A common response to my questions is "why exactly do you need to know this". So I'll start by saying that I am a US expat with money in the US. Recently, many banks started requiring 2FA from a US phone number. I was looking for a solution, and many people suggested buying a voip phone number, or claiming that I live with a US relative, and use the relative's phone number. I do not what to do anything misleading when it comes to banking. I was looking for an account where I can be upfront about me not living in the US nor having a US phone number. One possible solution I found was to store money in a Schwab One International broker account .
I do not plan on using the money I place in the broker account for investment. I am looking for a place to park money, be able to send and receive money, pay off US credit card bills, write and deposit checks, and possibly other similar things. I am okay with missing out of the few dollars I might earn in bank interest per year.
So now for my question, what is the difference for an end user between a US bank account, and a US brokerage account that only stores the money in "cash"? All of the things I listed above can be done with my brokerage account. It looks like the money is insured like with a normal bank account . I tried calling support to see if they knew the answer, but the representative was confused by my question and just said that while it would offer all of the services that I asked about, it wasn't a bank account.
What is the difference?