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T-Mobile rolls out its 'Money' checking account to all US customers

By Polycount ยท 10 replies
Apr 19, 2019
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  1. If you thought T-Mobile was just a mobile carrier, the company wants you to think again now. Starting today, the cellular provider is now offering its own Money checking account. The catch? The accounts are exclusive to T-Mobile's mobile customers.

    If you're wondering why you would want to sign up for a T-Mobile checking account to begin with, the company is hoping to sway you with an annual interest yield that's considerably higher than the national average at 4 percent.

    However, that interest will only be available if you deposit a minimum of $200 per month into the account. That's a pretty standard requirement for most accounts of this nature, so it probably won't be an issue for most users.

    There's a secondary limitation too, though: the 4 percent APY stops kicking in on balances above $3,000. Anything higher than that will reduce it to 1 percent.

    Like many modern checking accounts, T-Mobile's Money accounts support most mobile payment services, like Google or Apple Pay. And, of course, you'll receive your own T-Mobile Money debit card, if you prefer to go the physical route for payments. Other perks of using T-Mobile Money include the lack of fees or minimum balance requirements, overdraft protection, FDIC insurance, and "24/7 customer support."

    Unfortunately, there are two major drawbacks here, and they're the same problems you've probably faced if you've used other online-only banks in the past. First, depositing cash into your account will be a major nuisance (if not an impossibility in most cases), and withdrawing money will likely incur a fee unless you're fortunate enough to have an Allpoint ATM within easy driving distance (you can check here).

    Still, if you can look past those issues and you already happen to be a T-Mobile customer, you don't have much to lose by giving their new Money account a shot. You can sign up for it right here.

    Permalink to story.

     
  2. Jeff Re

    Jeff Re TS Addict Posts: 143   +105

    Who is giving out anywhere near 4%???
     
  3. antiproduct

    antiproduct TS Addict Posts: 102   +87

    Might want to say "They pay 4% on balances up to $3000 and 1% on anything above that." I knew there had to be a catch.
     
  4. Polycount

    Polycount TS Evangelist Topic Starter Posts: 1,643   +371

    Whoops. I was aware of that, but forgot to include it. Updated. Thanks!
     
  5. penn919

    penn919 TS Maniac Posts: 256   +129

    Wasn't this targeted at low income earners? I suppose they'd expect the targeted audience wouldn't be holding balances much greater than 3k anyways.

    It's a raw deal though. I've never had a checking account with an APY period.
     
    p51d007 likes this.
  6. Uncle Al

    Uncle Al TS Evangelist Posts: 5,153   +3,575

    No mention if they are FDIC insured. If not, your money is in real jeopardy and you are not covered in case the company goes broke ... or worse yet, there is an internal thief that transfers all the accounts to an off shore account (yep, that has happened before). If you want to take that risk, open an account at Walmart's system. At least there you can withdraw cash, etc, etc. ......
     
  7. mctommy

    mctommy TS Addict Posts: 293   +67

    FDIC insured since they use "BankMobile, which is a part of Customers Bank"

    https://research.fdic.gov/bankfind/...=&activeFlag=&searchByTradename=false&tabId=2
     
    Uncle Al likes this.
  8. Uncle Al

    Uncle Al TS Evangelist Posts: 5,153   +3,575

    Good info, but you would think they would mention that .... or perhaps we have raised another generation of "don't care" that really don't understand what or why that insurance is so important, ESPECIALLY in this age of hackers ......
     
  9. Dimitrios

    Dimitrios TS Guru Posts: 395   +267

    I got all my eggs in two baskets, good ole trusty ENRON and CRYPTO.
     
    Uncle Al likes this.
  10. netman

    netman TS Addict Posts: 251   +73

    This is preposterous...It only benefits t-mobile! Not to mention that you have another financial source to manage and worry about being secure...
     
  11. Axiarus

    Axiarus TS Evangelist Posts: 423   +243

    Or just go Simple.
     

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