T-Mobile has introduced T-Mobile MONEY, a no-fee, interest-earning, mobile-first checking account in the US.
Image: T-Mobile MONEY app. Photo: Courtesy of T-Mobile USA, INC.
T-Mobile MONEY can be opened and managed by anyone using their smartphone. Eligible un-carrier customers can also earn 4% annual percentage yield (APY) for balances up to $3,000.
T-Mobile claims that its new mobile banking service has no fees such as monthly, overdraft or transfer fees, no fees at more than 55,000 Allpoint ATMs across the world.
Furthermore, there is no fees charged for using out-of-network ATMs and there is no minimum balance requirement for the account.
T-Mobile CEO John Legere said: “Traditional banks aren’t mobile-first, and they’re definitely not customer-first.
“As more and more people use their smartphones to manage money, we saw an opportunity to address another customer pain point. You work hard for your money … you should keep it … and with T-Mobile MONEY, you can!”
Un-carrier postpaid customers can opt for Got Your Back overdraft protection, when they opt for T-Mobile MONEY. If an unplanned incident takes place, the customer can withdraw up to $50 without penalty. The customer will only have to bring back positive balance within 30 days.
T-Mobile MONEY is built to be mobile-first and customers can check the account right from the app, make mobile check deposits, set up direct deposit, pay bills, send a check, pay with mobile wallet such as Apple Pay, Google Pay and Samsung Pay, transfer money and also make payments person to person.
The app has biometric security with fingerprint and Face ID login, account alerts and debit card disabling.
T-Mobile MONEY offers Mastercard debit card, which can be used at 55,000 Allpoint ATMs worldwide. The app can be used to locate the nearest ATM. The MONEY app was created in partnership with BankMobile, a Customers Bank division.
T-Mobile US, based in Washington, offers services through its subsidiaries and operates its flagship brands: T-Mobile and Metro by T-Mobile.