T-Mobile has quietly launched a mobile banking service website for its customers. The company’s self-described ‘Un-Carrier’ will enable customers to store and lend their money. They will get bonus benefits if they have already signed up with T-Mobile. The company called the service, T-Mobile Money. It works much similar as traditional bank since it’s backed by one, Bank Mobile (a division of Customers Bank). The service will enable T-Money subscribers a physical access points through at least 55 thousand All-Point ATMs around the world. T-Mobile Money ensuring to reduce overhead, like zero account or maintenance fees, or subscribers required to have a minimum balance.
The company also promise 1% APY on all balances. T-Mobile subscribers can also get up to 4% APY so long as your checking account balances are at or below $3,000 and deposit at least $200 per month. Currently, people with U.S addresses can only sign up now. The digital-only service has some requirements, including the inability to simply deposit cash into their accounts.
People will have to get a money order or cashier’s check and use the mobile deposit feature or simply deposit cash into another bank and transfer it over to your T-Mobile Money account. T-Mobile Money is really just putting the telecom’s name on an existing Bank-Mobile product. The T-Mobile Money website was secretly launched today without any announcement from the company. It was discovered when support for the mobile banking service was added to Google Pay. The service is also supported by Samsung Pay.