Just after the Black Friday T-mobile become a bank, the company has queitly released its own website for Mobile banking service which is called T-Mobile money, basically a checking account service for T-mobile customers. The banking service dont require any account fees, no maintenance fees, no minimum balances, no fees at 55,000 ATMs within the Allpoint network, and not even 1 percent annual percentage yield on all balances.
T-Mobile money is an original checking account with FDIC insurance for balances up to $250,000, Mastercard-powered debit card, and the feature to send paper checks directly from a smartphone app. You can also add T-mobile money card to Samsung Pay, Apple Pay, and Google Pay. T-mobile customers can checking account balances of up to $3,000 and the person who deposit at least $200 month can get a 4 percent annual percentage yield.
Eligible T-Mobile wireless customers can get up to at least $50 of spending in over drafts with no fees, The mobile banking service also comes with an EMV chip debit card. Back in 2014, T-mobile launched in collaboration with The Bancorp Bank, their services was going to be provided by BankMobile, a division of Customers Bank that offers a complete digital experience. One of the main disadvantages of using these kind of digital banking is the lack of in-person customer care and/or ATMs.
One thing to be mentioned here, T-mobile is taking the initiative of mobile banking service is only for putting its brand name on an existing digital banking product. On the other hand, BankMobile have some complaints with the Better Business Bureau and on Trustpilot. Still if you are confused about the Mobile banking service you can do more research before making any decisions.