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Address For Brokerage Account When Fulltiming


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#1 jfxg48

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Posted 27 July 2012 - 02:45 PM

Folks.....

We are starting out as fulltimers. We have an investment account with Fidelity, and have been told that our brokerage account MUST have a geographic s/b address. They will not accept a mail drop account. Their software seems able to recognize street addresses as commercial vs residential, with or without a PMB in it. They claim this is an SEC requirement.

Has anyone else encountered this, and how was it resolved?

Thanks.
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FX

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#2 TBUTLER

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Posted 27 July 2012 - 05:50 PM

We went full time just before 9-11-2001 and had everything set up for our new address. The address in South Dakota, My Home Address Inc., was a physical address with a street number, etc. We had a PMB and had no problems. That worked for us until we moved to a permanent home in May of 2010. It may be that we were grandfathered in or perhaps that address, even though it was a commercial company flew under the radar as they operate out of a house in a residential neighborhood. It could also be that the ever tightening noose of homeland security has plugged another security risk in the last couple of years.

I did have one incident with the FAA. Being a private pilot I must always have an address on file. Their software flagged our address as a commercial address and I had to process paperwork by mail rather than using the computer. I included a message explaining our circumstance as full timers and assured them that I had no other address than the PMB in South Dakota. They overrode the system and I was able to get my license updated. I haven't had a problem with them since. Another problem I've encountered is that some companies refuse to ship an order to any address other than the billing address for the credit card that paid for the order.

So if Fidelity can't accept your appeal to use the PMB you have serveral choices as I see it. First, you could try a diffferent PMB with a company such as the one we used. Having a residential connection with an address that is not strictly a commercial address might work. Second, you could find a trusted person whose address you could use to receive the mail from Fidelity and then forward it to you. Since this is financial mail you would have to be sure that the person will handle your mail securely and without delay. We did this with our employer based medical insurance until we reached Medicare age and finally had nationwide coverage. We had several of our children do this during our fulltime years. The third option might be to investigate other investment companies and determine how they handle this. Their information might help you deal with Fidelity by suggesting ways to deal with the challenge. It might also motivate Fidelity to pursue the matter more aggressively when you let them know that you have talked to xyz company and they are able do this. Finally if you find a company that can deal with your situation, you could move your accounts to that company.

Going full time is a little like walking off the edge of the Earth for many companies. Some are experienced at it and know how to deal with it and others are in completely foreign territory. Some companies that deal with RV'ers, in our experience CW for example, should have it figured out but they still struggle with it. Other companies like the satellite TV companies have many millions of home customers and only a few thousand full timers so we are such a small group that we fall through the cracks. As a full timer you will need patience and persistence to deal with a variety of responses to your status. In our experience it is well worth the hassle.
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Tom and Louise Butler
2004 Monaco Windsor, Cummins 400 ISL
Roadmaster Sterling Tow Bar, Brakemaster, GMC Acadia, BikeE Recumbent Bicycles

After 9 1/2 years full time in our motor home and being Winter Texans we are now living at Sandpipers Resort in Edinburg, Texas. Now we are Summer Chickens!

"The tipi is much better to live in; always clean and warm in winter, cool in summer, easy to move... If the Great Spirit wanted men to live in one place he would have made the world stand still." -- Flying Hawk, South Dakota Oglala Sioux


#3 kingfr

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Posted 27 July 2012 - 07:50 PM

My brokerage account points to our Escapees address in Livingston, TX. I do have an Account Executive who likes having my business and he and his team made it happen. My Bank accounts and credit card accounts also point to Livingston! :)
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Frank
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#4 TBUTLER

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Posted 27 July 2012 - 10:46 PM

Frank (aka kingfr) makes a good point that I failed to emphasize. If you are going to do full timing right, and many people don't, you should be straight up with your address. That means your credit cards and bank accounts all have that address. The account doesn't have to be in that town, just use that address for the account. We had a credit union account in Missouri for years but the address on the account was our South Dakota address from the day we had that address. Get your drivers license in the state with your PMB and have that address on your license. Vote, pay taxes and license your vehicles using that address. Doing this gives you enough ties to that address that it can hardly be questioned. If you have vehicles licensed in one place, drivers license in another and then a PMB in a third location you are creating constant problems for yourself. We had our estate re-written for our new adopted state when we went full time. When we recently set up housekeeping in our new home we did the whole thing again. Our attorney in South Dakota had a handout for us listing all the things that courts look at when they decide where someone lives. This will be more important to your heirs than to you!

There are true vagabonds who have few resources other than perhaps a bank account or just a social security check. With few resources and legal ties you can get away being a person without a home. You can license your vehicles in one state, get a drivers license in another state and collect your mail through another location. But you aren't a drifter. If you have a brokerage account, you need a solid address, no funny stuff. Pick your address and commit totally to that address.
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Tom and Louise Butler
2004 Monaco Windsor, Cummins 400 ISL
Roadmaster Sterling Tow Bar, Brakemaster, GMC Acadia, BikeE Recumbent Bicycles

After 9 1/2 years full time in our motor home and being Winter Texans we are now living at Sandpipers Resort in Edinburg, Texas. Now we are Summer Chickens!

"The tipi is much better to live in; always clean and warm in winter, cool in summer, easy to move... If the Great Spirit wanted men to live in one place he would have made the world stand still." -- Flying Hawk, South Dakota Oglala Sioux


#5 Pat60

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Posted 05 January 2013 - 07:59 AM

Before I read these, I posted the question of what address to use when full timing...don't plan to do this forever but for a while. Being that we sold our farm on the 28th of Dec our current address is no good so then what do you do!!

I subscribed to American Home Base in Pensacola as we are Floridians since '79 and after talking to them, I liked the people running the service.
We own commercial property in Ocala still and I thought about using that address as the couple who bought our business said it would be okay with them and I liked the idea that this property belongs to us even though we don't live there which I guess might not be good and yes I do trust them to take care of any important mail that would come through but after reading these replies to the original question it is best to have one address tied into everything.
This is so overwhelming and such a big decision that could either make life easy or a nightmare while traveling.

And I do miss my stuff and vacationing in a motorhome is one thing, full time living is entirely another. So I am not committed to this but will give it a try before finding a place for my roots so I can have my stuff...ha!!

Pat
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#6 itgeekgal

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Posted 05 January 2013 - 09:23 AM

We have a PMB in South Dakota and have used it with FIdelity for years now with no issues. I never mentioned to them that it was a PMB, for all intents & purposes everyone thinks it's an apartment not a PO.
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#7 bsinmich

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Posted 10 January 2013 - 07:13 PM

Anything having to do with money will have this problem. Homeland Security, Treasury, FBI, and many other gov't departments are involved. This all began after 9-11 and has been expanding since. Money laundering for purposes of transferring funds is big business. All insurance companies and brokerage firms are rquired to have a compliance officer who does nothing but check addresses and verify locations are good. Penalties are pretty stiff for the people that let these slip through. Having had an address for several years prior to full timing helps but not always. I sell life ins, annuties, etc. and this is becoming an ever increasing problem.
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