As more and more Americans manage their money
on their smartphones, the Un-carrier steps up to make mobile
banking better.
- What’s the news: The Un-carrier
is launching T-Mobile MONEY nationwide: a no-fee, interest-earning,
mobile-first checking account. Get as much as 4.00% APY!
- Why it matters: Americans paid
$34 billion in overdraft fees in 2017. That’s not even counting all
the other fees banks charge. And consumers earned next-to-zero
interest on their account balances. T-Mobile MONEY changes the
game.
- Who it’s for: Anyone who is
tired of bank fees and wants to keep more of their money and grow
it faster. So everyone.
Another mobile pain point: tackled. Today, T-Mobile (NASDAQ:
TMUS) launched T-Mobile MONEY nationwide. It’s a no-fee,
interest-earning, mobile-first checking account that anyone can
open and manage right from their smartphone. With T-Mobile MONEY,
eligible Un-carrier customers can earn an industry-leading 4.00%
Annual Percentage Yield (APY)* on balances up to $3,000 – 50 times
higher than the average U.S. checking account1 – and 1.00 APY% on
every dollar over that! Plus avoid all those big bank fees and
overdrafts.
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“Traditional banks aren’t mobile-first, and they’re definitely
not customer-first. As more and more people use their smartphones
to manage money, we saw an opportunity to address another customer
pain point,” said John Legere, CEO of T-Mobile. “You work hard for
your money … you should keep it … and with T-Mobile MONEY, you
can!"
Keep More, Earn More
Big banks are built on fees. In 2017, Americans paid $34 billion
… in overdraft fees alone!!2 And that’s just one kind of fee. Bank
of America Advantage Checking has 19 different types of fees, and
Wells Fargo Everyday Checking has 14!3 With T-Mobile MONEY, there
are no fees -- no monthly, overdraft or transfer fees, no fees at
over 55,000 in-network Allpoint® ATMs worldwide** and no fees from
T-Mobile for using out-of-network ATMs. Also, no minimum balance
requirement!
And, you’ll earn more interest on your money, too. A lot more.
T-Mobile postpaid customers can get 4.00% APY* on balances up to
$3,000 and 1.00% APY on every dollar over $3,000 when they sign up
with their T-Mobile ID and deposit at least $200 each month.
Everyone else scores 1.00% APY on all balances.
Un-carrier postpaid customers can opt-in for Got Your Back
overdraft protection when they sign up for T-Mobile MONEY, so when
the unplanned happens, they can go in-the-red, up to $50, without
penalty -- just bring the account back to a positive balance within
30 days.
Banking Built for Mobile
Consumers are outgrowing traditional banks – 7 out of 10
consumers bank digitally4, and smartphones are the fastest growing
digital platform.5 Yet less than half of traditional banks say they
have a digital strategy6, and only 13% believe their core systems
can keep up with digital innovation.7
T-Mobile MONEY is built to be mobile-first, and you can do all
the things you need to do every day with your checking account
right from the app – make mobile check deposits, set up direct
deposit, pay bills, send a check, pay with a mobile wallet such as
Apple Pay, Google Pay and Samsung Pay, transfer money, even make
payments person to person. The app offers biometric security with
fingerprint and Face ID login, account alerts and debit card
disabling.
Plus, T-Mobile MONEY comes with a Mastercard® debit card you can
use at more than 55,000 Allpoint ATMs worldwide – more ATMs than
Bank of America, Chase or Wells Fargo.8 And you can use the
T-Mobile MONEY app or web site to locate the ATM nearest you. Plus,
your T-Mobile MONEY Mastercard offers Mastercard Zero Liability
Protection.
T-Mobile MONEY is created in partnership with BankMobile, a
division of Customers Bank (Member FDIC), and has been available in
a limited pilot since November 2018. T-Mobile MONEY deposits are
FDIC-insured up to $250,000. Customers can get 24/7 bi-lingual
customer service and support with T-Mobile MONEY Specialists.
Get T-Mobile MONEY
To sign up, just download the T-Mobile MONEY app from the Google
Play Store for Android 5.1 or later or Apple App Store for iOS 10.3
or later (or use T-Mobile MONEY online at www.t-mobilemoney.com).
Sign up directly from your smartphone, and anyone – T-Mobile
customer or not – can get an account. For personal support, you can
sign up in any T-Mobile retail store or by calling 1-866-686-9358.
T-Mobile customers can dial **MONEY. Residents of the 50 U.S.
states 18 and older with a social security number can open an
individual account. T-Mobile MONEY will come to Puerto Rico later
this year.
For more information, visit: www.t-mobilemoney.com.
1 Bankrate, 20192 Moeb Services, Apr 20183 Wells Fargo, Bank of
America4 ABA/Morning Consult, Sept 20185 PwC’s Digital Banking
Consumer Survey, 20186 Boston Consulting Group Global Corporate
Banking, 20187 The Financial Brand, 20188 According to bank
websites
* How APY works and what it means for you: As a T-Mobile MONEY
customer you earn 4.00% annual percentage yield (APY) on balances
up to and including $3,000 in your Checking account each calendar
month when: 1) you are enrolled in a qualifying T-Mobile wireless
plan; 2) you have registered for perks with your T-Mobile ID; and
3) you have deposited at least $200 in qualifying deposits to your
Checking account within the current calendar month. Promotional
deposits are not eligible toward the $200 in deposits. If you meet
this deposit requirement in a given month we will pay you this
benefit in the subsequent month as an added value provided all
other requirements are met. This added value is subject to change.
Balances above $3,000 in the Checking account earn 1.00% APY. The
APY for this tier will range from 4.00% to 2.79% depending on the
balance in the account (calculation based on a $5,000 average daily
balance). Customers who do not qualify for the 4.00% APY will earn
1.00% APY on all Checking account balances for any month(s) in
which they do not meet the requirements listed above. APYs are
accurate as of 11/1/18, but may change at any time at our
discretion. Fees may reduce earnings. For more information, see
Account Disclosures / Terms and Conditions or go to our FAQs.
** May incur fees from ATM providers when using
out-of-network ATMs or international ATMs and from Mastercard when
making foreign transactions.
About T-Mobile US, Inc.
As America's Un-carrier, T-Mobile US, Inc. (NASDAQ: TMUS) is
redefining the way consumers and businesses buy wireless services
through leading product and service innovation. Our advanced
nationwide 4G LTE network delivers outstanding wireless experiences
to 79.7 million customers who are unwilling to compromise on
quality and value. Based in Bellevue, Washington, T-Mobile US
provides services through its subsidiaries and operates its
flagship brands, T-Mobile and Metro by T-Mobile. For more
information, please visit http://www.t-mobile.com.
About BankMobile
Established in 2015, BankMobile is a division of Customers Bank
and among the largest and fastest-growing mobile-first banking
platforms in the U.S., offering checking and savings accounts,
personal loans and credit cards. BankMobile, named the Most
Innovative Bank by LendIt Fintech in 2019, provides an alternative
banking experience to the traditional model. It is focused on
technology, innovation, easy-to-use products and education with the
mission of being “customer-obsessed” and creating “customers for
life.” The disruptive, multi-partner distribution model, known as
“Bank-as-a-Service” (BaaS), created by the executive team enables
BankMobile to acquire customers at higher volumes and substantially
lower expense than traditional banks. Its low-cost operating model
enables it to provide low-cost banking services to
low/middle-income Americans who have been left behind by the
high-fee model of “traditional” banks. Today, BankMobile provides
its BaaS platform to colleges and universities and currently serves
over two million account-holders at nearly 800 campuses
(covering one out of every three students in the U.S.). It is one
of the Top 15 largest banks in the country, as measured by checking
accounts. BankMobile is operating as the digital banking division
of Customers Bank, which is a Federal Reserve regulated and
FDIC-insured commercial bank. For more information, please
visit: www.bankmobile.com.
About Customers Bank
Customers Bank (NYSE: CUBI) is a super-community bank with $9.8
billion in assets as of December 31, 2018, offering commercial and
consumer banking services along the I-95 corridor from Washington,
DC to Boston; and in Chicago. Commercial products include cash
management; commercial and industrial loans; small business loans;
SBA government-guaranteed loans; commercial and multi-family real
estate loans; and financing for leasing businesses and residential
developers.
Customers Bank provides consumer banking services including
savings, checking, and money market accounts; certificates of
deposit; residential mortgages; and consumer loans. Additional
consumer products include “BankMobile Vibe online banking,”
marketed by the BankMobile Division and “Ascent Money Market
Savings,” marketed by the Customers Bank Digital Banking
Division.
Customers Bank is a member of the Federal Reserve System with
deposits insured by the Federal Deposit Insurance Corporation.
Customers Bank is an equal opportunity lender. Customers Bank takes
pride in delivering extremely high levels of customer service while
charging comparatively very low fees; service that makes our
clients say, “Wow.”
Commercial clients enjoy Single Point of Contact service with
one team to handle all banking needs. Retail bank clients are
afforded Concierge Banking® Services that brings banking to
them, when and where they need it.
Customers Bank, with its headquarters located in Phoenixville,
Pennsylvania, is a subsidiary of Customers Bancorp, Inc., a bank
holding company. The voting common shares of Customers Bancorp,
Inc. are listed on the New York Stock Exchange under the symbol
CUBI. For more information, please visit: www.customersbank.com.
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Media ContactsT-Mobile US, Inc. Media
RelationsMediaRelations@t-mobile.com
Investor Relations ContactT-Mobile US,
Inc.investor.relations@t-mobile.comhttp://investor.t-mobile.com
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