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Author Topic: T-Mobile introduces no-fee banking service  (Read 8811 times)

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T-Mobile introduces no-fee banking service
« on: April 19, 2019, 06:26:47 AM »
T-Mobile has become the fastest growing of the four major U.S. wireless providers by removing consumer pain points. Today, the company is doing the same for banking customers. T-Mobile today has introduced its new banking service, T-Mobile Money. As you might imagine, the carrier is offering banking services using a mobile-first platform. No minimum balance is required, and eligible T-Mobile postpaid customers will earn as much as a 4% Annual Percentage Yield on balances up to $3,000. That interest is 50 times higher than the interest paid on the average U.S. checking account, but it requires a $200 deposit from a T-Mobile customer every month. T-Mobile Money members who aren't customers of the wireless carrier will earn a 1% APY.

According to T-Mobile, Americans paid a whopping $34 billion in overdraft fees. That won't be a problem for T-Mobile Money customers since there will be no fees or annual charges. T-Mobile subscribers will be allowed to carry a negative balance no higher than $50 as long as the deficit is made up within 30 days. The company calls this "Got Your Back" overdraft protection. 55,000 in-network Allpoint ATMs will allow customers to withdraw money with no fee added, and T-Mobile will not add a fee on transactions made using out of network ATM machines. The ATM machines will work with the T-Mobile Money Mastercard debit card that comes with an opened account.