First your phone, now your banking — are you ready to let T-Mobile handle your money?

First your phone, now your banking - are you ready to let T-Mobile handle your money?

T-Mobile USA announced Wednesday a new program called Mobile Money. Switching wireless carriers is one thing - but are you ready to let T-Mobile handle your money, too?

With Mobile Money, T-Mobile's trying to take a bite out of check cashing and payday lending services - often relied on by low-income consumers who may not use banks for their money handling. T-Mobile estimates that there are about 68 million such people in the United States who rely on non-traditional money handling services. T-Mobile's also looking to provide an alternative to ATM, overdraft and monthly maintenance fees levied by traditional banks.

Mobile Money issues customers a pre-paid Visa debit card and provides fee-free services including direct deposit of payroll checks, making purchases, paying bills and withdrawing cash from 42,000 ATMs nationwide without surcharges through T-Mobile's partner network.

What's more, an app for Google Android and iOS smartphones enables customers to check the status of their accounts and manage their money, as well as make deposits directly, using a live check and their smartphone camera.

Are you ready to go with T-Mobile for your banking as well as your phone? Sound off in the comments.

Peter Cohen

Managing Editor of iMore, Mac and gaming specialist and all-around technologist. Follow him on Twitter @flargh

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Reader comments

First your phone, now your banking — are you ready to let T-Mobile handle your money?

10 Comments

Not for me, but if they can actually screw over the payday loan companies, without screwing the people, than i'm all for it. Worse than loan sharks those people.

It all depends, its this something totally different or just a re branded product backed up by someone else ? Personally i dont use banks, they do nothing but take your money. I currently use Amex Prepaid (Bluebird) and pay nothing for online banking or withdraws, the only drawback is not that many businesses take Amex. It may be something good if it doesnt gouge on fees like some prepaid debit cards do.

Not sure why PayDay lending was brought into this as that has nothing to do with a PrePaid card, unless tmobile is planning to offer loans.

If you look at the fine print:
"The card is issued by The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc"

You beat me to it...
It makes me think of the Apple [Barklay] card.
... -ish.

Sent from the iMore App

Exactly. It's not like Apple was handling your money or the NFL is handling your money, etc.. Just another credit card wrapper.

Same thing as GreenDot just rebranded and this one offers check deposit. Ehh nothing new.

There is a 7 Day hold on image check deposits on the TMobile Card (i know Bluebird is the same), i doubt anyone without a checking account is going to wait 7 days for there check to clear, IMO i would rather go to a Check Cashing Store and pay the 1% to cash my $200.00 check rather than wait 7 Days to get my $200.00

If your not a TMO customer then this card is pretty much nothing but fee's, you cant reload FREE unless you have a TMO number registered. Bunch of crap.