It seems like disrupting the wireless carrier market with their “Uncarrier” plans is not enough for T-Mobile. T-Mobile is now getting into the personal finance market by offering a service called Mobile Money. The purpose of Mobile Money is to help consumers save money by turning their smartphones into personal money managers.
“Millions of Americans pay outrageous fees to check cashers, payday lenders and other predatory businesses – just for the right to use their own money. Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets,” said T-Mobile president and CEO John Legere in a statement.
T-Mobile pointed out that overdraft and monthly maintenance fees were at an all-time high last year so Mobile Money will focus on fixing this problem. Mobile Money has a smartphone money management app that was designed for using with a re-loadable T-Mobile Visa Prepaid Card.
T-Mobile wireless customers would not have to pay for things that they do every day. There is not charge for activation, monthly maintenance, in-network ATM withdrawals or replacing lost cards. There is also no minimum balances required and no overdraft fees associated with the card.
The T-Mobile Mobile Money card lets customers do almost everything that they would with traditional checking accounts like direct deposit, check deposits from a smartphone camera, making retail purchases, paying bills, and withdrawing cash. The cash can be withdrawn from 42,000 in-network ATMs nationwide with no ATM fees.