Today T-Mobile has announced a new personal finance service called Mobile Money, which lets customers store and manage their money, thus pushing the boundaries of the what defines a mobile carrier.
Starting today, T-Mobile will offer the Mobile Money app with a T-Mobile pre-paid Visa card. The card is available from t-mobilemoneyservices.com, and from T-Mobile retail locations. With the card, which can be obtained by even non T-Mobile customers, there is $0 purchase fees, no monthly maintenance fee, no fee to reload the card in a T-Mobile store, and $0 withdrawal fee on ATMs coast to coast ($2 charge for out of network transactions).With direct deposit, you can get access to your tax refund faster as it will be sent straight to your T-Mobile pre-paid card. And you can send up to $100 a day and $500 a month to another pre-paid card with the receiver's mobile number and the last four digits of their T-Mobile card.
T-Mobile stresses that it is not a bank, but does want to eliminate those nasty fees that the banks are famous for. T-Mobile's CMO, Mike Sievert, says that the average family can save $225 a year in overdraft charges and $1500 a year using a check cashier to cash payroll checks. The pre-paid card will also be available at Safeway stores starting next month.
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| T-Mobile announces a new pre-paid card that works with an app to help consumers save money |
It should be interesting to see if the other major U.S. carriers follow. Even more interesting is seeing which "pain point" T-Mobile and its CEO attack next.
source: T-Mobile
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