Mobile Launches Mobile Banking Service in the US

The new T Mobile Money website

T-Mobile has always tried to separate itself from the other three major carriers with its interesting business decisions.

In case you were wondering, T-Mobile has partnered up with BankMobile to offer the T-Mobile MONEY service which, in essence, is merely a rebranded BankMobile product. Reemergence because T-Mobile gave it a try four years ago, but that lasted only two years before it was shut down. 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. The company says that this is much larger than the industry average of 0.4 percent, but keep in mind that its competitors may also grant their lower rates to larger amounts of money. That means no: overdraft fee, account fee, maintenance fee, minimum balance fee and even ATM fees at Allpoint ATMs. It seems it was finally dome watching from the sidelines.

Like a traditional checking account, you'll also get a debit card. But if you're T-Mobile, you don't have quite that spread of revenue sources. T-Mobile Money skips the potentially huge overhead of physical branches in favor of a website and a mobile app (Android, iOS), joining a growing crowd of "virtual" banks where you'll never meet an employee face-to-face. But that's boosted to 4 percent APY on checking account balances up to $3,000 for T-Mobile wireless customers with qualifying service and who deposit at least $200 per month.

T-Mobile Money account sign-up screen
T-Mobile Money account sign-up screen

So what's different this time with the prematurely published T-Mobile Money (without the "Mobile")?

Naturally, this surprise un-announcement is stirring up some controversy, especially after T-Mobile's failed first attempt. To do so, you'll have to get a money order or cashier's check made out to yourself then deposit that using the mobile check deposit feature. So what do you do to diversify your income?

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