T-Mobile launches "T-Mobile Money"2018-11-29 11:48 by Daniela
T-Mobile has dived into the world of mobile banking with a new service called "T-Mobile Money." It works like a traditional bank since it's backed by one: BankMobile, a division of Customers Bank. The new service also comes with extra benefits for T-Mobile's wireless customers.
For example, the carrier's qualifying wireless customers are offered 4% APY if their balance is at or under $3000. T-Mobile customers can also receive $50 of free overdraft protection. Given the close relationship between the two, there could be other perks for T-Mobile wireless customers in the future.
The company does not charge an account fee or require a minimum balance. Customers can use 55,000 Allpoint ATMs fee-free.
Debit cards are issued by Mastercard and can be managed through the T-Mobile MONEY app and site. The card is touted with links to Apple Pay, Google Pay and Samsung Pay. Mobile check depositing and direct deposits can be there. It's also backed by human customer service 24 hours a day, 7 days a week.
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