T-Mobile introduces its no-fee banking service

T-Mobile has become the fastest growing of the four major U.S. wireless providers by removing consumer pain points. Today, the company is doing the same for banking customers. T-Mobile today has introduced its new banking service, T-Mobile Money. As you might imagine, the carrier is offering banking services using a mobile-first platform. No minimum balance is required, and eligible T-Mobile postpaid customers will earn as much as a 4% Annual Percentage Yield on balances up to $3,000. That interest is 50 times higher than the interest paid on the average U.S. checking account, but it requires a $200 deposit from a T-Mobile customer every month. T-Mobile Money members who aren't customers of the wireless carrier will earn a 1% APY.

According to T-Mobile, Americans paid a whopping $34 billion in overdraft fees. That won't be a problem for T-Mobile Money customers since there will be no fees or annual charges. T-Mobile subscribers will be allowed to carry a negative balance no higher than $50 as long as the deficit is made up within 30 days. The company calls this "Got Your Back" overdraft protection. 55,000 in-network Allpoint ATMs will allow customers to withdraw money with no fee added, and T-Mobile will not add a fee on transactions made using out of network ATM machines. The ATM machines will work with the T-Mobile Money Mastercard debit card that comes with an opened account.

T-Mobile Money carries FDIC insurance up to $250,000. To sign up, you can download the T-Mobile Money app from the Apple App Store or Google Play Store, or by visiting the website. Customers will be able to handle transactions such as depositing checks, paying bills, arranging direct deposits, making money transfers and more. The app requires that the customer verify his or her identity by using a fingerprint scanner or Face ID.



1. Rampage_Taco

Posts: 1083; Member since: Jan 17, 2017

This sounds way too good to be true

6. Arch_Fiend

Posts: 3951; Member since: Oct 03, 2015

Nah, their are other banks offering similar things already, especially ones big with online banking,

8. audibot

Posts: 649; Member since: Jan 26, 2017

the main reason you would want to use t mobile would be because that month that a bank would grow its self with and hord would be used to better the service in the future so its a win win win

2. LAgurl

Posts: 113; Member since: Dec 05, 2018

discover cash back checking/ debit offers pretty much the same

3. djcody

Posts: 228; Member since: Apr 17, 2013

every bank, credit union has no fee for people who will deposit they pay check to account so whats special about it?

4. Not_Amused321

Posts: 65; Member since: Jan 06, 2013

Isn't this old news?

5. DigitalBoy05

Posts: 278; Member since: Jun 04, 2011

I signed up the day it was available to download which was a few months back. Coming from Chase and so far it’s been an awesome experience.

7. audibot

Posts: 649; Member since: Jan 26, 2017

sweet switching tomorrow now navy fed and tmo i hate capital one

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