Un-carrier, a marketing campaign by T-Mobile US, as per recent reports, has announced the launch of “T-Mobile Money” – a smartphone managed mobile checking account with no minimum balance limit.
As per reports, eligible T-Mobile customers can avail up to 4% annual percentage yield (APY) on balances up to $3,000, without paying any fees – a definitely sweet deal that fetches 50 times higher than those that an average US Checking Account fetches – and 1% APY on every dollar after that.
Furthermore, to sweeten the deal more for Un-carrier customers, the firm has decided to offer the “Got Your Back” overdraft protection, allowing them up to $50 into-the-red penalty zone, without levying any penalty or surcharge, if they’re able to surface back to positive within a 30-day time limit. Moreover, everyone can score 1% APY on all balances. And there are no fees of any kind involved – i.e. no monthly, overdraft or transfer fees; no fees at over 55,000 in-network Allpoint ATMs; and no fees from T-Mobile for using out-of-network ATMs.
T-Mobile Money expanding its reach into all utility and banking fields allows – paying bills, making mobile cheque deposits, setting up direct deposits, sending and transferring money, or paying with a mobile wallet like Apple Pay, Google Pay, or Samsung Pay.
“Traditional banks aren’t mobile-first and they’re definitely not customer-first. As more and more people use their smartphones to manage money, we saw an opportunity to address another customer pain point,” states John Legere, CEO of T-Mobile. “You work hard for your money, you should keep it, and with T-Mobile Money, you can!”