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T-Mobile has a new mobile banking service

The Uncarrier promises no fees for things like over drafting or using an ATM.

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erin-carson
Erin Carson Former Senior Writer
Erin Carson covered internet culture, online dating and the weird ways tech and science are changing your life.
Expertise Erin has been a tech reporter for almost 10 years. Her reporting has taken her from the Johnson Space Center to San Diego Comic-Con's famous Hall H. Credentials
  • She has a master's degree in journalism from Syracuse University.
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Erin Carson
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T-Mobile Money is a mobile banking service.

 SOPA Images / Getty

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.