Jump to content

Ran in to a snag today with Fidelity


Recommended Posts

Tried to open a new account with Fidelity today and I'm running into their bureaucracy around the Patriot act. I am currently using a mail service in FL and they don't like that address. I have my retirement accounts there that have been fine for the past several months but this new account threw up red flags. I Tried to use my nephew's address and they now want a utility bill in my name. Looks like I'm stuck looking for an investment house that does not have the same requirements. I'm assuming the Rainbow Drive address in Texas would have a similar issue? What are some alternatives? Please help!

 

Bill

Link to comment
Share on other sites

Lots of info out there on this issue. I am sure someone Weill chime in soon. Seems to me there is an out to this but you must persist in masking them look up the extra info. Most of these people just don't want to work around the issue but rather just read from the script

Link to comment
Share on other sites

We also use Fidelity and a mail forwarder in Madison, SD. Earlier this year we "moved" from a forwarder in Sioux Falls, SD and using their website changed our Fidelity address and called the box number an apartment number. This works for me. Greg

Link to comment
Share on other sites

Greg - I was doing the same in the past, but then my stock broker found out my "apartment" number was at a mail forwarder. USPS is coding addresses now, and the feds and brokers are using the information. It is only a matter of time (or a change in your accounts) that you too will be caught in the web.

 

They found me when I added a additional 401K account. Sounds like OP Bill above was found out the same way.

 

Very easy solution to comply with federal law is "next of kin" or "another contact person" as explicitly allowed by law.

 

This always gets the same responses every time someone is caught up. Arguments that it should not be this way, arguments that "it hasn't affected me".

 

Argue with the feds, write a letter to congress, whatever, but the new law is CLEAR.

 

The solution is simple, please people do not make it more complex then it needs to be.

 

I may never again post the solution again, because the arguments are ALWAYS the same.

 

Perhaps "the arguments are ALWAYS the same" because a great many of us are using mail forwarding addresses without issue. From what I've read there is a lot of variation among financial institutions, and while you may be correct that eventually they will all trigger these requirements, the fact is that many are accepting mail forwarding addresses at this time without question.

 

When you make statements like "You MUST do what I am suggesting for easiest, quickest, most effective way to solve your problem." you are overlooking the fact that I'm not having a problem at this time.

Link to comment
Share on other sites

Did YOU give him a solution? No, you did NOT.

 

 

 

The OP stated that they would be looking for an investment house that did not have the same requirements as Fidelity. I shared that Vanguard accepted our Rainbow Drive address without question. I consider that a possible solution...

Link to comment
Share on other sites

Deleted all my responses. Apparently, the problem does not actually exist!

 

This is why people stop posting solutions that are real world tested.

 

Good grief, relax!! You seem to be offended that others are offering their real world experiences.

Link to comment
Share on other sites

My wife and I don't have next of kin that we have anything to do with and explicitly deny them in our will to prevent them anything from our estate so there is no way we will use next of kin. So I guess we will have problems in the future.

 

I can alleviate some of your concern. In this case, the 'next of kin" and "or of another contact individual" have no legal rights to your funds nor control of your funds whether you are living or deceased. It only gives a real world residential address. The broker never contacts my "next of kin", only myself and spouse at email and mail forward address.

 

The broker only verified the residential address one time electronically (no real in person phone etc contact), and that was the end of it.

 

If we are deceased, forms on file at the broker dictate "actual" distribution of funds.

 

Silly rules, but that is how the law was written. If you have anyone at all willing to have you use their residential address one time to verify you exist, you are good to go.

Link to comment
Share on other sites

I just reread an article in Escapees magazine from may-june 2014 called defining your domicile by Shawn R. Loring page 13 he talks about this issue. He Says the right must be fought for on a company by company basis. And to alert him or Escapees headquarters if your Escapee address is rejected by a financial, investment or insurance company.

Link to comment
Share on other sites

After reconsidering, I will post the info in the open for others who may need it. *** If you are not affected and have no issues with your broker please ignore this - it is of zero use to you and does not affect you.

 

 

Some full time RVers are once again having problems with stock brokerages accepting mail forwarding addresses as "residential address".

 

 

A real world tested solution some of us have successfully used follows:

 

Ask the brokerage to use the next of kin rule (or another contact person)- as clearly identified within the patriot act rules. Send the brokerage the following text:
----------

CIP (Customer Identification Program) rule (31 C.F.R. 103.121), which is the regulation implementing Section 326 of the USA PATRIOT Act that requires a financial institution to get the following customer information.

(1) Name;
(2) Date of birth, for an individual;
(3) Address, which shall be:
(i) For an individual, a residential or business street address;

***(ii) 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****;

 

 

Example request letter:
Format like this in letter to your broker:

 

My next of kin (or other contact person)is _________:
Name of person
address of person

(Include this text:)
This complies with CIP (Customer Identification Program) rule ( 31 C.F.R. 103.121 ( )), which is the regulation implementing Section 326 of the USA PATRIOT Act that requires a financial institution to get the following customer information (bottom of page 480 from PDF above):
(1) Name;
(2) Date of birth, for an individual;
(3) Address, which shall be:
(i) For an individual, a residential or business street address;
(ii) 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

 

Thank you for your attention and immediate restoration (or creation) of my accounts.

Your name
Your mail forwarder address
Your email
Your phone number

Link to comment
Share on other sites

I deleted my response. Real world tested solutions are not accepted and the problem is denied by those who have yet to experience it. The world is still flat. OP has what he needs - I PM'd it to him..

 

Thanks Dan. I will talk with Fidelity again tomorrow armed with the information you provided. I appreciate it.

 

Bill

Link to comment
Share on other sites

 

Perhaps "the arguments are ALWAYS the same" because a great many of us are using mail forwarding addresses without issue. From what I've read there is a lot of variation among financial institutions, and while you may be correct that eventually they will all trigger these requirements, the fact is that many are accepting mail forwarding addresses at this time without question.

 

When you make statements like "You MUST do what I am suggesting for easiest, quickest, most effective way to solve your problem." you are overlooking the fact that I'm not having a problem at this time.

That is not what I said and you are reading into it. I was answering the OP who DOES have a problem, not everyone with NO problem. If you are not having a problem, then why argue a real world tested solution that does not even affect you?

Link to comment
Share on other sites

Thanks Dan. I will talk with Fidelity again tomorrow armed with the information you provided. I appreciate it.

 

Bill

Let us know if it works out, and also if it does not solve the problem.

 

You may have to bump it up to supervision/management. I had to bump it up and I suspect they checked with their legal department who verified compliance. My broker was Trade King.

 

.

Link to comment
Share on other sites

 

I can alleviate some of your concern. In this case, the 'next of kin" and "or of another contact individual" have no legal rights to your funds nor control of your funds whether you are living or deceased. It only gives a real world residential address. The broker never contacts my "next of kin", only myself and spouse at email and mail forward address.

 

The broker only verified the residential address one time electronically (no real in person phone etc contact), and that was the end of it.

 

If we are deceased, forms on file at the broker dictate "actual" distribution of funds.

 

Silly rules, but that is how the law was written. If you have anyone at all willing to have you use their residential address one time to verify you exist, you are good to go.

 

Seems like an opportunity for someone with a sticks n bricks house in Livingston to act as "next of kin" for the RV community to get their accounts verified.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Guest
This topic is now closed to further replies.
×
×
  • Create New...