nicknpick
Chicago Burbs
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Joined: 10/03/2008
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We would like to change our residency to South Dakota, and have a few questions.
Most people suggest cutting all ties with your old state of residency, but what if this is not possible?
We have credit cards at two different banks that will only allow us to keep the cards if we have an open account. Both banks require only $5.00 to keep the savings accounts open. We plan on opening a bank account in South Dakota to use as our primary. Closing these two credit card accounts is not an option, as we are both young, and these cards are our longest lines of open credit.
So the bottom line is do any of you think it will be a problem to have two open savings accounts in IL, while SD residents, with about $5 in them? We would change both accounts to reflect our new address is South Dakota.
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Larry & Linda
Lansing MI/????
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We retained our MI bank account when we switched to SD and have had no problems. We have since opened accounts in three different banks in different states. Just pick a bank that has multi state branches or in our case we do everything by internet.
Larry
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DianneOK
Donnelly, ID
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We did the same as you and in addition opened and account at a CU in Sioux Falls. We got creditcards thru them and eventually closed the ones in our former banks. We did leave one account with my IRA open with a $5 savings acct. It worked well with no problems. As far as accts in 2 states...we have accts in three and no problems. We pay income tax on those accts for the interest we earn.
Why do you need 2 long lines of credit? I suggest closing them as soon as possible. Don't hit the road with debt. Are you planning on fulltiming?
Dianne
Donnelly, ID
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avan
Sioux Falls, SD & Livingston,TX
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We still bank with the bank we had in the early 70's. We have had many moves from state to state since then but since the bank has kept up with the times and has online banking/bill pay, ATM cards etc., we see no need to change banks. Haven't been inside a bank in decades. Didn't need to change banks to establish residency for stix & brix, why do it to establish residency on wheels? Our bank now has branches in several states and it is (as are many many banks) now a Delaware corporation. The fact that it has changed it's domicile state to Delaware and is now a multistate operation doesn't affect me any more than my changing states affected it. If your bank had to be in the community in which one lives in order for a person to prove his/her domicile, how on earth could online banks survive? IMO, 'domicile cops' couldn't use your banking connections as probably cause in any way. D/L, ins., vehicle and title registration would be far more persuasive. No need to be paranoid.
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Norm Payne
Livingston, TX
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Before we retired we lived in Kentucky and had banking accounts in two other states. Our domicile since 1999 has been Texas and we still have those accounts in other states. Our bank statements (online), credit and debit cards all show our Texas address as does our checks.
In this day of internet banking and having banks that cross state lines, it makes no difference where you bank.
Norm
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chiefcramer
USA Somewhere
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DianneOK wrote:
Why do you need 2 long lines of credit? I suggest closing them as soon as possible. Don't hit the road with debt. Are you planning on fulltiming?
I think they meant that they have two accounts that have been open for a long time - not that they have any balance on them. Credit advisors will tell you that closing your accounts that have been open the longest can shortened your credit history especially if you are young.
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elh0146
Sioux Falls, SD
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If your banks are national banks, I wouldn't worry about making the change to a new bank...just change the address with your current banks.
We "bank" with Fidelity Investments and have had the account long before we started fulltiming and didn't make any changes (other than address change) when we went fulltiming.
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Nascarcruzin
Home is where the RV is parked.
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We stayed with Wachovia, but rarely need to go to a bank. We do most everything on-line. I guess, Wachovia will be Well Fargo, soon, doesn't matter.
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WTTCS
freedom , U.S.A.
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I have worked and lived in most of the states over the years. But 30 years ago, I joined a small local bank and over the years I have stayed with them.
I have also open accounts in every state I worked in and used them while there and closed them when I left, BUT, I still keep my old bank . They like me and I like them. They have the normal ccs and are good everywhere. I get what I want from them and they appreciate my dedication to them, as I do them to us. In todays world, I think that is rare, but it sure works for me.
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nicknpick
Chicago Burbs
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chiefcramer wrote:DianneOK wrote:
Why do you need 2 long lines of credit? I suggest closing them as soon as possible. Don't hit the road with debt. Are you planning on fulltiming?
I think they meant that they have two accounts that have been open for a long time - not that they have any balance on them. Credit advisors will tell you that closing your accounts that have been open the longest can shortened your credit history especially if you are young.
Excatly! We are only 27, and have had both cc since around 18. We do not carry a balance, and closings lines of credit will lower your credit score.
Thanks for all the replies. I guess we're being a little paranoid. Both banks are local type banks. We'll just change our address with our current bank, and that should do the trick.
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