T-Mobile Wants to be Your Bank, Offers Free Checking

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News Posted: Wed, Jan 22 2014 9:33 AM
T-Mobile isn't content simply shaking up the wireless industry by going against the grain as part of its "Un-carrier" designation, apparently the company wants to be your un-bank, too. Hence the wireless carrier is extending its different way of thinking into the personal finance sector with an initiative it's calling Mobile Money by T-Mobile.

"We've already transformed how Americans use and pay for phones, tablets and wireless service; why stop there?," said John Legere, president and chief executive officer of T-Mobile. "Millions of Americans pay outrageous fees to check cashers, payday lenders and other predatory businesses - just for the right to use their own money. Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets."

T-Mobile Prepaid Card

T-Mobile wants to end the perceived tyranny of greedy banking by offering a no-fee mobile banking solution. It starts with a re-loadable T-Mobile Visa prepaid card combined with free checking features. Using your smartphone or other mobile device, you can snap a picture of your checks to deposit them into your account. You can also pay bills, shop online, and set up Direct Deposit.

Bragging points for T-Mobile include the lack fees, such as no purchase fees, no reload fee in T-Mobile stores, no monthly maintenance charges, and no withdrawal fees when using one of the more than 42,000 in-network ATMs.

T-Mobile Mobile Bank

"It's ridiculous that families, especially those who can least afford it, have to pay so much for basic check cashing services that many of us take for granted," said Mike Sievert, chief marketing officer for T-Mobile. "Mobile Money levels the playing field to put money back in consumers' pockets for important things - like bills, groceries or vacations. The typical household using a check casher to cash their paychecks could save about $1,500 per year, and customers tired of getting hit with overdraft fees can switch and save an average of $225 a year."

You don't have to be a subscriber to T-Mobile to use Mobile Banking, though the carrier says there are certain benefits that only apply to its wireless customers. Intrigued? You can find out more on T-Moble's Mobile Bank page.
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