A Whole New Meaning To Mobile Banking: T-Mobile Announces Money Management Service

TmobileDon’t like going to the bank? Aren’t interested in fees or maintaining a minimum balance? Not to worry, there’s a new service just for you. That is if you’re a T-Mobile customer. The company just announced it’s heading into the banking industry.

T-Mobile recently unveiled its latest venture – Mobile Money – a program that allows T-Mobile customers to manage their finances while skipping pesky fees from banks and cashier services.

Mobile Money uses a money management app and a prepaid T-Mobile Visa card at zero cost to existing T-Mobile customers, The Verge reports.

Much like a regular bank, Mobile Money users can deposit paychecks, pay for merchandise, withdraw cash from ATMs and pay bills. Just like current mobile banking apps customers can deposit checks by taking a photo with their phone’s camera.

T-Mobile touts the new program as a sensible and affordable alternative to checking fees for consumers without traditional banking accounts. The company says Mobile Money comes with no minimum balance requirements and no fees for in-network ATM withdrawals. However, the company is vague on what fees are incured for “non-typical” use.

There are fees for non-typical use. For example, if you want your personalized card shipped overnight, you’ll have to pay that fee. If you forgot to pay a bill and you need to get the funds there immediately, there is a charge for that. And if you choose to use an ATM that is outside of our partner network, then you will be charged a small fee. You can find a list in the terms and conditions. People who are not on a qualifying T-Mobile plan will incur additional fees.

Is Mobile Money truly a good deal for consumers, or is it like most prepaid cards and littered with hidden fees? It will take a bit more investigation before we can for sure.

Consumers interested in banking with T-Mobile can register for Mobile Money now, while cards will be available at Safeway stores starting in February.

Mobile Money is just the latest T-Mobile scheme to score new customers. Earlier this month, the company announced it would pay the termination fees for entire families to switch mobile phone providers.

T-Mobile wants to be your next bank [The Verge]