RamblingRozeta

Closing the loop for my situation with Morgan Stanley to obtain an exception to use my PMB address. My issue was the legal address stored is a relative's address that is in my previous resident state. Morgan Stanley will not allow a PMB as a legal address. My concerns were about tax reporting  of dividends, interest and RMDs to the wrong state.

Morgan Stanley would not make an exception to use the PMB as the legal address. However, they indicated that they do not report RMDs to states unless there is state withholding. All mailings are to the PMB address (they keep a legal address separate from a mailing address). The mailing address appears on the tax forms.They also acknowledge that the address stored in the legal address field is a relative's address and not my domicile/legal address.

I have decided to stay with Morgan Stanley. CPAs advise that even if there was tax reporting to the state, I do not need to file since I am not a resident. Furthermore, I believe I have made all the necessary steps to change domiciles, so I do not think I will have any issues.

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4 hours ago, docj said:

I don't believe there's anything in the law that requires that the physical address you use has to be in the same State as the one in which you are claiming residency in. All that is required under the "Know your customer" banking rules (and the Patriot Act before that) is that there be some address through which it is possible to get a notification to you. In the past we've occasionally used a child's address; now we use our TX property even for issues relating to our SD residency.

That having been said, it sometimes is the case that the "call center person" you are speaking with may not have been well trained on this nuance.  In that case I would recommend you escalate the call to a supervisor or simply call back so you can speak to another person.

I'm using a Financial Advisor and he is working on it. Just asking here because anxious to know if Morgan Stanley will allow it. The address kicked out as a computer exception about a month after account was created. I provided a physical address and they changed the legal address on the account from the PMB to it instead.

10 minutes ago, Kirk W said:

I believe that the rule is to enable the to locate you, if they feel the need.

Which is fine, I provided by daughter's address. But they used that as legal address which is the wrong state.

What I am really asking is does anyone who uses Morgan Stanley have the PMB address as both their legal and mailing address? You can see both when you look at your profile.

4 hours ago, SWharton said:

We have had a Morgan acct. for years with the PMB address.

I am a new customer. Using it as a mailing address is not a problem. They asked for a physical address and used that as the legal address which is what is used for tax reporting.

Since I don't know anyone in my domicile state, that's the problem.

Was wondering if the OP resolved the issue.

I was wondering what the outcome was here. Were you able to keep your Morgan Stanley account using your PMB address? Or did you have to move the account? Is there another way?

I am facing a similar issue. I do not know anyone in my domicile state to provide a physical address; my relatives are all in other states. I supplied them as a physical address but the tax implications are the issue.

Thanks.