took fine), all the others have accepted it (we have to call one bank, Bank of America, as they do a USPS verification and will not accept our "site #" in the address). We have not attempted to update the address for the bank that has our RV loan, after Cap One balking we were a little concerned, wont know until we try.

To TwoToes post, we still need to purchase our tow vehicle but we will still be in our home so we should be ok there and we intend on doing the same as your friend - using the proceeds to pay down our truck and rv loans as well as clear those pesky credit cards. I will reach out to the one bank causing the issue to see how they would like me to handle it - use my mom's address or what.

We cannot wait to get on the road. Thanks again for the assistance.

Share this post


Link to post
Share on other sites
5 hours ago, SWharton said:

don't use PMB in the address, use just the numbers of Apt. and then the number.

This is outdated advice. Nowadays many vendors use a mailing system that automatically indicates whether an address is residential or commercial. Changing how you list your box number will make NO difference to them.

Linda

Share this post


Link to post
Share on other sites
3 minutes ago, sandsys said:

This is outdated advice. Nowadays many vendors use a mailing system that automatically indicates whether an address is residential or commercial. Changing how you list your box number will make NO difference to them.

Thanks for saying this.  I've been saying roughly the same thing for years.  Those who think their Escapees address (or any others) evades detection by these software packages are simply deluding themselves.

What does happen is that some computer systems appear to be programmed to specifically reject the use of the term "PMB" and using this in an address field will result in an automatic rejection.  I had this happen with my Wells Fargo account when I went to change the address online from the defunct MyDakotaAddress to YourBestAddress.  Any attempt to use PMB in the address was rejected, but the same address was fine without those initials.  However,  I'm not fooling myself into thinking that the bank's computers don't know it's a PMB address.  In fact, I was in a branch a couple of years ago when a bank "officer" accessed my account which clearly showed as a PMB even though I was careful to label it as an "apartment".

Share this post


Link to post
Share on other sites
36 minutes ago, Barbaraok said:

In 13 years we have never used PMB.   Just use # in front of our mailbox number.    

Which worked quite well 13 years ago when you were setting up all your accounts. People just staring now are having problems that didn't exist back when you and I hit the road. "Hi, I'm from your government and I'm here to help you." AAAAGH! :)

Linda

Share this post


Link to post
Share on other sites

If you read the USPS rules it says you can use either PMB or # in front of your box number. 

Since being on the road, we have opened accounts at different institutions, have not had a problem with our address, including last January.   Now we did stay away from those institutions that I read about hassling other individuals on these forums - which would seem the point of spring information with others.

 

Share this post


Link to post
Share on other sites

What I find interesting is that  at least more than 25 years ago I came to know a lot of folks have rural address that are listed as PR, Private Road.  IE:   John Doe,   Box 10,  PR (number or name) , Jonesville. Tx , zip code.  I don't know about that any more so it might have changed especially after 9-11                                                                                                                                

Share this post


Link to post
Share on other sites
14 hours ago, George / Tresa Adamson said:

they do a USPS verification and will not accept o3ur "site #" in the address).

I'm not sure what you mean by "site #"? I just use Kirk Wood, 123 Raimbow Drive, #345, Livingston, TX 

Share this post


Link to post
Share on other sites
1 hour ago, Kirk W said:

I'm not sure what you mean by "site #"? I just use Kirk Wood, 123 Raimbow Drive, #345, Livingston, TX 

Our current mail service,  YourBestAddress, occupies a suite within an office building.  Therefore, the proper address block is PMB 1234 within Suite 214.  That's way too complicated for some address fields to accept so I concatenated it to Suite 214-1234 and that seems to be perfectly acceptable.

Share this post


Link to post
Share on other sites

And then there those you have business with will not use your Site#/PMB.

The Social Security has my complete address and uses it correctly. The Social Security is the source of address for Medicare, so I'm told. Medicare/Centers for Medicare & Medicaid Services will tell if your address is in error contact the Social Security office.

I does not help as Nashville office CMS still will not use my #xxxx thus manual sorting of mail required. This has been looked into with my US Congress personnel, they thought it was fixed but NO. But dealing with the US Gov't on all other official business has not been a problem.

My take is the Escapee's mail service knows where I have been and many times the Escapee's mail service knows more than my kids. If I used a S&B address for some businesses, people would never locate me. I have said to a business "If you want me to like you, use my address"

Clay  Domicile Texas but seldom in Livingston but love to do business with those fine people

Share this post


Link to post
Share on other sites

So Social Security (Medicare)  uses NO (for number) instead of # and they put it on a separate line.

Still gets to me, so I don't worry about it.

 

Share this post


Link to post
Share on other sites
1 hour ago, Barbaraok said:

Still gets to me, so I don't worry about it.

 

But still each time the Escapees mail service has to do some hand sorting. More over head which we pay for. In December, that really slows the mail. I will add the the Nashville CMS does used the 9 digit Zip so the Nashville CMS can be half right.

I glad that the Escapees mail service worries about me getting my mail. I guess I should be happy the Nashville CMS is not piloting an airliner.

Clay

Share this post


Link to post
Share on other sites

That's what we pay Escapees to do - whether it is by hand or not, they are hired to do a job.  There are a lot of things that I worry about - this just isn't worth it. And we only get 2 pieces of mail from SS each year, the printed 1099 form.  EVERYTHING ELSE IS ONLINE.   All Medicare stuff is online except for getting our new cards last year.   If that breaks Escapees, then their business model isn't what it should be.   

Share this post


Link to post
Share on other sites
11 hours ago, bigjim said:

What I find interesting is that  at least more than 25 years ago I came to know a lot of folks have rural address that are listed as PR, Private Road.  IE:   John Doe,   Box 10,  PR (number or name) , Jonesville. Tx , zip code.  I don't know about that any more so it might have changed especially after 9-11                                                                                                                                

When the 911 emergency phone system came into being is when my Dad's address change from a rural route box number to a street address. I'm not sure why emergency responders would not have been able to find a RR box but that's when the change happened for him.

Linda

Share this post


Link to post
Share on other sites

I wonder if the dealer was looking for the excuse to refer loan over to an institution with a higher kick back to the dealer?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

RVers Online University

campgroundviews.com

Our program provides accurate individual wheel weights for your RV, toad, and tow vehicle, and will help you trim the pounds if you need to.

Rv Share

Dish For My RV.

Find out more or sign up for Escapees RV'ers Bootcamp.

Advertise your product or service here.

The Rvers- Now Streaming

AGS Now Hiring

RV Pet Safety

RVTravel.com Logo



×
×
  • Create New...