What's your solution to banks demanding a "real" physical address?

[ganchan]

I keep hearing about banks closing nomads' accounts because they will no longer accept a mail-forwarding service's "street address" as a valid residential address. So that leaves me wondering how the vandwelling crowd handles this potential challenge. Are you:

1. Continuing to use your mail-forwarding address until something goes wrong with it?
2. Using a friend or relative's physical address?
3. Paying someone a nominal fee to "rent" some part of their home that you're not really living in?
4. Actually renting a cheap space such as a room or a driveway (without actually using it)?
5. ???

 

[bullfrog]

I give them an address and tell them I don't have a mail box nor accept mail delivery there, then I give them my mailing address. I deal with several banks and if they don't want to use my another will although that has never happened.

 

[MrNoodly]

For me, #1.

I've had no problems with that matter. Maybe it's the particular bank. Maybe it's because I'm using a South Dakota forwarder as my address and the South Dakota branch of my bank is cool with that.

But my alternate plan is #2. And it would actually be physically more convenient to shift my residency to that state, though vehicle registration and insurance would cost more. I have no reason to go back to South Dakota except to renew my driver license.

 

[ganchan]

For me, #1.

I've had no problems with that matter. Maybe it's the particular bank. Maybe it's because I'm using a South Dakota forwarder as my address and the South Dakota branch of my bank is cool with that.

But my alternate plan is #2. And it would actually be physically more convenient to shift my residency to that state, though vehicle registration and insurance would cost more. I have no reason to go back to South Dakota except to renew my driver license.

Yeah, most of my banking over the past 20+ years has been with Chase, in the same state as my anticipated forwarder, so maybe I won't be rocking the boat too much either. For instance, they've never called me or flagged my cards when I used them on out-of-state trips, and I know that's been an issue for some people.

I would do #2 if my trusted friends and relatives weren't in another state -- one that imposes state income tax.

#3 and #4 take some of the cost effectiveness out of full-time vandwelling, even if they wouldn't actually alter the lifestyle itself.

 

[VanLifeCrisis]

I use ally online, there dont have a physical location why should i??

I use a family members address, but i never had to show proof of it. Do banks require that now?

 

[ccbreder]

It is part of homeland security. The fed's demand a physical address. Individual banks will require different proof of your address. This is when you open an account. I have no evidence of someone having their account closed because of address issues.

 

[wayne49]

To make it smoother, use the same physical residence used for your DL (RealID). That way your DL verifies your physical residence. (wink wink)

Use your favorite mailing address for all paper communications from the DMV and the financial institution.

 

[ganchan]

It is part of homeland security. The fed's demand a physical address. Individual banks will require different proof of your address. This is when you open an account. I have no evidence of someone having their account closed because of address issues.

I think I'll just leave my account info as it currently stands; some of the accounts are decades old. If I do set up any new accounts, I'll do them right now while I still have my longstanding physical address. Better go ahead and renew my DL too, even though it's good for another year....

 

[ganchan]

By the way, if you use a mail-forwarding service, do you ever have a problem getting the banks to direct your new/replacement debit or credit cards to that address instead of the physical address they have on file?

I've heard that PayPal instructs P.O. Box holders who need to receive PayPal debit cards to simply take the "P.O." off their address and list a residential address, followed by "Box [whatever]".... I REALLY need to make sure myPayPal service continues to work, with or without a debit card, since that's how I receive almost all of my freelance income.

 

[VanKitten]

I've never had this happen.

My mail service is an actual street address, so it is not obviously a mail box. Maybe that is why it has never been an issue.

I've also had the same bank (credit union) for 25 years. Joined them the day after they open doors for business. Maybe that deep history is part of it too.

 

[MrNoodly]

...simply take the "P.O." off their address and list a residential address, followed by "Box [whatever]".... 

I just replace it with # then the number.