T-Mobile is now offering its own branded checking accounts as a new offering called T-Mobile Money. The accounts bear no monthly, overdraft or transfer fees, and no ATM fees. Accounts earn 4% interest on the first $3,000. The product is digital-only and mobile-first, accessed primarily through a phone app. The debit card is compatible with Google Pay, Apple Pay, and Samsung Pay, although customers receive a physical debit card as well. It supports direct deposit, mobile deposit, bill payment, and customers can send checks. The product is created and operated by BankMobile, a division of Customers Bank (Member FDIC). BankMobile has over 2 million customers, mostly college students using a similar product offered in partnership with over 800 colleges and universities.


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