Mobile Money by T-Mobile
T-Mobile Frees Consumers From Outrageous Check Cashing Fees With Innovative New Smartphone Solution
Un-carrier brings its revolution to personal finance with Mobile Money by T-Mobile
T-Mobile Press Release, BELLEVUE, Wash. - Jan. 22, 2014 - 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."
LTP Analysis - Mobile - Enabling Technologies Money is very similar to the approach Google took with both Google wallet app on smartphones and a debit card. But T-Mobile's Mobile Money packs much more - a smartphone app that works at merchants, for bills, for money management, T-Mobile® Visa® Prepaid Card, and surcharge free nationwide ATM network that brings many of the features of a checking account. Add to that, get your tax refund directly into your T-Mobile Visa Prepaid Card and much more.
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 casher[i].
LTP Analysis - What's amazing about T-Mobile's Mobile Money offering is that they have tapped into the benefits of mobility and focused on the biggest issues faced by customers - cost, complexity, so many steps to do transactionary work and the fragmented experience. The setup and transaction charges are zero. $0 Purchase fee; $0 Reload fee in T-Mobile stores; $0 Monthly maintenance fee; and $0 Withdrawal fees at in-network ATMs. And if you want to deposit your checks? Just take a picture with your smartphone.
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 fees[ii]. 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 services[iii]. "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 year[iv]."
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.
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[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.