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Topic starter
Hi Everyone.
I've been trying to open a Money Market Account (not a Money Market Fund) on line. I went to bankrate.com and tried more than a dozen of the institutions with the highest AYD. All absolutely required with no exceptions a street mailing address (no POB) and matching drivers license in one of the fifty states and they said the account information would be mailed to the street address with information required to complete the opening of the account. They repeatedly cited the Patriot Act as the excuse for their firm policy so I researched the relevant section of the Act and of course it says resident of the "U.S.", not "fifty states" or "excluding territories." Over the past few years it has gotten extraordinarily difficult to deal with mainland banks. I have a stateside account with a large U.S. bank but their interest rates are abysmal. If any island resident has opened on line or by telephone a stateside Money Market Account I'd love to hear the name of the accommodating bank.
Posted : July 14, 2006 11:45 pm
Hello there! I ran into a similar investment problem as companies that used to both have my money market account as well as other financial instruments basically did not have a drop down screen that would allow the USVI.
As this was important to me, I went to Merryl Lynch in Gallows Bay, STX and the problem was solved in less than an hour.
I'm sure you have mentioned on which island you live, but I do not recall. If this is of any help, they both accept walk-ins, appointments and are exceptionally efficient. After the first papers are drafted, everything can be done by mail (if you live on STT or STJ).
Best wishes,
Dan
Posted : July 15, 2006 11:32 am
Topic starter
Thanks for the recommendation Dan. I found a mainland bank with a drop down VI option but they refused to accept a P.O. Box mailing address. I'm still hoping to find a mainland bank but if not I'll give ML a try. I'm on STT but I'm fine with the mail.
Posted : July 15, 2006 6:48 pm
I don't live on island, but I recently opened an on-line savings account with HSBC, using my PO Box #. All the information was sent to me at the box.
I chose the on-line savings plan instead of the money market account because the interest rate was at least two points higher (right now it 's 5.02%, I think)
Posted : July 15, 2006 8:56 pm
Topic starter
Thanks Angela, I'll check it out!
Posted : July 15, 2006 9:33 pm