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Old 01-05-2020, 04:22 PM   #1
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DakotaPost - Problem Opening Fidelity Account - Residential Address?

Hello,

I recently became a full-timer after selling our house. We signed up with DakotaPost and use that address for my driver's license. It should be my legal domicile address, the DMV and government accepted it.

However, I wish to open up a banking/brokerage account with Fidelity. I do not want to sign up with anyone else. I gave them a copy of my driver's license, Dakota Post address and other documents. However, they still refuse to open my account under the explaination of:

Quote:
While you are certainly welcome to utilize this service [DakotaPost] as your mailing address, we require that you hold a residential address on file as your legal address so that we can continue our compliance with the Customer Identification Program requirements established under the USA Patriot Act.
They go on and explain what they require:

Quote:
We will need you to submit a utility bill (such as gas, electric, or television service), rent receipt, or mortgage statement that reflects your residential address. If you do not personally have a residential address, you could utilize the address of a family member or trusted friend. Documents will still be sent to your mailing address, but we require a residential address be utilized for legal address
The problem is, I do not have a house or permanent address anymore, as I live full time in an RV at various campgrounds. In addition, I do not have any friends or family in South Dakota either. I feel in America, I should have not have to depend on a 3rd-party family member or friend in order to open my own bank account, I should be able to open it under my own name and legal address that even the DMV/government recognizes as legal enough to put on my driver's license and voter registration.

Does anyone have a solution to this (other than trying to find another brokerage)? Is there some kind of "trusted friend" service similar to DakotaPost, where you can simply hire a "trusted friend" in order to utilize a "residential address" for this bank account purpose?

Thanks
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Old 01-05-2020, 04:38 PM   #2
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Your physical address doesn’t have to be in SD. Use a friend or relative anywhere.

Feel all you want to - I agree in fact- but that doesn’t mean squat to the financial world.

Send your appreciation to D.C.
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Old 01-05-2020, 05:44 PM   #3
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Kinda make you wonder what they do for sailors"
USN?
Merchant Marine?
Cruise Ship?

All living onboard ship with no "residence".

Or Airmen and Soldiers living in barracks stateside or deployed?

Do they accept APO and FPO addresses as residences?

The financial verification portion of the Patriot act is supposed to aide in verifying your identity and where you live. Seems like using a friend's or relative's address as your address is kind of deceiving as you don't live there.

Our gubermint at work.
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Old 01-05-2020, 06:40 PM   #4
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Quote:
Originally Posted by peppies View Post
Does anyone have a solution to this (other than trying to find another brokerage)

Check into a commercial RV/mobile home park until your account is approved.
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Old 01-05-2020, 07:44 PM   #5
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Quote:
Originally Posted by peppies View Post
In addition, I do not have any friends or family in South Dakota either.
Nothing in the law requires that the address you provide has to be in the State in which you are domiciled. All you need is the address of a relative or friend through which you can be contacted. That address doesn't have to become the mailing address for the account nor does it have to even be the legal address for it.

Unfortunately, many customer service personnel are poorly trained in this issue and you may have to escalate the matter to a supervisor or call back so you can speak with another agent.
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Old 01-05-2020, 08:01 PM   #6
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All you need is the address of a relative or friend through which you can be contacted.
Any ideas on what to do if I don't have any relatives or friends?
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Old 01-05-2020, 08:23 PM   #7
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Originally Posted by peppies View Post
Any ideas on what to do if I don't have any relatives or friends?
Off the top of my head I can think of two possibilities.

1.Purchase a small piece of property to which mail delivery is possible, regardless of whether or not you choose to live there. We own a site at an "ownership RV park" that I use for this purpose. Then use USPS to forward any mail to your regular mail service.


2. Create an LLC (it doesn't have to have a real business purpose). You will need a registered agent for the LLC in the State in which the LLC is registered and you can use that address for this purpose. This will cost some money each year for the agent's fee, but it's better than nothing IMO.
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Old 01-06-2020, 01:54 AM   #8
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Quote:
Originally Posted by peppies View Post
Does anyone have a solution to this (other than trying to find another brokerage)? Is there some kind of "trusted friend" service similar to DakotaPost, where you can simply hire a "trusted friend" in order to utilize a "residential address" for this bank account purpose?

Thanks
Rent a house for a month. Transfer utilities in your name for that month. Park the RV in the driveway. Use that address and electric bill. Get the account set up, then continue on your travels.


Or use photoshop and a friend or relative's bill to change the address to whatever you want it to be and use that fake address.


Or get a receipt from a campground and use that address. They even listed "rental receipt" as proof.



They seem to be telling you to lie to them, so do it.
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Old 01-08-2020, 10:17 PM   #9
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Have you discussed this with Dakota Post?
We have brokerage accounts in a couple of states and have had zero problem using DP as our address.
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Old 01-08-2020, 11:11 PM   #10
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Originally Posted by peppies View Post
Any ideas on what to do if I don't have any relatives or friends?
You just need a "contact" with a residential address for the Customer Identification Program. See the bottom right column on page 480 of Patriot Act's Anti-Money Laundering Programs . . .

(ii) For an individual who does not have a residential or business street address, an Army Post Office (APO) or Fleet Post Office (FPO) box number, or the residential or business street address of next of kin or of another contact individual

If the Fidelity CSR cannot help with this, ask to speak to someone in their Compliance Department -- make sure you have your contact's info before calling.
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Old 01-08-2020, 11:39 PM   #11
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Any ideas on what to do if I don't have any relatives or friends?
Pay somebody to be your friend?

Hey wait! New business idea for full time RVers:

Rent-A-Friend.

Coming soon to Shark Tank
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Old 01-09-2020, 09:30 AM   #12
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We use Myhoueaddressinc.com in Emery, SD, which provides a street address. We have not had any problems with bank, or brokerage accounts with using their address with a Box number.
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Old 01-09-2020, 09:35 AM   #13
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We use Myhoueaddressinc.com in Emery, SD, which provides a street address. We have not had any problems with bank, or brokerage accounts with using their address with a Box number.
Did you mean:

My Home Address, INC
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Old 01-09-2020, 10:46 AM   #14
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Just went through this with our bank - whom I do not blame for this mess. The Patriot Act has caused this issue.

The bank and our postal service both recommended the same fix - use a relative's address. So - we used our son's to open the one account we needed - the account's physical address is our son's address. The mailing address remains our postal service - and we instructed the bank to communicate any and all correspondence by e-mail and website.

BTW: the physical mailing address on all of our other long-existing accounts remains the postal service.
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