Banking and other transactions?

[ganchan]

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.

[honda03842]

I'm a member of Escapees, see Escapees.com. One of the benefits of membership is a legal address in Texas. Go to Escapees.com to see all the benefits.

They have about 200,000 members, a high percentage fulltimers. It's a significant membership and many businesses provide them with services and discounts. Besides a legal address they can also, for a fee, provide postal services. They have a legal post office and their own zip code. Generally our mail is forwarded to the Escapee post office or sent directly to the Escapee post office. When we want our mail it is sent to a location of our choice, usually to General Delivery to a town of our choice.

As to banking and the like. We've been traveling for 14 years and have used Bank of America. One real benefit is that they are everywhere.

We pay all our bills online through Bank of America. We get very few paper bills.

The Escapees have an excellent forum covering virtually every fulltimer topic.

[ganchan]

Thanks, I will definitely look into Escapees and other similar associations.

I'm currently with Chase Bank, which is pretty widespread but not quite everywhere (I didn't see any in Albuquerque last time I was there, for example).

[Ken C]

Within this video and the links below it are good domicile info
http://youtu.be/e51hLpdR8vA

[mary and bob]

As to banking and the like. We've been traveling for 14 years and have used Bank of America. One real benefit is that they are everywhere.


[/QUOTE] (by Norm)

We had Bank of America in our town until a year ago when they sold it out along with several other locations nearby. Put most of my money in another local bank but still have a checking account and credit card with BOA. When we travel we call them and let them know to avoid any issues with our credit card being out of our normal area. Sold my BOA stock last year because of steadily declining value.

[Ron Merritt]

I have found it useful to have two checking accounts with the large national type banks. I'm using Chase and Bank of America. The secret to avoiding all their fees and hassles is to keep large balances.

With the online features of these accounts, it's easy to pass money back and forth between them. I write very, very few checks each year, as most of my transactions are debit card, automatic draft, or using the bill pay service. But when I've had to use a check, having it on a big bank means easy acceptance - never had a refusal on a BOA check when out of state.

Another thing to consider is instead of needing to find a branch and their ATM's to get cash withdrawals, you can always get "cash back" at grocery stores and Walmart and such places for free when you are shopping with your debit card. Couple hundred dollars at a time is no big deal.

[JudyG]

I don't have a huge amount of cash and I don't pay any extra fees. My bank is a fairly small local one with connections to a natl bank that accepts my atm card without charge. I know how much cash I spend each month and keep that amount handy.

I use checks only for campgrounds and put nearly everything else on my credit card which I can pay online.

Since there is very little paper mail I care about, one of my kids agreed to be my mail drop. As needed, they will send it to general delivery at a post office. I've even had repair work done & sent to general delivery.

For me, biggest problem is getting my vehicle tabs in a timely manner. I've found that returning to my registration state and getting them in person is still easiest.

[honda03842]

Our first year we used a relative to forward our mail about once a month. After a year we decided bot to do that, considering that being a mail forwarder for now 14 years would be unfair.

As an aside, many of our friends find it necessary to return home for the big holidays. We only did this our first year.

Sometimes I think people go home for the holidays because they feel guilty. We have come to feel that holiday visits are not the best time for togetherness, everyone is too busy, being pulled in multiple directions. Simply there are other more effective ways to visit.

[FRED SMAILES]

Originally Posted by ganchan

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.

Why not talk to our bank?

[Jon Vermilye]

My local bank does on line bill paying that works most of the bills I get on line. There are a few organizations that make it difficult - for example, our local hospital insists on a different account number for each bill. Since the on line bill paying uses the account number as part of the identification, I need to start a new account for each bill. Thankfully, they just started a on line bill pay using a credit card.

One thing I've found helpful - if you don't have mail forwarding because you are always on the move (like me) but have someone at home that can open anything that looks important, one solution is to have them photograph the item & email it as an attachment to you. This worked for my SS W2, and my bank interest statements, letting me do my taxes on line.

[Monica M]

I use a Walmart money card. It works like a visa and my checks can be direct deposited there as well. Walmarts are everywhere and using the ATM in a Walmart is free with this card. You can use it just like a debit card. No fees at all if you have direct deposit or keep $1000 dollars on it. Monthly fee if not, $3. No other fees unless you use an ATM not attached to Walmart, but those fees are unavoidable no matter what bank you use.

[mary and bob]

[QUOTE=Monica M; but those fees are unavoidable no matter what bank you use.[/QUOTE]

Our bank reimburses us any ATM fees when we use one that is not theirs.

[cpaharley2008]

Norm,
What state do you register your vehicle and license in?

[Monica M]

Originally Posted by mary and bob

Our bank reimburses us any ATM fees when we use one that is not theirs.

Nice!

[honda03842]

Originally Posted by cpaharley2008

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.

[cpaharley2008]

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.

[honda03842]

Originally Posted by cpaharley2008

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.

[mary and bob]

Norm, does NH have those excise taxes where they tax you on vehicles and such?

[Jon Vermilye]

Originally Posted by mary and bob

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.

[honda03842]

Originally Posted by mary and bob

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.