We have been full-time RVers now for 2 years and utilize Escapees address and mail forwarding services in Livingston, Texas. This address has sufficed for Vanguard, Fidelity, Chase Bank, and our federal income taxes. We have spent the last month trying to open a Charles Schwab brokerage account so we could use it to open a Schwab bank account, which is highly recommended for international travel as you don't have to pay currency conversion fees. We have run this pretty high up the flagpole and authorized them to run a credit check, which should convince them that they want us (and the other 250,000 full-time RVers) as customers. But they want a utility bill with our name and a street address and have refused to yield. Can anyone offer any advice?

This is common with only Charles Schwab. It's 'their' rule no one elses.

Stick to Vanguard. Use any bank like Cap One that doesn't charge transaction fees. Transfer from Vanguard to banks works well.Why persist with a company that doesn't want your business?

obgraham wrote:Stick to Vanguard. Use any bank like Cap One that doesn't charge transaction fees. Transfer from Vanguard to banks works well.Why persist with a company that doesn't want your business?X2 Again, they don't want your business so go elsewhere.

Why fight to give them your money when they don't want it?For that matter, you already have Vanguard and Fidelity, why do you want a third company to deal with? I'd eliminate one of the two you're already using so you're only dealing with one.I use and recommend Fidelity. One reason I was happy to retire was so I no longer have to use E*TRADE, their hold times were horrendous. I rolled that account into Fidelity.Bill

Scottrade is on line and has offices throughout U.S. I dumped Schwab years ago. Many just on line discount brokers. All of them are better and cheaper than Schwab.

Charles Schwab won't let us open an account | Good Sam Community

19 Replies

GoPackGo
Explorer
Sep 05, 2014
"For an individual who does not have a residential or business street address"

I believe Escapees provides you with a 'residential street address' so that argument doesn't hold water.

I full time and use a different mail service in Florida. I have a for real, no kidding residential address through them. Now if all you had was a PO box number, then I could see where that might be a problem.

This situation with Charles Schwab has been brought up before so you might want to do a search to see if there is a resolution.

Tim
TechWriter
Explorer
Sep 05, 2014
mikesump wrote:
We have been full-time RVers now for 2 years and utilize Escapees address and mail forwarding services in Livingston, Texas. This address has sufficed for Vanguard, Fidelity, Chase Bank, and our federal income taxes. We have spent the last month trying to open a Charles Schwab brokerage account so we could use it to open a Schwab bank account, which is highly recommended for international travel as you don't have to pay currency conversion fees.

We have run this pretty high up the flagpole and authorized them to run a credit check, which should convince them that they want us (and the other 250,000 full-time RVers) as customers. But they want a utility bill with our name and a street address and have refused to yield.

Can anyone offer any advice?

It's the CIP (Customer Identification Program) rule (31 C.F.R. 103.121), which is the regulation implementing Section 326 of the USA PATRIOT Act that requires a financial institution to get the following customer information (bottom of page 480 from PDF above):

(1) Name;
(2) Date of birth, for an individual;
(3) Address, which shall be:
(i) For an individual, a residential or business street address;
(ii) For an individual who does not have a residential or business street address, an Army Post Office (APO) or Fleet Post Office (FPO) box number, or the residential or business street address of next of kin or of another contact individual;

While knowing all this might not get you anywhere with your brokerage, it might be worth a try if you don't mind using a relative's address.
Rollnhome
Explorer
Sep 05, 2014
I like "two buck chuck" but I just pay cash, no real need for an account.
.....Oh Schwab....not Shaw...never mind.
ScottG
Nomad
Sep 05, 2014
We use Waterhouse. Easy on-line account info and manipulation.
WyoTraveler
Explorer
Sep 05, 2014
Scottrade is on line and has offices throughout U.S. I dumped Schwab years ago. Many just on line discount brokers. All of them are better and cheaper than Schwab.
Trackrig
Explorer II
Sep 05, 2014
Why fight to give them your money when they don't want it?

For that matter, you already have Vanguard and Fidelity, why do you want a third company to deal with? I'd eliminate one of the two you're already using so you're only dealing with one.

I use and recommend Fidelity. One reason I was happy to retire was so I no longer have to use E*TRADE, their hold times were horrendous. I rolled that account into Fidelity.

Bill
Fishinghat
Explorer II
Sep 05, 2014
obgraham wrote:
Stick to Vanguard. Use any bank like Cap One that doesn't charge transaction fees. Transfer from Vanguard to banks works well.

Why persist with a company that doesn't want your business?

X2

Again, they don't want your business so go elsewhere.
obgraham
Explorer
Sep 05, 2014
Stick to Vanguard. Use any bank like Cap One that doesn't charge transaction fees. Transfer from Vanguard to banks works well.

Why persist with a company that doesn't want your business?
2gypsies1
Explorer III
Sep 05, 2014
This is common with only Charles Schwab. It's 'their' rule no one elses.

Forum Discussion

Charles Schwab won't let us open an account

19 Replies

About Full Time RVers

Related Content

Patriot Act - Charles Schwab

Les Schwab Matrix STR

The Accountant

Upgrade Account

Escow accounts??