T-Mobile is launching a mobile banking service called Money
T-Mobile is going from the “Un-carrier” to the “Un-banker,” or something. I don’t know. The cell carrier is launching a new pilot program for T-Mobile customers, called T-Mobile Money.
Just in case you’re worried about giving even more money to your cell carrier, the checking accounts are technically looked after by a digital bank called BankMobile, which is a part of Customers Bank. Just like mobile virtual network operators (MNVO) piggyback on T-Mobile’s service infrastructure, T-Mobile is using BankMobile to offer the service.
More about the T-Mobile bank account
It’s still a legit checking account, with FDIC insurance for balances up to $250,000, the nifty ability to send paper checks from a smartphone app, and a Mastercard-powered debit card. You can also link a T-Mobile Money card to Apple Pay, Samsung Pay, or Google Pay if you prefer the convenience of contactless payment.
Now, you can enjoy a minimum 1.00% Annual Percentage Yield (APY) on all balances. If you’re a T-Mobile wireless customer and deposit at least $200 a month, you can earn 4.00% APY on checking account balances up to $3,000.
Other perks with the service
Other perks include no account fees, no maintenance fees, no minimum balance, and no fees at 55,000 ATMs in the Allpoint network. You also get a $50 “Got Your Back” overdraft protection feature that won’t incur other charges if you pay it back within 30 days.
The Un-carrier’s recent issues with data protection kinda make me uneasy about them being in charge of my checking account – even if they’re not technically in charge of it. Anyone else?
Editor’s Note: This article has been updated to reflect that this is only a pilot program and rolling out on a limited basis at this time.
What do you think? Is this something you’re considering? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.
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