In a short amount of time, T-Mobile has improved itself and has made a name for itself as one of the best major U.S. wireless providers. One way it did things right is by removing the pain points that its customers regularly faced. With today’s news, however, it looks like T-Mobile is stepping up the playing field.
Earlier today, T-Mobile unveiled its new banking service called T-Mobile Money. This is a mobile-first platform that T-Mobile is using to offer banking services to its customers. The best part about opening an account in the platform is that it does not require a minimum balance. Additionally, eligible T-Mobile postpaid customers can even earn up to 4% Annual Percentage Yield (APY) on balances of up to $3,000. Comparing this to the interest paid on average U.S. checking accounts, it is almost 50 times higher. This, however, requires T-Mobile customers to make a $200 deposit every month. Non-T-Mobile customers who wish to use T-Mobile Money’s service can earn up to 1% APY only.
In its press release, T-Mobile shared that Americans pay $34 billion in bank overdraft fees. With T-Mobile Money, this won’t be an issue since they do not plan on charging fees or annual charges. T-Mobile subscribers can even have a negative balance no higher than $50 as long as they are able to make up for the deficit within 30 days. This overdraft protection is called by the company as “Got Your Back”.
Customers can also make use of the 55,000 in-network Allpoint ATMs to withdraw money without worrying about any additional fees. In addition to this, T-Mobile does not plan on imposing a fee on transactions made on out of network ATM machines. T-Mobile Money will supply a Mastercard debit card for all successfully opened accounts, which will work with ATM machines.
Customers are also protected by FDIC Insurance for up to $250,000. If you would like to be a member, you can download the T-Mobile Money app or visit the website. You can make check deposits, bill payments, direct deposit arrangements, money transfers, and more on the app. All it requires is verifying your identity with the use of Face ID or a fingerprint scanner.
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