Billy W Posted July 4, 2019 Report Share Posted July 4, 2019 We are now full-timers and have selected South Dakota as our domicile. When I provided my investment company (Charles Schwab) with my South Dakota address provided by Escapees they rejected the address saying it is not a residential address. It showed up as a commercial address and under the "patriot act" they could not use the address. Has anyone had this issue and if so how did you resolve it. Thanks BW Quote Link to comment Share on other sites More sharing options...
hemsteadc Posted July 4, 2019 Report Share Posted July 4, 2019 (edited) Unless you're actually getting paper mail from them I don't know why it matters. I'm not sure what a SD address 'provided by Escapees' is. Edited July 4, 2019 by hemsteadc Quote Link to comment Share on other sites More sharing options...
Barbaraok Posted July 4, 2019 Report Share Posted July 4, 2019 First, it is the Know Your Customer part of banking regulations. Second, tell Schwab to pound sand and move your accounts to institutions that do not discriminate. Give the Escapees office a call on Monday and they will help you sort it out. Lots of lazy financial institutions do this. Quote Barb & Dave O'Keeffe 2002 Alpine 36 MDDS (Figment II), 2018 Ford C-Max HYBRID Blog: http://www.barbanddave.net SPK# 90761 FMCA #F337834 Link to comment Share on other sites More sharing options...
Billy W Posted July 4, 2019 Author Report Share Posted July 4, 2019 they claim it has to do with tax evasion and federal requirements Quote Link to comment Share on other sites More sharing options...
Kirk W Posted July 4, 2019 Report Share Posted July 4, 2019 Charles Schwab has a long history of that sort of problem. You can either get help by calling that Escapee business office or just choose an investment firm that is RV friendly. Quote Good travelin !...............KirkFull-time 11+ years...... Now seasonal travelers.Kirk & Pam's Great RV Adventure Link to comment Share on other sites More sharing options...
Twotoes Posted July 4, 2019 Report Share Posted July 4, 2019 The Patriot Act expired several years ago. It is Schwabs nternal policy they are quoting but the rank and file employes don’t know the difference. Quote 2015 Itasca Ellipse 42QD 2017 Jeep Wrangler Unlimited Rubicon Hard Rock Edition 2021 Harley Street Glide Special Fulltimer Link to comment Share on other sites More sharing options...
Zulu Posted July 4, 2019 Report Share Posted July 4, 2019 2 hours ago, Twotoes said: The Patriot Act expired several years ago. It is Schwabs nternal policy they are quoting but the rank and file employes don’t know the difference. Not hardly -- see Patriot Act. Quote SKP #79313 / Full-Timing / 2001 National RV Sea View / 2008 Jeep Wrangler Rubiconwww.rvSeniorMoments.comDISH TV for RVs Link to comment Share on other sites More sharing options...
Zulu Posted July 4, 2019 Report Share Posted July 4, 2019 3 hours ago, Billy W said: they claim it has to do with tax evasion and federal requirements Yes, it's the banking rules (which are very much in effect) to prevent money laundering -- see page 480, bottom right column for the CIP (Customer Identification Program). The CIP has provisions for dealing with your situation (ie, no residential address): "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" So get in touch and get permission with someone who you want to use as a "contact". Then contact Schwab again with this info. If they still resist, ask to speak with their Compliance Officer or someone in Compliance.. This is the person(s) who should be familiar with these banking rules. If this still doesn't work, say goodbye to Schwab. Quote SKP #79313 / Full-Timing / 2001 National RV Sea View / 2008 Jeep Wrangler Rubiconwww.rvSeniorMoments.comDISH TV for RVs Link to comment Share on other sites More sharing options...
Billy W Posted July 4, 2019 Author Report Share Posted July 4, 2019 Thank You Z for this information. I have contacted a daughter in Texas. No state taxes there either Quote Link to comment Share on other sites More sharing options...
ChrisRVLiving Posted July 4, 2019 Report Share Posted July 4, 2019 of the VBloggers like the Wynns or Techomadia - seemed they both used the "next of kin" solutions. I will be facing this same problem in 1 year, and don't have any family I can use. Following and hoping the business office can help you Friday or Monday... following to hear the final solution you use. Quote Link to comment Share on other sites More sharing options...
2gypsies Posted July 4, 2019 Report Share Posted July 4, 2019 We recently recommended our financial institutions to a new full-timing couple. They had no issues with Vanguard & Fidelity. Schwab is noted for refusing. Try someone else. Quote Full-timed for 16 YearsTraveled 8 yr in a 2004 Newmar Dutch Star 40' Motorhome and 8 yr in a 33' Travel Supreme 5th Wheel Link to comment Share on other sites More sharing options...
Billy W Posted July 4, 2019 Author Report Share Posted July 4, 2019 I have sent my financial planner a email and reminded him that Schwab needs to review their stance on this. Its obvious that many full-timers and those moving in this direction are not doing so because we can't afford to live in a brick and mortar structure. I reminded him that Schwab could be missing out on a growing market and could be losing some current clients. Thank you for your responses and I will keep you posted on the outcome Billy W Quote Link to comment Share on other sites More sharing options...
FL-JOE Posted July 5, 2019 Report Share Posted July 5, 2019 20 hours ago, Twotoes said: The Patriot Act expired several years ago. It is Schwabs nternal policy they are quoting but the rank and file employes don’t know the difference. Not in this country it didn't. There were parts that congress let expire but it didn't matter because they were covered under the USA Freedom Act and remain in effect today. Maybe you read some fake news back then or something. Quote Joe & Cindy Newmar 4369 Ventana Pulling 24' enclosed (Mini Cooper, Harley, 2 Kayaks) Link to comment Share on other sites More sharing options...
FrisbyKK Posted July 5, 2019 Report Share Posted July 5, 2019 Billy W, We use St. Brenden's Isle near Jax, FL. They provide both the mailing address and a residential address if needed. We domicile in Florida and have everything sent to the mailing address, but the bank required a residential address and will mail things to the mailing address. Try them. Quote Keith and Kay Frisby 👴👵 The Rock (Tiffin 32SA) Link to comment Share on other sites More sharing options...
Twotoes Posted July 5, 2019 Report Share Posted July 5, 2019 6 hours ago, FL-JOE said: Not in this country it didn't. There were parts that congress let expire but it didn't matter because they were covered under the USA Freedom Act and remain in effect today. Maybe you read some fake news back then or something. I love it when cops think they know the law and are wrong. The Patriot Act expired in 2011 and was replaced by the USA freedom Act which expires this year 2019. The Freedom Act is different and is not the Patriot Act. Quote 2015 Itasca Ellipse 42QD 2017 Jeep Wrangler Unlimited Rubicon Hard Rock Edition 2021 Harley Street Glide Special Fulltimer Link to comment Share on other sites More sharing options...
richfaa Posted July 5, 2019 Report Share Posted July 5, 2019 We had that issue a few years ago and it had nothing to do with any investment firm. The address was listed as a commercial address (campground) and there were certain types of mail that could not be delivered there. Quote Helen and I are long timers ..08 F-350 Ford,LB,CC,6.4L,4X4, Dually,4:10 diff dragging around a 2013 Montana 3402 Big Sky SKP 100137. North Ridgeville, Ohio in the summer, sort of and where ever it is warm in the winter. Link to comment Share on other sites More sharing options...
FL-JOE Posted July 6, 2019 Report Share Posted July 6, 2019 7 hours ago, Twotoes said: I love it when cops think they know the law and are wrong. The Patriot Act expired in 2011 and was replaced by the USA freedom Act which expires this year 2019. The Freedom Act is different and is not the Patriot Act. However you want to look at it, who am I to argue with a retired lawyer and judge. I'm sure you are 100% correct as always your Honor. You should probably do a little research though, no need to come back with anything after you do your homework. Quote Joe & Cindy Newmar 4369 Ventana Pulling 24' enclosed (Mini Cooper, Harley, 2 Kayaks) Link to comment Share on other sites More sharing options...
Billy W Posted July 17, 2019 Author Report Share Posted July 17, 2019 Some of you had requested that I follow up with the reply from those at Escapes on this subject below is my email and their response: My wife and I recently became full timers. I’ve read your articles on domicile locations and we have elected to use South Dakota. When I provided my financial institution (Charles Schwab) with the SD address provided by escapees they rejected the address. Schwab stated that due the Patriot Act they could not utilize a commercial address as my residence. Is this something you have heard of from the banking industry? Response: Yes, that is quite common now since the Patriot Act. FINRA and the SEC are requiring that Brokers / Advisors obtain a sticks and bricks address in order to maintain investment accounts for purposes such as money laundering, etc. If you would like to discuss this further, we have a financial advisor that works with RV'ers that can explain it to you and also explain how you can still maintain your accounts and be compliant with the Patriot Act. Quote Link to comment Share on other sites More sharing options...
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