Giving a business address for a personal credit card / Patriot Act
January 9, 2014 6:11 PM Subscribe
Aside from whether I should or why I should care what address I give a credit card company or bank, I am wondering whether the Patriot Act actually does allow consumers to give companies a business street address. It appears so but I'm no legal whiz so I'm looking for some answers out there.
posted by trandolph to Law & Government (8 answers total) 2 users marked this as a favorite
In a nutshell, the Patriot Act requires financial institutions to ensure that they're dealing with a legitimate person - in doing so, they must verify
2) Date of birth, for an individual;
3) Address, which shall be:
i) For an individual, a residential or business street address . . . "
Link to full text of the regulation:
To me, it seems clear that an individual can provide a residential or business street address; this makes sense because the purpose of the Patriot Act is to make sure that someone can be found somewhere (anti money laundering)--hence no P.O. boxes.
On the other hand, I know some banks on credit card apps will write things like "this is your residential home address" when you hover your mouse over the address part, which seems misleading to me (maybe they do it to get more people to provide home addresses and therefore better marketing material to sell).
So what's the deal? The regulation doesn't distinguish between business and personal credit cards. Can anyone shed any light? Bottom line: can you use a business address for a personal credit card? (I realize you might be asked to follow up with proof that you work at the company because your app might not match info in the credit reporting databases that companies rely on--but can you do it?)