T-Mobile, the self-titled “Un-Carrier,” is further separating itself from the competition by getting into the booming world of mobile banking with “T-Mobile Money.” The new service also comes with extra benefits for T-Mobile’s wireless customers, according to 9to5google.com.
The service, which is currently in an early pilot program, works just like a traditional bank, because it is backed by BankMobile, a division of Customers Bank. This allows the otherwise online-only bank to have an ATM presence via Allpoint ATMs. T-Mobile Money also prides itself on its lack of fees, including account fees, overdraft fees, and more.
T-Mobile is now a bank, apparently. The cell carrier is launching a new venture called T-Mobile Money, a checking account service for T-Mobile customers, rolling out on a limited basis.
„To be clear: T-Mobile isn’t running its own bank. Rather, it’s a T-Mobile-operated face for a digital bank called BankMobile, which is a part of Customers Bank. It’s sort of like an MNVO, but instead of, say, a startup using existing cell service from a larger carrier to offer its own service, its’ T-Mobile using existing banking infrastructure.”, according to theverge.com
T-Mobile Money is still a real checking account, complete with FDIC insurance for balances up to $250,000, a Mastercard-powered debit card, and the ability to send paper checks directly from a smartphone app. You can also add a T-Mobile Money card to Apple Pay, Samsung Pay, or Google Pay.
To sweeten the deal, T-Mobile is offering up to 4 percent APY (annual percentage yield) on balances up to $3,000 in a T-Mobile Money checking account that deposits at least $200 monthly. (If you go over that $3,000 number, you’ll get bounced back down to a 1 percent APY rate.)
There are also other perks, like a $50 “Got Your Back” overdraft protection feature that will cover your account for free when you go over (assuming you pay it back within 30 days). There are no account fees, no maintenance fees, no minimum balance, and no fees at 55,000 ATMs within the Allpoint network.
One major downside to T-Mobile Money is that there is no simple way to deposit cash. Instead, you’ll need to get a money order or cashier’s check and use mobile deposit, or deposit into another bank and move those funds to your T-Mobile Money account.
T-Mobile Money’s app is available now for Android and iOS on the Google Play Store and the App Store, offering full access to your bank account including mobile deposits. The app also includes a convenient ATM locator tool. The service’s MasterCard is compatible with Google Pay, Samsung Pay, and Apple Pay.
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