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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.

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.
Erin Carson

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.