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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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You new Charles Schwab account holders.......
I have a question. Has anyone opened a NEW account (not added on a account to an existing Schwab account) with Schwab, using only a private mail box
as your address?
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Mula
Super Nomad
Posts: 1656
Registered: 8-16-2011
Location: San Nicolas y Lopez Mateos
Member Is Offline
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A couple 3 years ago or so we did and had to provide a street address, too. Used my son's.
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monoloco
Elite Nomad
Posts: 6667
Registered: 7-13-2009
Location: Pescadero BCS
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Does any bank allow you to open an account without a physical address?
"The future ain't what it used to be"
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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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| Quote: | Originally posted by monoloco
Does any bank allow you to open an account without a physical address? |
Maybe not, since the Patriot Act.
But I'm asking, since there are many persons with South Dakota plates and driver's licenses that dont have a physical address and I assume have bank
accounts. It's not that dumb of a question.
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weebray
Super Nomad
Posts: 1094
Registered: 7-19-2010
Location: La Paz
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Mood: lleno
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According to a friend that works for Wells Fargo you have to have an address in the US, verified by a legal document such as a tax bill, utilities
bill, rent rec't, etc. At least where she works that's what is required. Not sure if they would accept something like an envelope addressed to you.
I really believe that since the patriot act they have tightened the screws. Recently we had to return from the Baja to our rural post office in n.
calif. and prove our identity for a PO box we have had for 34 years. It's a very small town and two very close friends work there. We also were
unable to renew our DL's without a physical address. Again we have had DL's for over 30 years only associated with our PO box. Why don't you call
Schwab and ask them. We never have to wait for someone to answer the phone.
[Edited on 12-19-2013 by weebray]
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
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Just finished opening a Schwab broker and related checking account. They insisted on a physical address in addition to my PO Box. The rep at the
Schwab office said the whole thing would take 5 business days. I started the process on Dec 5th, but the process wasn't completed until the 17th and
I still haven't received my ATM card yet. Got everything else done, e.g. money trf from brokerage account to checking account, set up online access
with username and password, online interbank transfer capability between BofA and Schwab brokerage or checking accounts.
Phone support and office rep were all very capable, efficient, competent and professional. One thing that bugged me, though, was that they checked my
credit with one of the three credit reporting agencies and they did not ask my permission nor was it mentioned in the paperwork. I believe, according
to law, anyone checking your credit with an agency is supposed to ask your permission first. I have my credit locked, so, I had to temporarily unlock
it. Got it all done.
Now, on to Baja to verify that there will be no transaction fees nor any ATM access fees.
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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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What documentation did they ask for to verify your physical address?
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
Member Is Offline
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| Quote: | Originally posted by Hook
What documentation did they ask for to verify your physical address? |
Answer: None, they took my word for it. The only ID I provided was my driver's license, my auto ins card, and a voided BofA check specifically for
transfer info. Both my driver's license and the cancelled/voided BofA check reflected only my PO Box address. The ins card had no address on it.
I don't know for sure, but, my wife was with me and when she is with me, my credibility is greatly increased. My wife is one of those people who just
looks honest, trustworthy, absolutely socially acceptable, legitimate, and genuinely empathetic. It's all true and actual, as well. We get so many
freebies and "passes" when she is with me. Get this, she has never had a traffic ticket.
If I had walked into that Schwab office alone, I personally have no doubt that I would have had to wait an additional half hour, provide a passport,
utility bills, 3 personal references, medical records, birth certificate, and a plain paper envelope with an undisclosed amount of cash slipped in on
top of the application forms.
The immediately preceding two paragraphs may be an exaggeration, but that's how things seem to me.
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captkw
Ultra Nomad
Posts: 3850
Registered: 10-19-2010
Location: el charro b.c.s.
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Mood: new dog/missing the old 1
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YOUR PAPERS PLEEEEZE !!
FUNNY,,,folk's in the US think that they live Free !! Get A Grip!!
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LaTijereta
Super Nomad
Posts: 1192
Registered: 8-27-2003
Location: Loreto
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I have just finished setting up the account..All on-line from the house in O-side.. Filled out the pdf form and mailed it in with a void check to set
up easy transfers from BofA (3 working days to complete).. Working very good..Just be sure to use the "money-link" with Schwab to move the money, as
BofA will charge a fee to move the money from their end to Schwab..
Democracy is like two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote.
Ben Franklin (1759)
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willardguy
Elite Nomad
Posts: 6451
Registered: 9-19-2009
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well I totally screwed myself by being an idiot(again). I used a virtual ip address to create my new account but neglected to when signing up for
money link, huge red flag! now my only option is to show up in person at a branch. soooo, dont make the same mistake! 
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weebray
Super Nomad
Posts: 1094
Registered: 7-19-2010
Location: La Paz
Member Is Offline
Mood: lleno
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I think you all are doing the right thing. Ever since Senor Schwab "unretired" and took back control of his company it has been a beacon in the sea
of banking fog for us. I urge more of you to vote with your pocketbook and dump B of A.
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weebray
Super Nomad
Posts: 1094
Registered: 7-19-2010
Location: La Paz
Member Is Offline
Mood: lleno
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It appears that if are living in "the land of the free" in your motorhome, or on your boat, or simply camping where you please, you need not apply for
a bank account.
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
Member Is Offline
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| Quote: | Originally posted by Hook
I have a question. Has anyone opened a NEW account (not added on a account to an existing Schwab account) with Schwab, using only a private mail box
as your address? |
Never had a problem with our South Dakota PMB address.
Haven't done a Schwab application but got a new credit card recently and the online application fussed a little about the structure of the our SD
mail service address which is our US domicile address.
Instead of the "5220 E Apple st Ste 250-xxx" I eliminated the dash between the suite number of the mail service and our PBM. That solved the problem.
So they have "5220 E Apple St Ste 250555". They didn't ask for any ID verification such as Driver's licenses for the credit card. Our SD driver's
licenses do say "PBM" on the address but that has never been a problem with financial or other institutions.
[Edited on 12-21-2013 by oladulce]
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oxxo
Banned
Posts: 2347
Registered: 5-17-2006
Location: Wherever I am, I'm there
Member Is Offline
Mood: If I was feeling any better, I'd be twins!
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Received our Schwab banking checks and ATM cards yesterday in the mail at my California mailing address (US post box). Since it is a joint account,
we could not apply on-line, so we sent everything in by mail. The whole process took a little less than two weeks. Although neither Schwab nor BofA
are our primary banking choice, we will keep both of those accounts active since neither charges us any monthly banking fees. We transfer money
on-line from our primary bank to either Schwab or BofA as needed. We will begin using the Schwab ATM card in Mexico to avoid any possible ATM charges
once we return.
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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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I am having LOTS of problems with different financial institutions with only a PMB. Sounds like Schwab is the same.
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hookemup
Junior Nomad
Posts: 63
Registered: 9-2-2006
Location: pac nw/ cabo pulmo
Member Is Offline
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Just a tip about Schwab and ATM fees.They have always reversed the fees in places as far flung as Tonga and Hong Kong. But a while ago I noticed that
the fees from Bancomer were not. They also were about double Banamex. I had receipts for about a year and Schwab checked it out and reversed the fees.
They said the problem was the way fees from Bancomer were listed.They looked the same to me on the receipts. I don't normally check things like ATM
fees but Schwab was good for it. In the past they also have made good on no pesos coming out of an ATM. THAT, I do notice,I'm not that old. Customer
for 30 + years. B of A service not even close.
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
Member Is Offline
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| Quote: | Originally posted by Hook
I am having LOTS of problems with different financial institutions with only a PMB. Sounds like Schwab is the same. |
What kind of problems Hook? Online applications or paper? Do you write "PMB" in your address or another structure? Maybe I've been lucky so far.
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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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They ask if our address is a PMB and we are honest about it. It is. The address we use has a street address followed by a "suite" XXX-XXX for the box
number. That has closed the door for a couple institutions. I'm not necessarily talking about banking accounts but brokerage/investment accounts, too.
I dont want to lie about the PMB........but I dont think it will matter if I did, anyway. Upon retiring and selling our only property in the US, I
wanted to take some cash and spread it around in other institutions besides our existing brokerage/bank accounts. We got refused by Fidelity and
Zion's Bank due to the Patriot Act. in both cases, we didnt offer the information that it is not a residence, but they had software that knew it
wasnt. It's a UPS store.
[Edited on 12-23-2013 by Hook]
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tjsue
Senior Nomad
Posts: 520
Registered: 4-12-2013
Location: San Diego
Member Is Offline
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I also have a PMB. However, I don't use the word "Suite." I use the # sign, and it's regarded as an apartment number. If I used the word Suite, it
would be "Suite A."
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