The fourth-largest wireless carrier is up to it again, innovating faster than its competitors. T-Mobile last year was the first to do away with the dreaded two-year service contracts, forcing its bigger rivals to follow suit.
T-Mobile announced Wednesday that it is now offering Mobile Money, a checking account service that promises zero fees for everyday banking-type services.
Registered T-Mobile wireless customers won’t pay for activation, monthly maintenance, in-network ATM withdrawals, or for replacing lost or stolen cards. No minimum balances are required. And there are no overdraft fees.
You can walk into a T-Mobile store and open your checking account with an initial cash deposit. T-Mobile gives you a prepaid Visa card.
You can deposit cash into your account at T-Mobile stores and checks by snapping a photo of the document using the Mobile Money app for iPhone or Android.
The carrier promises you can do everything else you do with traditional checking accounts, including direct depositing paychecks, paying bills and withdrawing cash from more than 42,000 in-network ATMs nationwide with no ATM fees.
“Millions of Americans pay outrageous fees to check cashers, payday lenders and other predatory businesses – just for the right to use their own money,” said John Legere, president and chief executive officer of T-Mobile.
“Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets.”
Now, let’s see how long it takes for Verizon, AT&T and Sprint to follow T-Mobile’s lead again.