T-Mobile wants to 'bank' your money
T-Mobile can now add banking under their list of services. The wireless cellular company announced a new product called Mobile Money, a smartphone app that combines personal finance with a prepaid Visa card. The card offers free checking, ATM withdrawals and no fees associated with overdraft and maintaining accounts. The new program is made to function like any other checking account.
T-Mobile customers can sign up for direct deposit and deposit money by taking a photo of a check. Customers can also withdraw money from 42,000 in-network ATM locations at no cost. Mobile Money is targeted to people who don't have access to traditional checking accounts with a bank or use check cashing services that may charge high fees. This can very appealing for undocumented immigrants who do not have access to a regular checking account. Customers can sign up and activate the card online or at their local T-Mobile stores. The Mobile Money app is available for Andriod and iPhone users.