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One thought on “Why Banks Demand Home Address — and Is It Unconstitutional?”
I call this stock home syndrome. It is a disease of surveilance capitalism, wherein privacy is stolen from law abiding citizens in the name of stopping criminals.
Practically: many brokerages do require a residential address to open an account because of identity verification, tax reporting (e.g., IRS/other tax authorities), and anti-money-laundering (AML/KYC) regulations. If you want to avoid giving a home address, options include using a P.O. box only where allowed (many brokers won’t accept it), using a mailing address separate from your residential address, or opening an account through an entity (LLC/trust) — each has legal/tax implications. Contact prospective brokers to confirm accepted address types and consider consulting a tax or legal advisor for your situation.
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I call this stock home syndrome. It is a disease of surveilance capitalism, wherein privacy is stolen from law abiding citizens in the name of stopping criminals.
Practically: many brokerages do require a residential address to open an account because of identity verification, tax reporting (e.g., IRS/other tax authorities), and anti-money-laundering (AML/KYC) regulations. If you want to avoid giving a home address, options include using a P.O. box only where allowed (many brokers won’t accept it), using a mailing address separate from your residential address, or opening an account through an entity (LLC/trust) — each has legal/tax implications. Contact prospective brokers to confirm accepted address types and consider consulting a tax or legal advisor for your situation.