Results 1 to 14 of 14

Thread: T-Mobile Money

  1. #1
    Join Date
    Jan 2017
    Posts
    572
    Device(s)
    iPhone 8 Plus, iPad (5th Gen)
    Carrier(s)
    310-150, 310-260
    Feedback Score
    0

    T-Mobile Money

    Sorry if this has been posted somewhere already, but I sort of did a "huh?" when the post from Doctor of Credit came across my RSS reader...

    https://www.t-mobilemoney.com/en/home.html
    https://www.doctorofcredit.com/t-mob...es-up-to-3000/

    Doesn't seem bad feature-wise, but it seems like one of those moves that is a bit of a distraction from their core business. Plus, its fee structure looks cheaper than Metro SIM swaps.

  2. #2
    Join Date
    Feb 2004
    Posts
    149
    Carrier(s)
    T-Mobile
    Feedback Score
    0
    Have to add a line in order to open an account.

  3. #3
    Join Date
    Jun 2007
    Location
    Greater Los Angeles
    Posts
    9,877
    Device(s)
    iPhone XS
    Carrier(s)
    T-Mobile USA
    Feedback Score
    15 (100%)
    https://www.tmonews.com/2018/11/t-mo...nking-service/

    T-Mobile says that there are no account fees, no maintenance fees, and no minimum balances. T-Mo also promises that customers will have access to 55,000 no-fee ATMs through Allpoint and that it won’t charge you if you use an out-of-network ATM, though you still may be hit with a fee by that ATMs owner and T-Mo won’t rebate those fees.

    With the T-Mobile Money service, everyone will earn 1.00 percent annual percentage yield on all balances. T-Mo customers with a qualifying plan — like T-Mobile One, Simple Choice, and other postpaid plans — who deposit at least $200 per month can earn 4.00 percent annual percentage yield on checking account balances up to $3,000.

    Another benefit for T-Mobile customers is Got Your Back, which offers up to $50 of spending in overdrafts with no fees. This feature is available to eligible T-Mobile customers on a qualifying postpaid plan who make a one-time deposit of $200 in a single month. With this feature, you’ll have 30 days from the date your account becomes negative to bring it back to a positive balance.

    T-Mobile Money offers a physical debit card that’s associated with Mastercard. The service supports digital wallets, too, including Apple Pay, Google Pay, and Samsung Pay. Other notable features of T-Mobile Money include automatic bill pay, direct deposit, mobile check deposits. If you want to deposit cash, though, you’ll have to either get a money order, a cashier’s check, or make a deposit at another bank and then transfer that to your T-Mobile Money account.

    T-Mobile has partnered with BankMobile for its T-Mobile Money service, and the company says that your account is FDIC-insured up to $250,000.
    “The Internet wasn’t meant to be metered in bits and bytes, so it’s insane that wireless companies are still making you buy it this way. The rate plan is dead — it’s a fossil from a time when wireless was metered by every call or text.” John Legere 1/5/2017

  4. #4
    Join Date
    Jun 2007
    Location
    Greater Los Angeles
    Posts
    9,877
    Device(s)
    iPhone XS
    Carrier(s)
    T-Mobile USA
    Feedback Score
    15 (100%)
    Pretty lucrative. Perhaps they think they can sign up more postpaid customers to their mobile service by getting people to bank with them? Or simply add this as a benefit of being their postpaid customer?

    As a bank they get to play with and invest our money which could help them with cash flow.

    People who overdraw often might like the overdraft option?

    If they could offer lucrative mobile benefits by using their debitcard like discounts on handsets that would be cool.

    Only thing that sucks is no ability to deposit cash for those who need it and of course no loans.

    EDIT: I just opened an account for the fun of it. I signed in with my T-Mobile ID and it literally took less than 45 seconds.

  5. #5
    Join Date
    Aug 2003
    Location
    Southeast
    Posts
    6,976
    Device(s)
    Cricket note 4's-vzw note 4-vze rugby 3,z892
    Carrier(s)
    Cricket,vzw,metro pcs
    Feedback Score
    0
    This is fairly common among big corporations, credit card issuers, etc. in that it not only does it let them borrow money at a favorable rate as well as soon allow their customers a good investment rate.

  6. #6
    Join Date
    Aug 2008
    Posts
    14,346
    Feedback Score
    0
    Quote Originally Posted by ericok View Post
    Have to add a line in order to open an account.
    No, apparently anyone can sign up, customer or not.

    Just go to this link:

    https://join.t-mobilemoney.com/#!/customertype

    And select not a wireless customer.

    Non-customers can't receive the 4% interest or the overdraft protection. But they still get 1% interest.

  7. #7
    Join Date
    Jul 2002
    Location
    Gulf Coast
    Posts
    15,119
    Device(s)
    Samsung Avant, Nexus 5X, Moto G
    Carrier(s)
    T-Mobile, Project Fi, PagePlus
    Feedback Score
    0
    4% dividend on checking is pretty good. That's more than I'm getting on money market funds.
    Donald Newcomb

  8. #8
    Join Date
    Jan 2017
    Posts
    572
    Device(s)
    iPhone 8 Plus, iPad (5th Gen)
    Carrier(s)
    310-150, 310-260
    Feedback Score
    0
    Quote Originally Posted by ericok View Post
    Have to add a line in order to open an account.
    I think this may have been a joke...

    But anyway, it's a unique offering at least - lots of online-only "banks" (typically an account is held at a real bank and then an app/web site with whatever branding is what users interact with - like Simple, Varo, Chime, etc.) or real online-only banks (Ally, Discover, Cap One 360) offer similar features, but the interest earned is better than most offer in savings.

    To be honest, I'm a little surprised AT&T hasn't gotten into this to sit on some money to help their debt situation.

  9. #9
    Join Date
    Apr 2004
    Posts
    1,623
    Device(s)
    iPhone
    Carrier(s)
    T-Mobile USA
    Feedback Score
    0
    Tmobile shut down the services back in 2016 (T-mobilemoneyservices.com for their prepaid visa) So they are at it again... i still have my previous tmobile visa... i signed up again with this one.. it took me 40 seconds for the whole sign up.

    Anyone can sign up. T-mo customers and NON-Tmo customers, you do not need to have a t-mobile account. Anyone can sign up!!!
    No credit check
    No puerto rico is allowed
    All the legal stuff: Needs a Social Security number, needs a state driver license/ID, must be over 18 yrs old.
    It will give you a checking account for immediate transfers up to $3000
    It will send you a MasterCard Debit card, can be added to apple pay immediately
    Bill pay is available for free
    Mobile Check deposit is available (take a pic.. deposit)


    If you had T-mobile Prepaid Visa, the signup is a breeze, login with your previous login.
    Same website and phone numbers as 2014
    T-mobilemoney.com
    T-mobilemoneyservices.com
    866-686-9358
    Last edited by cr0w; 11-29-2018 at 10:06 AM.

  10. #10
    Join Date
    Jun 2007
    Location
    Greater Los Angeles
    Posts
    9,877
    Device(s)
    iPhone XS
    Carrier(s)
    T-Mobile USA
    Feedback Score
    15 (100%)
    This was featured today on KTLA 5 with news here in SoCal as a great option; particularly for its high 4.0% yield. Rich DeMuro, the anchor who presented the new online banking option is a local, high profile reviewer of tech products and often recommends great deals.

    I'll put a couple grand in it and let it earn some money.

  11. #11
    Join Date
    May 2003
    Location
    Western MA
    Posts
    1,639
    Device(s)
    LG G3/G2/XCharge Moto E4/E2/G4 Play
    Carrier(s)
    H2O, PagePlus, TracFone, Tello, TMO, Xfinity
    Feedback Score
    0
    I use a Bluebird by American Express debit card for small purchases which I don't want to reconcile in my checkbook. I find it very handy mainly because there are no fees for it. The problem with it is that there are some establishments which don't take American Express. The other Visa and MasterCard debit cards do have extra fees.

    This T-Mobile MasterCard debit card (and checking account) could be an ideal replacement.

  12. #12
    Join Date
    Jul 2002
    Location
    Gulf Coast
    Posts
    15,119
    Device(s)
    Samsung Avant, Nexus 5X, Moto G
    Carrier(s)
    T-Mobile, Project Fi, PagePlus
    Feedback Score
    0
    The 4% interest only applies to the first $3,000. While that is about $10/month, it's really not worth the extra effort.

  13. #13
    Join Date
    Oct 2005
    Posts
    3,300
    Device(s)
    LG G7
    Carrier(s)
    Google FI
    Feedback Score
    0
    A FierceWireless update is now states that T-Mobile says this is another limited test of banking.

    https://www.fiercewireless.com/wirel...utm_medium=rss

  14. #14
    Join Date
    Aug 2010
    Posts
    1,190
    Device(s)
    iPhone 6S Plus, Nexus 6P, Nexus 7
    Carrier(s)
    T-Mobile
    Feedback Score
    0

    T-Mobile Money

    Quote Originally Posted by @TheRealDanny View Post
    Pretty lucrative. Perhaps they think they can sign up more postpaid customers to their mobile service by getting people to bank with them? Or simply add this as a benefit of being their postpaid customer?

    As a bank they get to play with and invest our money which could help them with cash flow.

    People who overdraw often might like the overdraft option?

    If they could offer lucrative mobile benefits by using their debitcard like discounts on handsets that would be cool.

    Only thing that sucks is no ability to deposit cash for those who need it and of course no loans.

    EDIT: I just opened an account for the fun of it. I signed in with my T-Mobile ID and it literally took less than 45 seconds.
    I’m glad they’re back on banking but nothing exciting here yet. They’re not accepting deposits at the stores like before so there doesn’t seem to be a way to deposit cash.

    Also the nice interest rate doesn’t offset the fact that there is no cash back on purchases. Discover Card Bank actually offers a debit card with cash back.

    I don’t see a compelling reason for anyone to use this yet...


    Sent from my iPhone using Tapatalk
    Last edited by p6B5Nm5b; 12-01-2018 at 12:32 AM.

Similar Threads

  1. T-mobile money back guarantee?
    By TuBBiE18 in forum T-Mobile
    Replies: 9
    Last Post: 04-26-2005, 01:36 PM
  2. Replies: 23
    Last Post: 04-21-2004, 01:15 AM
  3. Why do mobiles cost so much money?
    By rrypma in forum SonyEricsson
    Replies: 14
    Last Post: 06-01-2003, 08:11 PM

Tags for this Thread

Bookmarks