T-Mobile Money launches as a new banking service


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After ending its Mobile Money product more than two years ago, T-Mobile is back in the game with a new banking service.

T-Mobile Money was launched quietly today with a new website as well as Android and iOS apps. However, without any major announcement from T-Mo, it is felt that this program is currently at a pilot stage. With T-Mobile Money, T-Mo states that there are no account fees, maintenance fees or minimum balance. T-Mo also promises that customers will have access to 55,000 free ATMs via Allpoint and will not charge you any fees if you use an off-network ATM, even though the owner of these ATMs may charge you fees. fresh. and T-Mo will not refund these fees.

With the T-Mobile Money service, everyone will get an annual return of 1.00% on all balances. T-Mo customers with an eligible plan – such as T-Mobile One, Simple Choice and other postpaid subscriptions – who deposit at least $ 200 per month can earn 4.00% annual return on chequing account balances up to to USD 3,000.

Got Your Back is another benefit offered to T-Mobile's customers, which offers up to $ 50 in overdrawn expenses at no cost. This feature is available to eligible T-Mobile customers on an eligible postpaid plan who make a single deposit of $ 200 in a single month. With this feature, you have 30 days from the date your account becomes negative to a positive balance.

T-Mobile Money offers a physical debit card associated with Mastercard. The service also supports digital wallets including Apple Pay, Google Pay and Samsung Pay. Other notable features of T-Mobile Money include automatic bill payment, direct deposit, mobile check deposits. However, if you wish to deposit money, you will have to either get a money order, a bank check or a deposit at another bank and then transfer it to your T-Mobile Money account.

T-Mobile has partnered with BankMobile for its T-Mobile Money service. The company claims that your account is insured up to $ 250,000 by the FDIC. Why did T-Mobile decide to get into the banking game? Here is what he says:

"Because fixing broken down industries is part of our DNA – that's what we did in wireless. And our employees and customers have repeatedly told us about their pain and frustration with the current banking options. We therefore think we can do more by joining forces with a proactive bank, BankMobile. And that's why the Un-carrier disrupts banking by offering better MONEY through our partnership. "

You can find the T-Mobile Money app for Android here, and the iOS app can be found here.

What do you think of T-Mobile Money?

Source: T-Mobile Money

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