FAQ's

As of Sept 2025 SAM.gov and all government agencies have adopted the Patriot Act rules requiring a physical U.S. address. The physical address can not be an address at a virtual office, shared-space, co-working, executive suites, mailbox store, mailbox service, PO Box, storage units, short term leases, etc. It must be a U.S. residential address or an address where you have a formal long-term lease. The TRUE Space address can be used as the Mailing Address on these government systems, but will not qualify as the "Physical Address" required by SAM.gov to get a CAGE number.

SAM.gov now accepts two addresses (physical address and mailing address).

SAM.gov via FSD.gov states:
"Post Office (PO) Boxes, Mailbox Rentals, Virtual Addresses, Coworking/Shared Offices, Short Term Leased Spaces, Storage Units, and Mobile Offices will not be accepted for your physical address. In cases where you use one of these types of addresses, your entity's physical address in SAM.gov, needs to be a home address of an officer of the company or board member."

In most cases yes. TRUE Space locations are actual physical locations, and the address is a standard real business address recognized by the US Post Office. But, for situations like applying as a US Government Contractor (SAM.gov), loan applications, and banks, the Workspace address does not qualify as a "physical address".

More about using the address with banks:
As of September 2025 banks have adopted rules set forth in the Patriot Act and by the FDIC which require a new address field called "Physical Address". That physical address can not be a virtual office, executive suites, shared space, co-working, mailbox store, mailbox service, storage unit, PO Box. But, the TRUE Space address can be used as the Mailing Address. You can tell the bank to use your Mailing Address on checks, statements, bills, tax documents, etc. The Physical Address ideally should be the residential address of the business owner, officer, director, or board member.

The evolution of banks disallowing a virtual address as a "physical address" stems from FDIC guidance after the failure of some online "banks". When those banks failed, the FDIC came in to guarantee funds but could not contact many thousands of account owners who had used address services, because many had closed or abandoned their address service accounts, and forgot to update the address with the bank. So now, per online banking rules, a "Physical Address" is now required in case the bank fails and they need a way to directly contact the account owner. This policy also aligns with the Patriot Act which requires address verification to help prevent money laundering and other illegal practices.

Yes and No,

TRUE Space has thousands of clients using nearly every bank in the markets we service. As of 2025, as a result of the Patriot Act address verification requirement, and the FDIC's new "physical address" requirement, banks now have two address fields on business bank accounts "Physical Address" and "Mailing Address". The "Physical Address" field is a new data field used within a business bank account to provide a means for the FDIC to return funds to the rightful owner if the bank fails. The Physical Address can not be a PO Box, virtual office, executive suite, shared-space, co-working, mailbox store, mailbox service, storage unit, etc. and should be the home address of the business owner, officer, director, LLC member, or board member (more on this below). Tell the banker you also have a Mailing Address (otherwise they just default the physical address into both fields). Use the TRUE Space address in the "Mailing Address" field so it appears on bank statements, tax info, and bank card statements. Be sure to tell the bank to use the virtual office address as the address on your checks).

What if I give my bank (Brick & Mortar) my TRUE Space address as the "Physical Address" and it says it can't accept the address as a "Physical Address"?
This is normal, instead use it as the Mailing Address on your account.

HISTORY: In 2023 and 2024 some online "banks" failed that weren't actually FDIC insured, but advertised as if they were. The US Government moved in with the assistance of FDIC to help the return funds to account holders. Many account holders had used virtual offices, shared workspaces, executive suites, etc. that they at some point closed or abandoned. But, they forgot the critical step of updating their address with their bank. The FDIC attempted to contact those account holders by mail, but mail was returned to the FDIC as undeliverable. To prevent this from happening in the future, FDIC rules were passed that mandate that a "physical address" can not be a virtual office, executive suite, shared space, etc./CMRA address. This applies to both banks, online banks, and fintech money transfer service account. So although the TRUE Space address can not be used in the new "physical address" field, it can be used as the Mailing Address on the bank account. So with the TRUE Space address as the Mailing Address, all statements, tax notices, addresses on checks, etc. can still reflect the mailing address and the physical address is just resides in the bank's system to meet the compliance rules in case the bank fails.

Simply provide your home address (address of business owner, officer, LLC member, or board member) as the "physical address" and instruct the bank to use your virtual office address as your Mailing Address. Depending on the bank's system, you may need to provide the PMB# we assign to you when your account is created.

Personal Accounts: If the bank offers you a free personal account along with your business account, be sure to use your home address as both the account and mailing address for that personal account. Otherwise mail for that account would be addressed only to your personal name and would not be able to be received at TRUE Space.

Online "Banks" and Fintech funds transfer services: All online banks and fintech funds transfer services will require a physical address (home or a commercial address where you hold a real lease).

Non-US Clients Interested in Setting Up Online Bank Services: Without a personal U.S. Home Address you can't use the split Mailing Address / Physical Address option mentioned above. The only option for businesses owners located outside the U.S. to use an online bank is to have someone allow you to use their home address in the U.S. and to include them as a signatory on the account (could be risky since they have full access to the funds in the account). Or you must establish a real (formal) office lease to prove a physical address. The office lease can not be through a virtual office, shared space, coworking, executive suite, etc.). It must be a true physical space lease. You can still use the virtual office address as your account Mailing Address.

Don't Forget: When opening a business bank account, if your business name uses the suffix "LLC", "Corp", "Corporation", "Inc", or "Incorporated", etc. they will expect you to provide a copy of your formation document received from the Secretary of State. Only entities registered with the state have the legal right to use any of those suffixes.

As of August 2025 laws detailed in The Patriot Act are now being enforced. As part of these laws, physical address verification is now required for any entity doing business or regulated by the US Government. US DOT is requiring a physical address as the formal "Business Address". But, US DOT has fields for both a "Business Address" and "Mailing Address". The Virtual Office address can definitely be used as the business "Mailing Address" with US DOT.
(ADDITIONAL HISTORY): For many years, trucking and fleet businesses have registered with US DOT with only a virtual office address, then cancelled that virtual office or defaulted on payments, and never bothered to update their US DOT record. When accidents or US DOT violations occurred, that mail was just returned to sender as undeliverable, and US DOT then had no other address for follow up action. Due to that abuse, The Patriot Act includes provisions that help rectify this issue, so US DOT now requires the home address of either the business owner, operator, officer, LLC member, or board member, as the formal "Business Address" (physical address) on file with US DOT filings.

Other common uses of the TRUE Space address includes general business address needs (LLC formation, IRS, bank account mailing address, websites, business cards, vendor contacts, load aggregators, etc.)