Mobile introduces its no-fee banking service

T-Mobile Money banking service launches nationwide

Apple’s got a credit card, and now T-Mobile is launching a checking account

Following a quiet pilot launch at the end of 2018, T-Mobile Money is ready for its national debut.

T-Mobile claims overdraft fees cost USA consumers $34 billion in 2017, and that doesn't even take into account other fees associated with checking accounts. You can use the companion app to perform numerous actions that you'd want from your bank, including making mobile check deposits, setting up direct deposit, sending a check, transferring money, making peer-to-peer payments, and paying with a mobile wallet like Apple Pay, Google Pay, or Samsung Pay.

You can still sign up for an account even if you're not a T-Mobile customer. Customers have to sign up with their T-Mobile ID and deposit at least $200 in their account every month to take advantage of everything Money has to offer.

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Considering T-Mobile MONEY is a mobile-first checking account, it is no surprise that most of your money management will be done with an app or through a website.

Overall, it doesn't seem like too bad a deal if you're already a T-Mobile customer.

If users can stick to the required minimum deposit, they can also opt in for the Got Your Back overdraft. The only requirement is that you bring the account back to a positive balance within 30 days.

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T-Mobile promotes a 1 percent annual percentage yield (APY) on all T-Mobile Money balances. The ATM machines will work with the T-Mobile Money Mastercard debit card that comes with an opened account. In order to be eligible for a T-Mobile MONEY account, you must be a resident of the 50 US states with a social security number to open an individual account. Customers can use this to make everyday purchases and pull money from Allpoint ATMs found around the world.

It might seem kind of unusual for T-Mobile to get into banking, but it's not actually T-Mo's first foray into banking services.

Weeks after Apple introduced its credit service, T-Mobile is expanding its mobile banking service nationwide.

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T-Mobile has disrupted the mobile industry enough. T-Mobile MONEY accounts are also FDIC insured for up to $250,000 and is a partnership with Bank Mobile, a division of Customers Bank, which should make you rest a little easier about banking with T-Mobile.

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