T-Mobile, the self-labeled "Un-Carrier", stands out from the competition by entering the thriving world of mobile banks with "T-Mobile Money." The new service also comes with additional benefits for T-Mobile's wireless customers.
T-Mobile Money has not been officially launched but was discovered early thanks to its (probably unintended) addition to Google Pay's list of US banks and credit card companies. Its official website, discovered by Domain Name Wire went live today and has full details of the interesting offer.
The service, currently in an early pilot program, serves as a traditional bank because it is supported by BankMobile, a division of Customers Bank. This allows the otherwise online bank to have an ATM presence through Allpoint ATMs. T-Mobile Money also rely on a lack of fees, including account fees, overdraft fees and more.
One of the main focuses of T-Mobile Money is rewarding T-Mobile's wireless customers. For example, the carrier's qualified wireless customers are offered 4% APY if the balance is at or below $ 3000. T-Mobile customers can also receive $ 50 free overdraft protection. Given the close relationship between the two, there may be other benefits for T-Mobile wireless customers in the future.
A big drawback for T-Mobile Money is that there is no easy way to spend money. Instead, you must receive a cash or cashier's money order and use mobile deposits, or deposit to another bank, and transfer these funds to your T-Mobile Money account.
The T-Mobile Money app is now available for Android and iOS on the Google Play Store and App Store, offering full access to your bank account, including mobile deposits. The app also includes a convenient ATM location tool. The MasterCard service is compatible with Google Pay, Samsung Pay and Apple Pay.
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