Question re: Bank Accounts and PO Address!!

Re: late night Q&A -

The question was raised about using the address of the PO where one has a box at for their physical mailing address, and the answer was yes. But to also close out accounts with our physical address and go to another big 4 bank and open new account with PO address as physical address.

HERE'S MY QUESTION! Ok, as usual, I have more than one! sorry.

What if there is NOT another big 4 bank in your area?????? Do you still close out those accounts and then reopen new ones at the same bank or would it be better to at least go to a smaller individual bank????

And if that is the case, if a person has recently gotten a new driver's license then should they just get a passport, or picture id with the PO address or just start over and get a new license with PO address and then set up new accounts????????????

Thanks ahead of time!

Herb Lady.

Herb Lady, here is my opinion, for what it's worth.

I do not think that it is imperative that it be a "Big 4" bank, as long as it is FDIC insured. As long as the bank is backed by FDIC, and has non-interest bearing checking accounts, those non-interest bearing checking accounts are insured for their full amounts through December 31, 2012. The bigger the bank, the better chance that it is not going to fail, IMHO.

As far as moving your accounts to somewhere that you are not known, I plan to continue using my existing checking account for "walking around money." I will keep the balance relatively small. The bulk of the remainder will be divided into several other accounts for businesses and personal use in other banks where I am not known at this time.

As far as the driver's license, I would probably get a new one with your new physical address on it. The address will look something like this: 1234 N. Broadway # 404. I won't put "Apt #", or especially "Box #" on it. That is the address that I would use on the bank accounts, too.

This is just my opinions, hope they help.

If you have a friend with a business close to your home, you may consider using their business address for your physical location, instead of the post office and box number as Cardiac suggested (which is also a good alternative, as each post office does have a physical street address).

Hehe ... don't even have one big 4 bank in our area. Closest one is 1 1/2 hours away and it's just a small branch.

Thanks Cardiac99 and 7freemom! That helps alot!

Oh good Kevin53, I'm not the only one because what we have around here is just a small branch! And that small branch is 30 minutes away! Would still have to drive 1 1/2 hours or more to get to a big 4 to take care of business!

Ok, I just called 2 of the local PO in separate towns and they both say that using an address of the PO where box is located for physical mailing address IS FOR PARCELS ONLY!!! CAN NOT use for address on an ID!!

Have you got a Mailboxes, etc. or something like that near you? Just somewhere besides your house that you can recieve mail.

I think that there is a ups store in the next town, would that work?

If they are one of those that rents p.o. boxes where you can recieve mail it will.

Ok, just called ups store - they said to call DMV. Called the License Bureau, they said NO - has to be your actual physical address!!!

Now, if something has changed and what they were saying last night is true, then these people have not gotten that memo!

therealbutterfly, that could very well be true!

therealbutterfly wrote:I think that the gurus have scared people too much over this stuff. Who are you hiding from? Remember that even Steve Jobs didnt hide, lived in a normal neighborhood, and didnt even have a gated home. I think this whole, use someone elses address stuff is overkill. JMHO

I agree!

therealbutterfly wrote:I think that the gurus have scared people too much over this stuff. Who are you hiding from? Remember that even Steve Jobs didnt hide, lived in a normal neighborhood, and didnt even have a gated home. I think this whole, use someone elses address stuff is overkill. JMHO

Agree TRB. I know quite a few wealthy people and not one of them lives in hiding. I'll agree to be careful, but IMO people are being advised to live paranoid. Pay your taxes, be a good person, and don't boast about (or) put yourself on display and you will be fine.. Seek out the professional advice you'll need (tax consultants, attorney/trusts, asset managment), and live happily ever after.

Go RI/RV..

Hey, sandwedge, so no Lambo?

PALMER01 wrote:Hey, sandwedge, so no Lambo?

Hey, if that's what'll rock your boat, then by all means. CYA, and enjoy your toys. My point is simply, "don't live paranoid". As long as you have your assets protected, pay your taxes, and respect others, you'll be in great shape.

Go RI/RV..