T-Mobile Launches New Attack... Against the Banking Industry?

Discussion in 'Android News' started by dgstorm, Jan 22, 2014.

  1. dgstorm

    dgstorm Editor in Chief
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    T-Mobile has been on a roll lately. Ever since they got fired up and started rattling off new phases in their Uncarrier initiative, they have been making other carriers sweat from the massive value and changes they offer to consumers. Apparently, shaking up the wireless carrier industry isn't enough for T-Mo though. Now it looks as if the Uncarrier wants to disrupt the banking industry as well!

    T-Mobile officially announced their new program called, Mobile Money. It's basically a checking account for T-Mobile wireless subscribers. This isn't just some gimmicky expensive account which only the elite can afford either. In fact, their account structure is ultra-competitive, offering free activation, free monthly maintenance and free ATM withdrawals at any of the carrier’s 42,000 in-network partner ATMs. Furthermore, there is no fee for replacing lost or stolen cards and there are no minimum balances required.

    Here's what T-Mobile's boisterous CEO, John Legere had to say regarding this new program,

    Here's the full press release for more details,


     
  2. pc747

    pc747 Administrator
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    So a cell phone company who no longer believes in contracts wants you to put all your money in a bank they run (in business with).

    When can I sign up (sarcasm)?

    Personally I will pass I do not even allow companies to auto draft out my account. I would rather pay you 2 months payment in advanced before I give you my bank info.

    With that said, how long before we see AT&T or Verizon do the same thing?
     
  3. kodiak799

    kodiak799 Gold Member

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    It's an interesting idea. I do pay a few bills out of my checking account, and a few others with my VISA (where there's no transaction fee). That's usually enough to waive any account fees.

    Now the ATM transaction fee can be a nuisance, but I don't get cash much and it would take minimal planning on my part to avoid. That's the only compelling part of this, really. But 42,000 ATM's nationwide is pretty impressive.
     
  4. akhenax

    akhenax Silver Member

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    If there were no ATM fees period, I would see trying this service. That was the very reason I went to TD Bank, years back. They have since reneged on that though.
     
  5. johnomaz

    johnomaz Silver Member

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    I dunno. I just got a Google Wallet card because Google has been using the wallet service for a while now and it seems as secure as my own bank card. I however don't pay any bills with my Google Wallet card. I mostly use it for starbucks and fast food when I want it. Lets face it though, most people have direct deposit and pay bills with their bank account/debit card. There isn't much money exchanging hands. It could be a way for people just out of high school to get their first checking account (or even in school still, I dunno, I'm old).

    It could also potentially make TMobile money. Banks use the money deposited into accounts for other investments that in turn make them money (sometimes lose it too /cough financial system collapse) and could mean TMobile would be making money on something else other than their service.

    I don't plan on using it but I'm sure there are others that will. I also don't think it'll change the banking system. TMobile does have a good chunk of the cell phone industry finally, but in terms of being a bank, they are still in diapers.
     
  6. Xtra Big Kahuna

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    This actually makes a lot of sense for them. They have made people get rid of their contracts which means they are no longer "required" to stick it out for two years so if something were to happen that they didn't like they could just pull out without any issues but now if people had money being stored by the carrier that makes it much more difficult to just pack up and leave T-Mobile. This is going to keep the people who store their money with them from jumping ship as quickly as before.

    I personally wouldn't put my money in with T-Mobile but I am sure there are quite a few people that would.