Community Forums

parsoc · 03-31-2015, 05:36 PM

We are considering changing our residence from CA to SD; already have a mail forwarding service in that state. We no longer own property in CA and will be mostly traveling or snowbirding in AZ most of the year.
Anybody run into issues with keeping (or not) banking in former home state? Is getting a bank in new state all that necessary? We have so much set up in the current account: pension and SSA checks, bills, etc. The credit unions had no issue with a new mailing address but haven't tried ordering new checks with our primary bank yet. In this day and age I can't imagine what the necessity would be for a local bank.
Any thoughts on this?

Thanks!

phays · 03-31-2015, 06:22 PM

Shouldn't be a problem. At least it isn't for me. I kept all my accounts in my Ohio bank when I changed domicile to SD. The only problem I have is obtaining cash while traveling because my Ohio bank is a small local bank. I usually use my debit card at Walmart to get cash as needed.

I did open a small account in a bank near my son's location so I could have my safe deposit bank near him so he wouldn't have to go back to Ohio in case of my death.

sinjineer · 03-31-2015, 06:27 PM

We still have a credit union account in upstate NY. We moved away in 1989.

tednruthy · 03-31-2015, 06:53 PM

X2. But in Md at a CU since 1986 with no other until a year ago. We did just open a account in a local bank in Tucson just to have close location for winter needs but still use the MD CU for 95% of activity. You MAY have issues if you have no stick and brick address. We still have one. You probably can use a relative's address to open the account and have the mail forwarding address on the checks. We have our mail forwarding address on our checks which we seldom use now with Bill Pay, etc.

Quote:

Originally Posted by sinjineer

We still have a credit union account in upstate NY. We moved away in 1989.

Barbaraok · 03-31-2015, 06:59 PM

You are going to deal with California. So any interest made the bank will report to CA who will then be looking for your income tax return. To make things easier for you, since CA is known to be aggressive when it comes to collecting taxes, I'd go with a new bank account in either an online bank/credit union or Wells Fargo, Chase, BOA, etc.

Barb

jerichorick · 03-31-2015, 07:16 PM

Quote:

Originally Posted by parsoc

We are considering changing our residence from CA to SD; already have a mail forwarding service in that state. We no longer own property in CA and will be mostly traveling or snowbirding in AZ most of the year.
Anybody run into issues with keeping (or not) banking in former home state? Is getting a bank in new state all that necessary? We have so much set up in the current account: pension and SSA checks, bills, etc. The credit unions had no issue with a new mailing address but haven't tried ordering new checks with our primary bank yet. In this day and age I can't imagine what the necessity would be for a local bank.
Any thoughts on this?

Thanks!

I have Your Best Address in SD for mail forwarding and my residence is a validation at a campground in Sioux Falls. I am licensed and tagged in Minihaha county. My bank, BOA, is out of TX. Online banking is the only way to travel. Been doing it for years and been all over the country.

Rick Y

JFXG · 03-31-2015, 10:38 PM

It's convenient to have a bank with national scope. We had kept an account with BoA for years primarily for their ubiquitous ATMs. Couple of years ago we changed our domicile to TX. This past winter BoA sold all their east TX operations to a local, which had no ops at all outside TX. But the biggest problem was they had very limited online operations. So, we had to do the paperwork tapdance, and opened a new account with Wells Fargo. Totally fee free as long as we Have one direct deposit per month, a national presence, and full online ops.

markandkim · 04-01-2015, 04:52 AM

USAA if you're a veteran is a good national bank. Zero fees, even on any ATM.

paz · 04-01-2015, 05:09 AM

Changing banks is a PITA, but many people recommend doing so because it helps cement your claim that you have "moved" from your original state to a new one. That prevents your original state from coming after you for taxes on any interest you may earn on your bank account (these days that won't be much), and it also helps prevent them for coming after taxes on other income as well.

parsoc · 04-01-2015, 08:33 AM

Thanks for all your helpful replies; am already in touch with Terri Lund of Mydakotaaddress for the registration fees.
My current bank is a local one in CA and bill pay has been set up for years; they even credit back ATM fees at other banks! The main problem, with the credit or debit cards, is remembering which address is "attached" to which card. I'm just going to take the plunge and change all of them to the SD mailing address and I've been putting that on the few checks I do write.
Thanks again everyone

Barbaraok · 04-01-2015, 08:52 AM

Quote:

Originally Posted by JFXG

It's convenient to have a bank with national scope. We had kept an account with BoA for years primarily for their ubiquitous ATMs. Couple of years ago we changed our domicile to TX. This past winter BoA sold all their east TX operations to a local, which had no ops at all outside TX. But the biggest problem was they had very limited online operations. So, we had to do the paperwork tapdance, and opened a new account with Wells Fargo. Totally fee free as long as we Have one direct deposit per month, a national presence, and full online ops.

To bad that you didn't know that all you had to do was call the phone number they gave you when they told you about the sell of the banks and request your account stay with BOA. We did that and haven't had a problem. No need to open a new account or anything else, our account still has the same address, etc. BOA also sold off some branches in Arizona and people had the option of going with the new owners or having their account remain with BOA but with no branches to serve them in the area. Since we fulltime, we don't care where the branches are located.

Barb

Route 66 · 04-01-2015, 09:48 AM

As mentioned above, and as other members have mentioned in previous threads, CA can be very aggressive in their taxation.

Others have suggested breaking all ties with CA to avoid CA still considering you a resident.

Dasmoeturhead · 04-01-2015, 10:59 AM

Quote:

Originally Posted by Route 66

As mentioned above, and as other members have mentioned in previous threads, CA can be very aggressive in their taxation.

Others have suggested breaking all ties with CA to avoid CA still considering you a resident.

We did the exact same thing 7 months ago. Chase banks can be few and far between in a few of the western states. We make it work. Walmart gives you cash back if needed. When we see a Chase bank we get some cash. Most of the Walgreens will have a Chase ATM, although they charge a fee.

JFXG · 04-01-2015, 12:49 PM

Quote:

Originally Posted by Barbaraok

To bad that you didn't know that all you had to do was call.........

Oh, I knew, I just didn't bother. As I said, the only reason we had the account was as a secondary for all their ATMs, and we'd been getting aggravated with them over the past couple of years, so this just gave us the excuse to get it done. Our primary is Fidelity, and they eat all the ATM fees, so between Fidelity and grocery stores the BoA (and now WF) gets pretty low usage.