When you think of T-Mobile, you probably think of the color magenta, CEO John Legere, and Un-carrier moves. One thing you may not think about is banking, but T-Mobile wants to change that.
T-Mobile Money has launched as a new banking service from T-Mobile. There are no account fees, maintenance fees, or minimum balances with T-Mobile Money, and T-Mo says that customers will have access to 55,000 no-fee ATMs through Allpoint. T-Mobile Money offers a physical debit card associated with Mastercard, but it also supports the Apple Pay, Google Pay, and Samsung Pay digital wallets.
With T-Mobile Money, everyone will earn a 1.00 percent annual percentage yield (APY), but T-Mobile customers with a qualifying plan can get a 4.00 percent APY on checking account balances up to $3,000 when they deposit at least $200 per month. T-Mo customers also get a feature called Got Your Back. With it, T-Mobile subscribers on an eligible postpaid plan who make a one-time deposit of $200 can get up to $50 of spending in overdraft with no fees.
Other features of T-Mobile Money include automatic bill pay, direct deposit, and mobile check deposits. If you want to want to deposit cash into your T-Mobile Money account, things get a bit more complicated. T-Mo says you can't deposit cash at a T-Mobile store or an ATM, so you'll need to make a money order out to yourself, ask another bank for a cashier's check made out to yourself, or make a deposit at another bank and then transfer that to your T-Mobile Money account.
Since T-Mobile is actually a wireless carrier and not a bank, the carrier teamed up with BankMobile on its T-Mobile Money service. BankMobile is a division of Customers Bank and is an FDIC member. Your T-Mobile Money account is insured up to $250,000.
It's kind of strange to see T-Mobile get into the banking game, but this actually isn't the first time that T-Mo has done it. The carrier launched a Mobile Money program in 2014 that offered a physical debit card for making payments and withdrawing cash from ATMs. That program was discontinued in 2016, and now T-Mobile is back with another banking service, though at this point it feels kind of like it's a pilot program. Between its mobile service, its upcoming television service, and now a banking service, T-Mo is trying to make its way into more and more parts of your life.
What do you think of T-Mobile Money? Are you thinking about giving it a try?