Doc Roads said:
I received an urgent message from USAA FSB saying they need a physical address for me. They specifically state a PMB is not acceptable. I full time with no physical address other than my PMB in SD.
My first reaction is they must not need my business anymore so I?ll transfer my business to a bank in SD.
Upon reading way too many posts, the common response is give them an address of a relative or a friend ... no problem. Really. I can do that but ... is it really meeting the requirements of the law?
Any ideas on where this issue is going? Most posts were years old ... is this still a square filler or is this a renewed effort to enforce actual compliance?
I don't think this has anything to do with hacking or scamming as there is nothing in the outcome to benefit a hacker. Nothing has changed with regard to bank's and requirements of the Patriot Act. However, the law ONLY requires you provide them a physical address, such as a friend or relative,
but you ARE NOT required to use that address as your mailing address. You are free to live anywhere, and use as many mailing addresses you want and the Patriot Act has no impact on this. Your PMB is an actual physical address, but don't try to argue that point with a bank functionary who has no concept of legal domicile, vs. home, vs. residence etc.
As long as everything is on the up and up with your bank (no scaming), and you're happy with doing business with them just provide them your PMB as your mailing address. It's possible that the bank was audited and some stickler (or attorney type) has
interpreted the Pat Act as actually "requiring" a physical address which they are thinking (erroneously) means physically living there, when in fact most banks and credit card companies are not interpreting it this way. I full time and use Charles Schwab Bank and there is no more conservative, legalistic group than C. Schwab and they have no problem with my using my South Dakota PMB and they have never required anything else - because again, in reality, a PMB is a physical location. Same with American Express, Chase Bank, United Health Care, the IRS, Social Security etc. etc. No problems with using just a PMB.
I hope this is just an isolated case and not indicative of increased compliance enforcement cause it could mean I'll get contacted by someone to provide a "physical address" as well. If I am harrassed, I'll simply use the person who has my Power of Attorney.
Hope this suggestion will work for you.
Linda