T-Mobile Banking: 10 Things to Know About the New App
T-Mobile (NASDAQ:TMUS) announced last year that the company was entering the banking space with a new app, and everyone will now have access to it.
Here are 10 things to know about “T-Mobile Money:”
The service is an app that consumers can access without having to be a wireless subscriber with the carrier, which the company is rolling out as it expands into the finance space.
You can open a T-Mobile Money account through a mobile app or in person at a company store.
Such an account will include no monthly fees, overdraft fees or other common charges levied out by most banks.
BankMobile is making the banking program in a partnership with the carrier–the former is a division of Customers Bankcorp, which is a Pennsylvania-based bank with roughly $10 billion of assets.
T-Mobile Money first launched as a pilot program in November for a limited number of users, available as a mobile banking app for Android and iOS users.
In its initial test launch, the carrier did not market the product aggressively. Now, it is doing so as it is advertising it online and in its retail stores.
In addition to not having the usual banking fees, the carrier’s checking account offering includes above-market interest rates, as it pays customers 4% interest per year on amounts of up to $3,000 for T-mobile wireless customers who deposit into their account at least $200 per month.
Other customers and amounts over $3,000 get 1% interest.
T-Mobile director of marketing for financial services Tiffany Minor says the goal is to expand the carrier’s reach beyond the wireless space, and there is a growing amount of dissatisfaction in the banking space at the moment.
The company has become the fastest-growing wireless carrier in the last six years, but market saturation has pushed it to try something new.
TMUS stock is up 1.5% on Friday.
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