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Mail forwarding = frozen bank account.

Marine Insurance/Health Insurance/Banking/Bill Paying/Taxes

Mail forwarding = frozen bank account.

by douglasoliver » Thu Dec 14, 2017 8:13 am

The day before leaving for a 5 month trip to the Bahamas I have been contacted by my investment advisor that my account has been frozen due to not having a physical address. I have been using St Brendons Isle for the past couple of years. With some on line research I found where this is a Patriot Act thing that went in to effect in 2016. Has anyone run into this and found a work around?
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Re: Mail forwarding = frozen bank account.

by Scott Berg » Mon Dec 18, 2017 4:29 pm

not here; I'd hope your advisor would be much more proactive on your behalf. Many of us use SBI for our domicile as we cruise.
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Re: Mail forwarding = frozen bank account.

by danasims » Mon Jan 29, 2018 3:12 pm

Haven't run into this yet but expect it. Right now we're using our old address with a mail forward on it to a PO box. We haven't set sail yet - but plan to in the next month or so. For things like banks and credit cards we will likely change our address to a relative's and use their paperless option.
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Re: Mail forwarding = frozen bank account.

by hellosailor » Wed Jun 06, 2018 3:15 pm

The SBI "I live in a box, really I do" kludge has to run out sooner or later. Florida loves it, because it is a money maker for a local business. But in terms of domestic terrorism, excuse me, domestic insecurity, it just isn't a residence and everyone knows that. With all the banking reforms (some of which were recently repealed or loosened) the financial firms are going nuts anyway. They FREQUENTLY ignore state laws and create requirements of their own, in the interests of making their business simpler or more profitable. Even the NYTimes and WSJ have run articles asking how the financial houses manage to violate state regulations for power of attorney and other rules, repeatedly and blatantly.

I recently asked a brokerage to make a direct charitable disbursement, which they did last year, and which is perfectly legal and proper as required by the IRS. They said no, they no longer will do that, period. Fine by me, the answer is to change brokerages to one that deals in customer service.

I would suggest that you speak to a manager at your investment house, and let them know that if they can't deal with SBI, which is well established and recognized by their state, that you will take the account elsewhere. Even a US passport has NO RESIDENCE printed or stated on it. You don't need one to be a citizen. If you have to threaten court action to get the account disbursed to you, or re-opened, just remind them, they'll be paying court costs, attorneys fees, damages, and, oh yes, they'll be on the front page of the B section in the Wall Street Journal. Very good for business, but if that's what they want, be a good fellow and give it to them.
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