T-Mobile is making another pitch to become a player in the mobile banking business by testing a service called T-Mobile Money, a source familiar with the program who asked not to be identified confirmed to Mobile Payments Today.
The service gives T-Mobile customers access to direct checking and other accounts with no minimum balance or monthly or overdraft fees, according to the T-Mobile Money website. They can also withdraw funds from Allpoint ATMs for no fee, the site noted.
The service, backed by CustomersBank division BankMobile, pays T-Mobile customers with qualifying plans up to 4 percent interest if they deposit at least $200 per month to checking account balances up to $3,000, according to the site. Balances above that amount earn 1 percent, according to the site.
Users can deposit checks by taking a photo with their smartphone, and can use a mobile wallet service supported by Apple, Google or Samsung Pay, the site noted. Users looking to deposit cash need to convert funds into a money order or cashier's check and upload the payment or transfer the funds from another bank, according to the site.
T-Mobile previously launched a service called Mobile Money in 2014, which it discontinued in 2016.
The app is available on iOS through the App Store or Google Pay, according to the site, and accounts are FDIC supported up to $250,000.
Re-disseminated by The Asian Banker from mobilepaymentstoday.com