T-Mobile Gets Into Banking with 'Mobile Money'
T-Mobile is bringing its prepaid, contract-free phone model to banking. It introduced a “Mobile Money” service Wednesday, offering basic banking services via a prepaid Visa card and a new smartphone app with the same name.
Customers can deposit checks via the app, pay bills, transfer money to other card holders and withdraw cash from 42,000 in-network ATMs without facing a fee. Non-T-Mobile subscribers will face small fees, such as a $5 monthly account fee and an initial $4 cost to purchase the card.
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