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T-Mobile announces new Mobile Money financial initiative with $0 fees on many services

Posted: , by Alan F.

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T-Mobile announces new Mobile Money financial initiative with $0 fees on many services
If John Legere decides to run for president in 2016, we wouldn't be surprised. In fact, the executive is so popular right now, we'd only be surprised if he lost (he probably won't get the AT&T vote). Taking T-Mobile into a completely unexpected direction, the carrier announced on Wednesday its new Mobile Money plan. According to Bankrate's 2013 survey, ATM, overdraft and monthly maintenance fees all hit record highs last year. So why wouldn't Legere try to solve that "pain point" for consumers? It's what he does best.

Starting today, T-Mobile is combining an app called Mobile Money with a T-Mobile pre-paid Visa card. The card is available from https://tmobilemoneyservices.com, and from T-Mobile retail locations. With the card, which can be obtained by even non T-Mobile customers, there is $0 purchase fees, no monthly maintenance fee, no fee to reload the card in a T-Mobile store, and $0 withdrawal fee on ATMs coast to coast ($2 charge for out of network transactions). With direct deposit, you can get access to your tax refund faster as it will be sent straight to your T-Mobile pre-paid card. And you can send up to $100 a day and $500 a month to another pre-paid card with the receiver's mobile number and the last four digits of their T-Mobile card.

"We've already transformed how Americans use and pay for phones, tablets and wireless service; why stop there? Millions of Americans pay outrageous fees to check cashiers, payday lenders and other predatory businesses - just for the right to use their own money. Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets."-John Legere, CEO, T-Mobile

"It's ridiculous that families, especially those who can least afford it, have to pay so much for basic check cashing services that many of us take for granted. Mobile Money levels the playing field to put money back in consumers' pockets for important things - like bills, groceries or vacations. The typical household using a check cashier to cash their paychecks could save about $1,500 per year, and customers tired of getting hit with overdraft fees can switch and save an average of $225 a year."-Mike Sievert, CMO T-Mobile

T-Mobile stresses that it is not a bank (too much regulation required, you know), but does want to eliminate those nasty fees that the banks are famous for. T-Mobile's CMO, Mike Sievert, says that the average family can save $225 a year in overdraft charges and $1500 a year using a check cashier to cash payroll checks. The pre-paid card will also be available at Safeway stores starting next month.

It should be interesting to see if the other major U.S. carriers follow. Even more interesting is seeing which "pain point" T-Mobile and its CEO attack next.

T-Mobile announces a new pre-paid card that works with an app to help consumers save money

T-Mobile announces a new pre-paid card that works with an app to help consumers save money


source: T-Mobile

17 Comments
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posted on 22 Jan 2014, 00:02 6

1. Miracles (Posts: 547; Member since: 31 Aug 2013)


I'm totally voting for John Legere in 2016 :D

posted on 22 Jan 2014, 06:33

9. reckless562 (Posts: 871; Member since: 09 Sep 2013)


WOOOO HOOOOO!!! link tho? (for the dumb ones)
in totaly geting this, n i even have sprint

posted on 22 Jan 2014, 19:27

16. downphoenix (Posts: 2359; Member since: 19 Jun 2010)


I have this thing called a "Bank" personally and I am good at managing my finances (Well, not GOOD, but good enough to avoid overdraft fees and such at least) so I have no need for this, but I really like this initiative.

posted on 22 Jan 2014, 00:28 2

2. Honestcritic (Posts: 15; Member since: 14 Nov 2013)


T-Mobile is amazing, no wonder people are switching.

posted on 22 Jan 2014, 01:57 1

7. Droid_X_Doug (Posts: 5880; Member since: 22 Dec 2010)


+1. Legere is finding ways to get customers into the T-Mo ecosystem. Sounds like he studied up on what Steve did with Apple. Props to John.

posted on 22 Jan 2014, 10:34 1

14. Augustine (Posts: 748; Member since: 28 Sep 2013)


Quite the contrary. While Jobs wanted to keep Apple customers hostages of its environment, making it difficult to switch to competitors, T-mobile makes it easy for customers to switch to it and even out of it if that's what they want. THIS is respect for customers and true capitalism (consumers first), unlike Apple's corporatism (corporations first).

posted on 22 Jan 2014, 00:30 1

3. Killertech2099 (Posts: 143; Member since: 28 Sep 2013)


Wow talking a great idea, someone that puts consumers first, yup he's president. I wonder what the other carriers will act to this, this guy is mind blowing. I'm definitely checking this out!!!

posted on 22 Jan 2014, 00:30

4. Killertech2099 (Posts: 143; Member since: 28 Sep 2013)


about*

posted on 22 Jan 2014, 00:58 3

5. Doakie (Posts: 1287; Member since: 06 May 2009)


They're replacing banks! What's next? T-Mobile going to fight Comcast, CenturyLink, Time Warner for Home ISP?

posted on 22 Jan 2014, 09:49

13. Killertech2099 (Posts: 143; Member since: 28 Sep 2013)


They say they aren't a bank but i think their better than a bank

posted on 24 Jan 2014, 11:00

17. archangel9 (Posts: 231; Member since: 07 Feb 2010)


They stated they're not a bank .Re-read the article

posted on 22 Jan 2014, 01:54 2

6. hkendrick3 (Posts: 6; Member since: 13 Dec 2012)


Wow who is this guy and where did he come from? He is so fresh and different its almoat scary in a good way though wow keep it up I hope he keep this up shake everything up.

posted on 22 Jan 2014, 02:54 3

8. Sprissy (Posts: 94; Member since: 11 Feb 2012)


I haven't been a T-Mobile fan over the years, mostly because there is no service where I work, but I do like what this guy is doing, and yes I think I would vote for him too....Would somebody please put him on the ballot please!

posted on 22 Jan 2014, 07:29

10. XPERIA-KNIGHT (unregistered)


I salute this guy.....this is amazing!

posted on 22 Jan 2014, 08:26 1

11. Jommick (Posts: 208; Member since: 10 Sep 2013)


Legere 2016.
Also, I'm thoroughly impressed by T-mo's coverage - 15 Mbps down with only one bar of LTE - blows the AT&T service I had away.

posted on 22 Jan 2014, 08:43 2

12. jamesedward318 (Posts: 99; Member since: 25 Dec 2010)


T-Mobile is becoming the people's carrier.

posted on 22 Jan 2014, 10:35

15. Augustine (Posts: 748; Member since: 28 Sep 2013)


T-Volks-mobile, much like the people's car, Volkswagen. Duetsche Telekom should be proud of its American subsidiary.

Ze Germans are onto somezing.

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