Click here to close now.



Welcome!

News Feed Item

T-Mobile Frees Consumers from Outrageous Check Cashing Fees with Innovative New Smartphone Solution

Not content with upending just one industry, T-Mobile US, Inc. (NYSE: TMUS) today announced the company is extending its Un-carrier consumer movement to personal finance – transforming smartphones into personal money managers that can free people from excessive fees they often pay to use their own money.

The company calls this next phase of its consumer revolution Mobile Money by T-Mobile®.

“We’ve already transformed how Americans use and pay for phones, tablets and wireless service; why stop there?” said John Legere, president and chief executive officer of T-Mobile. “Millions of Americans pay outrageous fees to check cashers, payday lenders and other predatory businesses – just for the right to use their own money. Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets.”

ATM, overdraft and monthly maintenance fees all hit record highs last year, according to Bankrate’s 2013 Checking Survey. Mobile Money helps counter that trend with the combination of a simple, smartphone money management application designed for use with a re-loadable T-Mobile Visa® Prepaid Card that offers many reduced fee or $0 cost services for registered T-Mobile wireless customers.

With Mobile Money, registered T-Mobile wireless customers pay $0 for things they do every day. No charge for activation, monthly maintenance, in-network ATM withdrawals, or for replacing lost or stolen cards. No minimum balances required. No more worrying about overdraft fees. And no unnecessary trips to the bank or a check casheri.

At the same time, Mobile Money lets customers do most everything they would otherwise do with traditional checking accounts, including direct depositing paychecks, depositing checks from capable smartphone cameras, making retail purchases, paying bills and withdrawing cash from more than 42,000 in-network ATMs nationwide with no ATM feesii. Mobile Money can also be a powerful tool for families seeking a better way to budget or to provide money to kids away at college. Consumers get all of this plus the ease of managing money any time and from virtually anywhere.

T-Mobile isn’t new to the personal finance arena. With its ground-breaking approach to separating the costs of wireless services and devices, T-Mobile gives customers the option of financing smartphone purchases. To date, T-Mobile has facilitated billions of dollars in loans for customer phones, all without charging a penny in interest.

Mobile Money builds on T-Mobile’s financing experience to provide a sensible and affordable alternative to checking fees for the roughly 68 million U.S. adults who do not have traditional accounts and have to rely on alternative financial servicesiii.

“It’s ridiculous that families, especially those who can least afford it, have to pay so much for basic check cashing services that many of us take for granted,” said Mike Sievert, chief marketing officer for T-Mobile. “Mobile Money levels the playing field to put money back in consumers’ pockets for important things – like bills, groceries or vacations. The typical household using a check casher to cash their paychecks could save about $1,500 per year, and customers tired of getting hit with overdraft fees can switch and save an average of $225 a yeariv.”

Starting today, individuals can register for their personalized T-Mobile Visa Prepaid Card at https://t-mobilemoneyservices.com/. Cards will also be available in participating T-Mobile retail locations and beginning in February will be available in Safeway stores in the United States.

For more information, please visit: http://www.t-mobile.com/landing/moneyservices.html.

The card is issued by The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted. The Bancorp Bank; Member FDIC. Distributed and serviced by Blackhawk Network California, Inc.

About T-Mobile US, Inc.:

As America's Un-carrier, T-Mobile US, Inc. (NYSE: "TMUS") is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The company's advanced nationwide 4G and expanding 4G LTE network delivers outstanding wireless experiences for customers who are unwilling to compromise on quality and value. Based in Bellevue, Wash., T-Mobile US provides services through its subsidiaries and operates its flagship brands, T-Mobile and MetroPCS. It currently serves approximately 46.7 million wireless subscribers and provides products and services through 70,000 points of distribution. For more information, please visit http://www.t-mobile.com.

i Qualifying T-Mobile plan and card registration required for full benefits and reduced fees. See http://T-Mobilemoneyservices.com for fees and limitations (including arbitration provision).

ii Customers who use an ATM outside of T-Mobile’s partner network will be subject to ATM fees. Qualified direct deposit transactions only; payroll payer participation and compliance required.

iii 2011 FDIC National Survey of Unbanked and Underbanked Households (September 2012)

iv Based on 3% check-cashing fee imposed on the median annual household income of $50,054 as calculated by the 2011 U.S. Census. $225 savings based on June 2013 third-party study of average overdraft fees per year.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...