Mobile MONEY is the Un-Carrier's new mobile-only banking service

Mobile MONEY is the Un-Carrier's new mobile-only banking service

Another benefit T-Mobile Money is pointing out is that it's getting rid of all the fees that are often causing bank customers frustration.

A new Google Pay linked bank listing turned up something called T-Mobile MONEY. Unless you're already a T-Mobile subscriber, there's not too good a reason to switch over. 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.

T-Mobile Money offers a physical debit card that's associated with Mastercard. It reportedly tapped BankMobile, a division of Customers Bank, back in October, to create the service. Accounts carry the typical FDIC insurance on balances up to $250,000. Automatic bill paying, photo-based check deposits, direct deposits, and mobile wallet functionality via Apple Pay, Google Pay or Samsung Pay are all part of the package as well.

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The major selling point so far is that T-Mobile will offer its subscribers, who can deposit at least $200 a month into the account (on up to a $3,000 balance), a 4% annual percentage yield (APY) on their money. Available through iOS and Android apps - and, if necessary, a web app for laptops and desktop computers - the online bank promotes fee-free digital banking with a 1 percent annual percentage yield (APY) on all balances. And we heard over-and-over from our employees and customers their pain and frustration with their current banking options. "And that's why the Un-carrier is disrupting banking by offering better MONEY through our partnership".

The big picture: Rumors surfaced earlier this year that Amazon was considering offering branded checking accounts but in a surprise move, it's T-Mobile that's first to the table with such an offering.