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Old 09-12-2020, 02:22 PM   #1
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Patriot Act Problem

We are currently Escapees domiciled in SD with TX mailing address. We now have IRA’s and investment accounts with Schwab subsequent to transfer from USAA. Schwab has informed us that our accounts are due to be locked since both our addresses are non-residential. Has anyone come across a work around? Schwab informs us that a residential address is required as a money laundering preventive measure by the Patriot Act. Any ideas
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Old 09-12-2020, 02:31 PM   #2
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Mike, read this below. We just went thru the same thing. USAA shut our accounts off without notice. They claim they sent an email to us . . not! At least you were notified.

https://rv-dreams.typepad.com/rvdrea...ll-timers.html
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Old 09-12-2020, 02:32 PM   #3
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WHY are you 'domiciled' in SD and using a TX Mailing Address???


Why don't you set up thru Escapees a TX domicile and Mailing Address?
Escapees in Livingston has been 'tested'
Use the same mailing address and Domicile

And I would do it SOON before your Schwab accounts are 'LOCKED"

Call Escapees and discuss the Patriot Act and their dealings
Phone: 936-327-8873


brainw8602
That is VERY Good info you posted .
Thanks!
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Old 09-12-2020, 02:37 PM   #4
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Escapees should be able to help. This is a huge part of their business.
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Old 09-12-2020, 03:18 PM   #5
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Quote:
Originally Posted by brianw8602 View Post
Mike, read this below. We just went thru the same thing. USAA shut our accounts off without notice. They claim they sent an email to us . . not! At least you were notified.

https://rv-dreams.typepad.com/rvdrea...ll-timers.html
Thanks, Brian! I think this will give Schwab’s legal guys something to start with.
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Old 09-12-2020, 03:27 PM   #6
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Quote:
Originally Posted by Old-Biscuit View Post
WHY are you 'domiciled' in SD and using a TX Mailing Address???


Why don't you set up thru Escapees a TX domicile and Mailing Address?
Escapees in Livingston has been 'tested'
Use the same mailing address and Domicile

And I would do it SOON before your Schwab accounts are 'LOCKED"

Call Escapees and discuss the Patriot Act and their dealings
Phone: 936-327-8873


brainw8602
That is VERY Good info you posted .
Thanks!
Thanks for your reply. We had established mail forwarding with Escapees a couple of years before selling the majority of our hard assets which enabled a change of domicile.

As to your other suggestions: we did all of them and were referenced to their legal representative. They were helpful with the wording for their work around but was not nearly as specific as Brian.
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Old 09-13-2020, 01:24 PM   #7
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We were able to get around the problem using St. Brendan's isle in Florida for our legal address. We have been using them for our address and mail forwarding company for 7 years or so and NO problems at all. Have our Driver's lic and voter reg through them and no problem with Ameritrade.
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Old 09-17-2020, 07:45 PM   #8
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Do not overthink this.

Get a friend or relative to give you permission to use their address.

Use that address as your “home” address-not your billing address.

Change all your statements and paperwork to electronic delivery.

Never worry about this again.

That is what I do and not a single piece of mail has ever arrived for me at that address.
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Old 09-17-2020, 08:01 PM   #9
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RE: SD domicile..
Have ALL of your "Official Mail" including ALL Banking/insurance/medicare/SS/ SD Voter registration, SD drivers lic/car reg & insurance go To the SD address.
ONLY personal mail(family.friends,magazines) should go direct to Livingston.
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Old 09-17-2020, 10:32 PM   #10
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Originally Posted by mike2346 View Post
Schwab informs us that a residential address is required as a money laundering preventive measure by the Patriot Act. Any ideas
A residential address is not required as part of the Patriot Act. However, if you don't have a residential address, the Patriot Act requires contact information (page 480, bottom right column):

(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


So get the address of another "contact" and call Schwab with this info. If you get pushback, ask to speak with someone in their Compliance Department. If none of this works, look for a different broker and specify a contact from the get go.
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