T-Mobile has a new mobile banking service
The Uncarrier promises no fees for things like over drafting or using an ATM.
- She has a master's degree in journalism from Syracuse University.
T-Mobile Money is a mobile banking service.
T-Mobile is getting back into mobile banking.
The company quietly launched a pilot of a mobile banking service called T-Mobile Money. The service's website touts no fees for things like over drafting or using an ATM. It's being rolled out on a limited basis.
T-Mobile Money checking accounts will offer 1 percent annual interest, but T-Mobile wireless customers can get 4 percent on balances of up to $3,000 if they're depositing at least $200 every month.
T-Mobile partnered with BankMobile, a division of Customers Bank, for the service.
This isn't T-Mobile's first foray into the money world. In 2014, the company rolled out Mobile Money, a way for customers without a bank account to store and get to their money. They could pay bills using their phones and use a Visa-backed debit card. Mobile Money shut down in 2016.