T-Mobile launches a mobile banking service

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Really! From a network provider to a mobile banking service; T. Mobile have just proven to be an extremist at entrepreneurship

T. Mobile who is popularly known as a network providing company seems to be tired of sticking to just a source of income, which is basically telecoms. Hence, the company has decided to venture into the mobile banking business. While the company will become the first to offer branded checkings, it comes right after Amazon, who was reportedly rumored to be making attempt towards venturing into a similar business.

T.Mobile, however, has silently launched the new service that aims at competing with traditional banks for customers’ financial needs.

T.Mobile Money, as the new service is been referred, is a checking account service offered in partnership with BankMobile, a division of Customers Bank. There are no maintenance fees, no account fees, no overdraft fees, and no minimum balances and you’ll have access to over 55,000 fee-free ATMs worldwide. Tap to pay works with Apple Pay, Google Play, and Samsung Pay, we’re told, and there’s even mobile check depositing.

If you are wondering how to go about owning an account, you simply to sign up although if you are not a T.Mobile customer, you might miss out in the extra perks like 4.00 percent APY on balances up to $3,000 (so long as you deposit at least $200 into your account each month). The standard APY is 1.00 percent if you are a customer or just a passerby.

As a digital bank, there’s no easy way to deposit cash into your account. To do so, you’ll have to get a money order or cashier’s check made out to yourself then deposit that using the mobile check deposit feature. Alternately, you could deposit cash into another bank account then transfer that over but that kind of defeats the purpose. It’s also not possible to link an international bank account to your T-Mobile Money account. The service is available on a limited basis. So head straight for the T-Mobile Money website if you are interested. You can as well get the app on either your Android Google play or Apple App Store.

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