T-Mobile is bringing its prepaid, contract-free phone model to banking. It introduced a “Mobile Money” service Wednesday, offering basic banking services via a prepaid Visa card and a new smartphone app with the same name.
Customers can deposit checks via the app, pay bills, transfer money to other card holders and withdraw cash from 42,000 in-network ATMs without facing a fee. Non-T-Mobile subscribers will face small fees, such as a $5 monthly account fee and an initial $4 cost to purchase the card. The mobile phone carrier is touting the service as an alternative to pricey fees from check cashing, payday lenders and “other predatory businesses.” Read more