Bank Accounts

[JuneOhio]

I just finished watching Bob's video on State Residency. I understand I need a new Driver's License, vehicle insurance, etc., but do I really need to change my bank accounts? Changing them will be a real hassle for me as I have several auto deposits on them. I've decided to use the Dakota Post in So. Dakota.

June

 

[RVTravel]

Maybe not unless your bank is a small local bank with one location at your old location. You would need to update your address with them at some point.

 

[DLTooley]

Probably not so long as there is no fraud.

 

[Moxadox]

Some states (Colorado, for instance) use bank accounts as a marker for residency. You can always open a small account with a local bank or credit union and keep $100 in a no-fee checking account. That will satisfy them. I learned this from a DMV official in CO when I was trying to establish residency without a physical address.

The Dire Wolfess

 

[John61CT]

You are allowed to bank anywhere is convenient.

But best to have all such "official and financial" providers list the **same** domicile / residence / legal address for you in their databases.

The mailing address does not matter, that can change and vary between orgs as needed.

Finally as a separate issue, yes, having documentation from local utilities and banks helps establish your "residency bona fides", but once you've already established that no need to add more.

 

[Matildas mate]

When i started preparing to abandon my California residency, i chose to open a savings/checking/credit account with Alliant Credit Union which (i believe) doesn’t have any local branches - just online banking. I thought long and hard about discontinuing my long term relationship with a local credit union where i live in California until i began to read accounts of how far California will go to question whether people who set up a domicile/residency in places like South Dakota are actually gone. It seems that the maintenance of banking  in the state is a red flag to the tax people in California. Right before i leave the state (hopefully by the end of December enroute to the RTR), i will close all my California bank accounts.

 

[John61CT]

If you are below income tax thresholds they likely won't try to contest your having moved your legal domicile away.

 

[rm.w/aview]

I just finished watching Bob's video on State Residency. I understand I need a new Driver's License, vehicle insurance, etc., but do I really need to change my bank accounts? Changing them will be a real hassle for me as I have several auto deposits on them. I've decided to use the Dakota Post in So. Dakota.

Do not change your bank accounts. It's an electronic environment anymore deeming that unnecessary. I know folks that have accounts in states that they've never been as they travel. Opening a new account in checking or savings would begin a paper trail in the rare instance of one being needed.

 

[B and C]

They can only come after you is if the money you earn was earned in state AFAIK. Only if you make big enough buck's for them to come after you is when you may have to worry. The cost of any remuneration they want would probably cost more than it is worth. Just change your mailing address.

 

[becida]

Just change your "mailing address" with you bank.

 

[Dingfelder]

They can only come after you is if the money you earn was earned in state AFAIK.  Only if you make big enough buck's for them to come after you is when you may have to worry.  The cost of any remuneration they want would probably cost more than it is worth.  Just change your mailing address.

It doesn't really cost them much, as they have a vast organization at many levels to facilitate collecting monies.  I've read of people having big problems proving they did not owe back California taxes.  They have in the past put the burden on you to prove that you did not earn money, and at the same level as your last returns and tax info, in California.  Enough so that it became a notable problem people were writing articles about.  And then there's the crazy fines/interest that stack up for those years you were never even there.  California can chase people down very aggressively.

In situations such as these, as with seized property, it's often so difficult fight the system that people just fold and surrender their assets quickly.

 

[Weight]

California or other states can not access your banking records without a search warrant. The last I checked, California is still part of the USA. They will come looking if you have a pay check from a California job, and your employer reported the with-holding. It doesn't matter what your address if you worked in California.

 

[Mechelle]

I recommend a credit union with out all the outrageous fees that has reciprocity with credit unions all over the county...

 

[becida]

I recommend a credit union with out all the outrageous fees that has reciprocity with credit unions all over the county...

Do a search for "CU co-op" or "shared branching".