Banking and other transactions? - Page 2 - Fiberglass RV


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Old 03-24-2015, 03:44 PM   #15
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Norm,
What state do you register your vehicle and license in?
Jim,

Presently we register our car in NH. Next year we will register our vehicles in FL. We presently have the legal right to register in NH, FL and TX. IN TX because we have a legal address because we're Escapees. A right that the Escapees fought for to give full timers a legal address for numerous reasons. IN NH because we own a home there and have for 25 years though we haven't spent 6 months there in 15 years. Lastly in FL because we just bought a home in FL.

We plan to sell our NH address this summer. Escapees is forever for us.

AS to banking we use Bank of America for most things since they are virtually everywhere we travel. We also have an account in Wauchula for local money and a credit union in NH. The credit union credits all bank charges.
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Old 03-24-2015, 04:02 PM   #16
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That was my point. For state tax purposes they would look for real and personal property within the state as well as license and voter registration. Mail forwarding is just a convenience not proof of residency. For federal it is irrelevant where you reside but for states it has become a delicate matter. Most states will issue an exemption if you can document you were absent a required time period via receipts. With the rise of internet financial transactions, most states are scrambling to collect sales and income taxes. I even heard of some trying to collect sales tax on purchases made in an airplane flying over the airspace. But that became too cumbersome to enforce. For estate taxes it will more than likely be where you will be interred.
All of these issues are a result of modern day travel and the ease with which we can go from point A to point B without passports nor any papers. The american way.
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Old 03-24-2015, 04:08 PM   #17
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That was my point, your address for state tax purposes will most likely be where you own property, such as real and personal as well as vote and license. Mail forwarding is a convenience but most states would look to other things to determine. If you can show you are absent via receipts a majority of time, most states will allow an exemption. For federal it's irrelevant but for states it can become a delicate matter. With the rise of internet financial transactions states are scrambling to collect sales and income taxes. I've heard of some states trying to collect sales tax on drinks consumed in airplanes while crossing the airspace!! That became too cumbersome for enforcement.
Jim,

We have used NH since we began traveling and soon it will be FL. Of course our present home state, NH, does not have a sales tax collection problem, NH doesn't have a sales tax, a savings of about (1500 to 3000 depending on your state). NH also don't have an income tax collection problem, NH does not collect income tax.

NH is amazing with a per capita tax 'burden' half of neighboring states.

As to FL it doesn't seem to be critical, they have a sales tax, which we pay when here though our history has been to buy significant purchases in NH.
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Old 03-24-2015, 05:12 PM   #18
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Norm, does NH have those excise taxes where they tax you on vehicles and such?
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Old 03-24-2015, 05:20 PM   #19
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Our bank reimburses us any ATM fees when we use one that is not theirs.
So does Capital One. They pay .2% interest on their checking account & 1.25% cash back on credit card purchases. Another thing I like about the credit card it no transaction fee for Canadian purchases. HSBC (a "World Bank" wanted to charge a fee of 2% on all Canadian purchases). Excellent customer service (and not from India!)

While they also have on line bill paying, I still use my local bank for that.
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Old 03-24-2015, 05:58 PM   #20
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Norm, does NH have those excise taxes where they tax you on vehicles and such?
NH does not have an excise tax.

NH does have a 5% tax on interest and dividends, a tax that barely effects the average person.

NH is a state of 1 million people and the largest number of state legislators in the nation, Legislators are only paid $200 a year.
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Old 03-24-2015, 06:35 PM   #21
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I'm planning on full-timing within the next couple of years, and I'm wondering how I'll handle bank transactions, etc. Obviously online banking, PayPal, etc. can solve most of the money transfer issues, and I can go paperless on most of my bill payments. But is my bank likely to insist on a physical address. If so, will providing them with a domicile-service address do the trick?

Just curious as to which institutions/creditors/insurers/etc., if any, will absolutely insists on a "for real" home address.
Of course, there are quite a few fulltimers out there and they tend to use Florida, Texas or South Dakota as their domicile because those states do not have any problem with domicile addresses as provided by a mail service. Banking, however, can in some cases be a problem and you can only try to read what some Escapees have said about that. It is not a common problem but occasionally there is a real address requirement. Don't think it can be anticipated. People have gotten around it this way or that but in some rare case change institutions.

As said, Bank of America is in most places which is why it suits fulltimers. A credit union, in addition, however, can help you in certain instances where a CU will have lower or no fees.
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Old 03-25-2015, 01:19 AM   #22
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Cool We use checks/cash

We received a letter from the AG of Oregon some years back. They found our credit card information along with others' in possession of a fellow arrested for identity theft. He worked at a hotel we stayed at. They didn't think that he used our information but we still had to change all our accounts. So we don't use credit nor debit cards, we use checks which we cash at branches of our bank. This year we were running short in Yuma where our bank has no branches, when I got an idea. We looked up our credit union on the web and found that they had a partner CU in Yuma where we were able withdraw enough to tide us over.
When our bank wanted us to raise our credit limit from 12 to 15 K, we reduced it to 5K. Cash works for us.

I have a question about having a mailing address, like Texas: Do you have to pay income tax to those states? Washington and several other states have no income tax.
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Old 03-25-2015, 06:11 AM   #23
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"I have a question about having a mailing address, like Texas: Do you have to pay income tax to those states? Washington and several other states have no income tax."

Roger,

I only pay income tax to the Federal government. All the states we may use as our home state have no income tax. (TX, SD, Alaska, NH, WA, WY, Nevada, TN all have no income tax on ordinary income.)
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Old 03-25-2015, 06:14 AM   #24
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See #16, it is not just your mailing address, but also other items to declare a state residency.
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Old 03-25-2015, 07:13 AM   #25
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See #16, it is not just your mailing address, but also other items to declare a state residency.
People like us rarely meet the typical 6 month test for residency for any state. In the last 14 years I don't think we've been in any state for 6 months.

I know the well-known 'tax states like CA, NY, MA ... tax wealthy earners even if they work in their state only for a single day.

They generally ignore people who spend equal time (like at a convention or conference or campground or even their summer cabin).
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