Online Brokerage Accounts
I am a full-timer with a UPS store physical address for DMV etc. This has worked fine for 2.5 years but my online brokerage company just told me I have to have a residential address and are closing m...
Forum Discussion
Per the Government CIP Rules:
Does the CIP Rule allow me to use a commercial mailbox?
Apparently this is not allowed as the only address for new accounts opened after October 1, 2003. Consumer and privacy advocates have long recommended a commercial or U.S. Post Office box as a safe alternative to an unsecured home mailbox. This point was also made in comments to the Agencies. However, the final CIP Rule retains the requirement that every new account be tied to a physical address.
A physical address is required, the Agencies say, because “…law enforcement agencies should be able to contact an individual customer at a physical location, rather than solely through a mailing address.”For customers concerned about identity theft, a better solution would have been for the Agencies to allow the financial institution to assess the necessity of obtaining a physical address.
Again, there is nothing that says your bank cannot collect a physical address, but mail your statements and other correspondence to a commercial mailbox. The CIP neither requires nor encourages a separate mailing address. A bank that is alert to its customers’ concerns about identity theft should have no objection to a separate mailing address.
Does the CIP Rule allow me to use a commercial mailbox?
Apparently this is not allowed as the only address for new accounts opened after October 1, 2003. Consumer and privacy advocates have long recommended a commercial or U.S. Post Office box as a safe alternative to an unsecured home mailbox. This point was also made in comments to the Agencies. However, the final CIP Rule retains the requirement that every new account be tied to a physical address.
A physical address is required, the Agencies say, because “…law enforcement agencies should be able to contact an individual customer at a physical location, rather than solely through a mailing address.”For customers concerned about identity theft, a better solution would have been for the Agencies to allow the financial institution to assess the necessity of obtaining a physical address.
Again, there is nothing that says your bank cannot collect a physical address, but mail your statements and other correspondence to a commercial mailbox. The CIP neither requires nor encourages a separate mailing address. A bank that is alert to its customers’ concerns about identity theft should have no objection to a separate mailing address.
