Begrudgingly accepting the legality, I'll directly question the wisdom of any bank's allowing LEA personnel (or anyone else) to provide anything other than a residential address that can be verified by reviewing their personal identification. Banks send overdraft notices to, file SARs on, and repossess cars of LEA personnel - they are no different than any other customer in terms of the bank's business need for an address.
The world knows the President lives at 1600 Pennsylvania Avenue. I don't see a problem with the bank knowing where Barney Fife lives.
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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.