T-Mobile, has for awhile, been bringing in new options for increasing the quality of their services for its customers. Now releasing a new app to help with banking.
T-Mobile offers new bank-by-phone program
T-Mobile (TMUS) has been shaking up the phone industry under CEO John Legere. Now its taking aim at banking as well.
On Wednesday the carrier is opening a new financial services program, called Mobile Money, aimed at customers who dont have a regular bank account and depend on high-fee alternatives such as check cashers and payday lenders.
All of Legeres previous efforts were aimed at lowering the cost of mobile phone service. But the companys research discovered many customers also struggled with overpriced and inconvenient payment options for all of their bills.
That was something we werent necessarily looking for, says Taylor Collyer, a senior director at T-Mobile who worked on the Mobile Money project. But since the company already collected monthly fees and offered installment plans for phones, we do finance we know a fair amount about that, Collyer adds.
To start, customers will have to sign up for Mobile Money at one of T-Mobiles 3,000 retail locations. They can add money to their account by handing cash to a store clerk, signing up for direct deposit or using a mobile app to snap a picture of a check. Funds added via direct deposit, which can be done with paychecks and government benefits checks, will be available two days early.
Money added to an account will be available by way of a Visa (V) debit card, which can be used at any store that accepts Visa and across a large ATM network. The mobile app, available for Googles (GOOG) Android and Apples (AAPL) iOS, will also have online bill-paying capability. Additionally, the app can be used to transfer money directly to another Mobile Money user.
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