Read on FaceBook this morning that Wells Fargo Bank in South Dakota is closing accounts of people who have PMB ONLY (no physical address). Called our bank in Rapid City (Black Hills Federal Credit Union) to get the "scoop". Here is what we were told:
(1) Banks and Credit Unions work under different rules and laws;
(2) Wells Fargo and Bank of America have been working on this "project" for months;
(3) If you have ONLY a PMB (no physical address) in at least South Dakota (maybe nationwide) Wells Fargo and maybe Bank of America will be closing your bank accounts. Their reason is the Patriot Act;
(4) Remember #1 above;
(5) With at least Black Hills Federal Credit Union - if you are currently out of the area and don't want to or can not return until Spring to physically open an account with them, they have a charity (didn't ask which one) which you can donate as little as $5.00 to and for ONE TIME ONLY you'll be able to open an account with them and not be physically in South Dakota to do so. If you want to or need to do this their phone number is: (605)718-1818.
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