News by Andrew Kameka on Wednesday January 22, 2014.
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T-Mobile today announced Mobile Money, a new program that manages personal finance and links with a prepaid Visa card that offers free checking, free ATM withdrawals, and no associated costs with overdrafts or maintaining accounts. T-Mobile has basically decided to become a bank.
Mobile Money is designed to function as any other checking account. Customers who sign up are able to deposit funds by taking a photo of a check or signing up for direct deposit. The Visa Prepaid Card given to account holders can pay for items online or anywhere that Visa is accepted, and it can also be used to withdraw cash from "partner" locations that do not have any fees (42,000 locations in US).
Android and iPhone users will be able to download the Mobile Money app to handle deposits, transfers, bill pay, and finding ATM locations that will not have withdrawal fees. There does not appear to be any BlackBerry 10 or Windows Phone 8 app on T-Mobile's website, but that might change in the future.
T-Mobile customers can sign-up for Mobile Money and not pay any fees associated with the account. Interested customers can sign-up at the Mobile Money website or visit a local T-Mobile retail outlet beginning in February to sign-up for a card.
Andrew is based in Miami, Florida.