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

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.


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.


source: T-Mobile

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17 Comments

1. Miracles

Posts: 560; Member since: Aug 31, 2013

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

9. reckless562

Posts: 1153; Member since: Sep 09, 2013

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

16. downphoenix

Posts: 3165; Member since: Jun 19, 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.

2. Honestcritic

Posts: 15; Member since: Nov 14, 2013

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

7. Droid_X_Doug

Posts: 5993; Member since: Dec 22, 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.

14. Augustine

Posts: 1043; Member since: Sep 28, 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).

3. Killertech2099

Posts: 148; Member since: Sep 28, 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!!!

4. Killertech2099

Posts: 148; Member since: Sep 28, 2013

about*

5. Doakie

Posts: 2478; Member since: May 06, 2009

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

13. Killertech2099

Posts: 148; Member since: Sep 28, 2013

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

17. archangel9

Posts: 233; Member since: Feb 07, 2010

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

6. hkendrick3

Posts: 6; Member since: Dec 13, 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.

8. Sprissy

Posts: 193; Member since: Feb 11, 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!

10. XPERIA-KNIGHT unregistered

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

11. Jommick

Posts: 221; Member since: Sep 10, 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.

12. jamesedward318 unregistered

T-Mobile is becoming the people's carrier.

15. Augustine

Posts: 1043; Member since: Sep 28, 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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