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I have bank accounts in the US, but I live overseas. The US banks insist on sending security codes (OTPs) to me via SMS. And they’ll only send to a US phone number, which I no longer have. And they send the messages from “shortcode” numbers, so many “virtual” phone services can’t receive them.

It appears that this OTP-via-SMS method is very popular among US banks. Maybe it's even mandated by some banking regulation. So I’m wondering if there are non-bank institutions with more convenient security methods that would serve my needs. Credit union? Brokerage account? Paypal? What?

My needs are pretty simple: I need a place to electronically deposit paychecks, pension payments, and social security checks, and I need to be able to transfer funds to other places (e.g. wire transfers). I don’t need to write checks.

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  • Thought about getting a U.S. phone number?
    – Chris W. Rea
    Commented Jul 7 at 23:51
  • None of the functions you mention require an actual bank. I use Fidelity Investments for all that in addition to retirement accounts. And if you mean actual wire transfers rather than simple ACH transfers, they don't charge for wire transfers like many banks. But I thought most financial institutions had alternatives like email or even automated phone calls.
    – Marty Fried
    Commented Jul 8 at 1:48
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    @MartyFried Fidelity likely won't work because it doesn't open new accounts for non-US residents.
    – xuhdev
    Commented Jul 8 at 3:07
  • Yes, I have thought about getting a U.S. phone number. But moving my money away is a (small) gesture to tell the old-fashioned banks that I find their policies unacceptable. expatriates.stackexchange.com/questions/27443/…
    – bubba
    Commented Jul 9 at 0:13
  • I have accounts at Fidelity, Vanguard, and Schwab. I have considered using these, but didn’t know what I’d lose, versus a “real” bank.
    – bubba
    Commented Jul 9 at 0:18

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I guess your question is: Are there any US financial institutions that use a second-factor authentication other than SMS to a real US phone number and offers bank-like services?

The answer is yes. There is a directory of banks that accept an authentication method other than SMS. The list includes many banks that accept Email as an authentication method, like Capital One, Discover Bank, etc.

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    This is an awesome link!
    – littleadv
    Commented Jul 8 at 2:28
  • Yes, enormously useful. Thank you. But I wonder if it’s 100% accurate. It says BofA can use email, but last time I asked they said they couldn’t. I’ll ask them again.
    – bubba
    Commented Jul 9 at 0:16
  • @bubba The BofA line has an exclamation mark. It says mobile app is SMS only
    – xuhdev
    Commented Jul 9 at 6:05
  • Yes. Saw that. Thanks. I use their web site, not their mobile app.
    – bubba
    Commented Jul 10 at 7:10

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