Originally Posted by Hittenstiehl
Post Office like businesses have made it their business to be able to provide a physical address for the customer. This allows a customer to provide that address as if it is their actual and tangible address. It is usually a street address versus a box number address. There are very few places or institutions that ask you if you actually reside at that location.
A bank would not likely know or care to ask if you are living at a location for which you provide a address to.
With the number of people who are living a non traditional sticks and bricks lifestyle it is becoming much more common to not have a physical traditional address.
At the same time, with the advent of the modern computer age it's possible to know in an instant if an address is a residential address or a business address. Back when I had a box at Mailboxes Etc it worked most of the time, but towards the end of that some places would put the address into their system only to have a flag come up saying it was not an acceptable address since it was a business.
Places that care about someone having a physical residential address often won't accept this type of address. Voter registration in some states works like this - in at least one state they rejected addresses simply because they didn't have a properly assigned house number.
For bank accounts, it appears that different banks will handle this differently, although they must all adhere to this:
(3) Address, which shall be:
(i) For an individual, a residential or business street address;
(ii) For an individual who does not have a residential or business street address, an Army Post Office (APO) or Fleet Post Office (FPO) box number, or the residential or business street address of next of kin or of another contact individual; or
This was quoted from: ß1020.220 https://www.fdic.gov/regulations/law...8000-1600.html