T-Mobile launches new Money Mobile service in US

T-Mobile US is launching a new service, Money Mobile, which allows customers to manage their personal finance without paying any excessive fees.

T-Mobile US is launching a new service, Money Mobile, which allows customers to manage their personal finance without paying any excessive fees.

The new service integrates smartphone money management application with a re-loadable T-Mobile Visa Prepaid Card to offer customers with services that are normally offered by banks.

The services include direct depositing paycheques, depositing cheques from capable smartphone cameras, retail purchases, paying bills and withdrawing cash from over 42,000 in-network ATMs nationwide without any fees.

T-Mobile CEO and president, John Legere, said they have already transformed how Americans use and pay for phones, tablets and wireless service; why stop there?

"Millions of Americans pay outrageous fees to check cashers, payday lenders and other predatory businesses – just for the right to use their own money. Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets," Legere added.

With Mobile Money, registered T-Mobile wireless customers need not pay any fees for activation, monthly maintenance, in-network ATM withdrawals, or for replacing lost or stolen cards. Additionally, it does not require user to maintain minimum balance, worry about overdraft fees, and make unnecessary trips to bank.

T-Mobile chief marketing officer, Mike Sievert, said Mobile Money levels the playing field to put money back in consumers’ pockets for important things – like bills, groceries or vacations.

"The typical household using a check casher to cash their paychecks could save about $1,500 per year, and customers tired of getting hit with overdraft fees can switch and save an average of $225 a year," Sievert added.