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