Community Forums

tpiketrooper · 09-05-2017, 05:53 PM

Good Evening Everyone....

I have been reading about if you are happy with your bank stay with it. Here is the question. If I want to cut all ties with my state of domicile where I live now so my retirement don't get taxed, is it a good thing to stay with a bank where I am now??

Tpiketrooper

Barbaraok · 09-05-2017, 07:00 PM

Depends upon the state. Since have no profile, and no signature line, it is hard to give advice with no info from you - like what type of rig you have and what state you are 'leaving'. We went with BOA because we wanted a bank that serves most states. 11 years later, we are happy with them but notice that it really doesn't matter. If you really, really want to break all times, by all means get a new bank.

dons2346 · 09-05-2017, 07:05 PM

Yo do not have to change banks per se. All you have to do is open a new account at a different branch in your new home state. So, if you have a Wells Fargo account in your current state, open an account with Wells Fargo in your new home state

Sue46 · 09-06-2017, 02:50 AM

We just give them our new address in whatever state we decided to use. I don't see any need to open a new account. As long as all your accounts reflect the new address that is all that matters. We are domiciled in TX, our "bank" is in IL(never lived there), our Morgan Stanley acct reflects our TX address(previously had our VA address), our mutual fund account(based in PA) reflects our TX address.

blang · 09-06-2017, 05:32 AM

As mentioned above, it's hard to advise without knowing which State we're talking about... some States are more aggressive than others. By the letter of the law, it shouldn't really matter so long as all other details of changing domicile are carried out. But... and this is a big BUT: Some States don't necessarily play by the letter of the law anymore... they send the tax bill and it's up to you to contest. In my opinion, the best thing to do is sever ALL ties. Period. And... even if you name a State that isn't currently aggressive, more and more States are catching on to the idea of what they think is "their" money. Best to sever ALL.

Based on your User ID, you're a retired Trooper? Maybe a vet? Check out USAA.

DancinCampers · 09-06-2017, 09:47 PM

I haven't had a Bank for many years. Navy Federal Credit Union has been my main financial institution since 1971, but I have other CUs'. I did not change when I changed my domicile to VA (11 yrs), NV (8 yrs), and now SD (6 yrs).
I'm thinking of changing to FL, and if I do, I will not change my financial institutions.

Mr_D · 09-06-2017, 10:14 PM

I've been with my CU since the 1970's, don't really want to change but may in the future. I see that I can set up external accounts for transfers online. Right now everything is set to wire transfer to the CU.
Still checking out which is best for me. BOA has the stick house mortgage, but I plan on selling it then the loan would be paid off. Chase has the MH loan, but when the stick house sells that loan will be paid off too.

Old-Biscuit · 09-06-2017, 10:24 PM

Have been with BOA for many many years........always have had great service.
Some folks have had bad service...had a Wells Fargo account..closed it bad service.

Anyway.....
When we went FT back in 2007 we set up our domicile in SD........new SD address, new SD Drivers Licenses, new SD Voting registration, new SD vehicle registration, new SD Insurance Coverage etc.

Except for banking.....just sent same old bank new address/change of address
Still have same old BOA Bank in CA yet we now live in AZ

Never been an issue.

If happy with your current bank.....keep it

Selah · 09-07-2017, 05:06 AM

We stayed with our local bank that have very few offices outside the Midwest. This is just not a problem. Even when we lived in the S&B we rarely went inside the bank. Everything is so automated; direct deposit, auto bill pay, ATM for cash, etc.
if your happy with your bank by all means, keep it.

Indy Glenn · 09-07-2017, 05:27 AM

Quote:

Originally Posted by tpiketrooper

Good Evening Everyone....

I have been reading about if you are happy with your bank stay with it. Here is the question. If I want to cut all ties with my state of domicile where I live now so my retirement don't get taxed, is it a good thing to stay with a bank where I am now??

Tpiketrooper

Change your legal address on the account(s) to an out of state address and stay with the bank......

g

tpiketrooper · 09-11-2017, 05:05 PM

Again, I want to thank everyone for their information. This seems to be great way for us newbies to get ready to take the BIG plunge.

Tony and Traciann

Mzbrandi · 09-11-2017, 06:25 PM

Quote:

Originally Posted by tpiketrooper

Good Evening Everyone....

I have been reading about if you are happy with your bank stay with it. Here is the question. If I want to cut all ties with my state of domicile where I live now so my retirement don't get taxed, is it a good thing to stay with a bank where I am now??

Tpiketrooper

I stayed with my local small town bank. My retirement check electronically deposited every month. My bank is in California and I domicile in South Dakota. I do use a large bank ( Chase) for day to day use. I transfer money in from my base bank so that I can use it at gas stations and such. If it gets compromised, the not as big of a deal as my main money is till safe and I have access to money while waiting for a new debit card. Have all ready been there got the T shirt.