T-Mobile has launched a checking account service for its customers called T-Mobile Money. It’s a complete checking account solution with FDIC insurance for balances up to $250,000. Customers will also receive a Mastercard debit card as well as the ability to send paper checks from a companion app.
It’s not like T-Mobile has opened up its own bank. That’s not what it’s doing with this service. The service is being operated by T-Mobile but it’s backed by BankMobile, a digital bank, which is part of Customers Bank. Basically, T-Mobile is using the bank’s infrastructure but offering its own service to customers.
T-Mobile says that the checking account has no maintenance fees, no minimum balance requirements, no account fees, and no fees for withdrawals at the over 55,000 ATMs of the Allpoint network. There’s even a $50 overdraft protection feature which will cover accounts when they go over but it has to be paid back within 30 days.
Its customers can set up their accounts with T-Mobile Money. The card that they receive will be compatible with Apple Pay, Google Pay, and Samsung Pay. T-Mobile is also offering 4 percent annual percentage yield or APY on balances of up to $3,000 in its checking account that deposits at least $200 per month. Customers who go over that $3,000 threshold will be reverted back to a 1 percent APY rate.
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