T-Mobile quietly launches an online checking account service

[Shawn Knight]

The big picture: Rumors surfaced earlier this year that Amazon was considering offering branded checking accounts but in a surprise move, it's T-Mobile that's first to the table with such an offering.

T-Mobile has quietly introduced a mobile banking service that looks to compete with traditional banks for customers’ financial needs.

T-Mobile Money is a checking account service offered in partnership with BankMobile, a division of Customers Bank. There are no maintenance fees, no account fees, no overdraft fees and no minimum balances and you’ll have access to over 55,000 fee-free ATMs worldwide. Tap to pay works with Apple Pay, Google Pay and Samsung Pay, we’re told, and there’s even mobile check depositing.

Like a traditional checking account, you’ll also get a debit card. Accounts carry the typical FDIC insurance on balances up to $250,000.

You don’t have to be a T-Mobile customer to sign up although if you are, you’ll get extra perks like 4.00 percent APY on balances up to $3,000 (so long as you deposit at least $200 into your account each month). The standard APY is 1.00 percent.

As a digital bank, there’s no easy way to deposit cash into your account. To do so, you’ll have to get a money order or cashier’s check made out to yourself then deposit that using the mobile check deposit feature. Alternately, you could deposit cash into another bank account then transfer that over but that kind of defeats the purpose. It’s also not possible to link an international bank account to your T-Mobile Money account.

T-Mobile Money is available on a limited basis. Head over to the T-Mobile Money website if you’re interested in learning more or signing up.

Lead image courtesy r.classen, Shutterstock

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https://www.techspot.com/news/77644-t-mobile-quietly-launches-online-checking-account-service.html

 

[Uncle Al]

"Would you bank with T-Mobile?"

Oh God No! Give these people access to your money and you just know they are going to do whatever they want and cover themselves in the nondisclosure statements they will require you to sign. It's as bad an idea of letting Walmart hold your money ......

 

[Evernessince]

Wow, 4% APY is pretty good. Nice to see a bank that will pay you more then the average inflation rate and encourage people to save. Can't comment on the terms and conditions of the account though but I assume since they are FDIC insured that they follow regulations. So long as they aren't selling your information, your money is completely backed up by the government so I don't see much risk in using them.

 

[tipstir]

This CSP can't even fix my issues with one of my cell phones with my GF. She has no data on a cell phone and yet they can't even give me a replacement or warranty exchange to even get it right. They have made over 2 dozen times to get me a replacement and yet it hasn't happen yet. How are they going to run a T-B if they can't even function right as CSP? CSP = cell service provider.. Rate them 1%

Also this gimmick they have with Autopay say your bill is due on 15th you have to pay it on the 13th because you have selected Autopay and you get back $10 bucks off your bill. Now they have a bank option they can pull out the funds faster and you can't even block them. Most people I know don't select Autopay because they can't make it on that time to pay the bill this way they need more time. I got T-Mobile to change my plan but guess what I had requested the bill on Autopay for 25 so that would mean the 23 rd it would come out right? Nope! Guess again? It going to come out on the 17th instead.

 

[mctommy]

Also this gimmick they have with Autopay say your bill is due on 15th you have to pay it on the 13th because you have selected Autopay and you get back $10 bucks off your bill. Now they have a bank option they can pull out the funds faster and you can't even block them. Most people I know don't select Autopay because they can't make it on that time to pay the bill this way they need more time. I got T-Mobile to change my plan but guess what I had requested the bill on Autopay for 25 so that would mean the 23 rd it would come out right? Nope! Guess again? It going to come out on the 17th instead.

Regardless of using T-Mobile Money... when you use credit card to Autopay, you are giving yourself extra time to pay your credit card company anyways... not sure what I'm missing here.