T-Mobile apparently isn’t content with just shaking up the way wireless carriers do business. The Magenta carrier is expanding into banking territory by announcing its new Mobile Money service, which provides customers with a pre-paid Visa card and the ability to cash checks, receive direct deposits and withdraw cash from more than 42,000 ATM’s for free in the network. The service isn’t restricted to T-Mobile customers, but it helps. Those who sign up for T-Mobile’s Mobile Money service but don’t have a T-Mobile plan will be forced to pay fees, albeit fairly small ones.
We think it’s wrong to charge you high fees to use your own money. That’s why we created Mobile Money. T-Mobile customers pay $0 for things they do every day:
- $0 Purchase fee
- $0 Reload fee in T-Mobile stores
- $0 Monthly maintenance fee
- $0 Withdrawal fees at in-network ATMs
The service is coupled with an iOS or Android app and a prepaid Visa card, and functions much like a bank account. The cards can be loaded at T-Mobile stores and will be expanded to Safeway stores in the near future. The service is a great option for those who lack access to a traditional bank account, and give T-Mobile customers a bit of a break on bank fees
Users will also be able to transfer up to $100 a day to other Mobile Money customers for free.
Sound good to you? Head on over to T-Mobile’s website for more details and to sign up for the new Mobile Money prepaid Visa card.