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http://www.reuters.com/article/2014/01/22/us-tmobile-banking-idUSBREA0L1BR20140122

(Reuters) - T-Mobile US is stepping beyond cellphones and offering payment cards in the latest effort to differentiate its service from bigger rivals.

The No. 4 U.S. mobile provider said it is offering a Visa card with banking features and a smartphone money management application with reduced-fee or zero-cost services for T-Mobile wireless customers.

The company, which has gained attention with promises of more flexible and cheaper cellphone services, is hoping to attract a similar following in personal finance.

The card, issued by a Bancorp Inc subsidiary and licensed by Visa Inc, is similar to a bank account. It will allow consumers to direct deposit paychecks and checks from smartphone cameras, make retail purchases, pay bills and withdraw cash from more than 42,000 ATMs with no fees.

The service could be attractive to people who struggle to qualify for traditional bank accounts but is unlikely to bring in revenue for the operator, at least in the short term, said Jackdaw Research analyst Jan Dawson.

"This has to be seen today as strictly a competitive differentiator and not a revenue opportunity, though I would expect T-Mobile to offer a broader range of financial services over time, and perhaps try to make some money on those," Dawson said. "For now, though, this is another marketing effort from T-Mobile that will cost money rather than make money for the company."

More here: http://recode.net/2014/01/21/t-mobile-hopes-to-shake-up-the-check-cashing-industry-too/



I love this. This is strictly a value added thing for existing T-mobile customers and to attract new ones and will cost almost nothing to consumers. I already have a bank account but I might start using this just to stick it to the big banks. I also use some prepaid cards but this is alot more attractive since there are no ATM fees for withdrawals unlike a traditional prepaid card.

 

[Taco_Human]

I'm with T-Mobile already, how do I get in on this? BoA can suck it.

 

[Somnid]

I also want a cell carrier to be my bank. Wait, no, that sounds awful even for a slightly more progressive one.

 

[nateeasy]

That sounds like a terrible idea

 

[sans_pants]

Would love this for my monthly health insurance reimbursement that my company refuses to direct deposit to my way out of state bank

 

[TheAbsolution]

This sounds a lot like my Simple card. In fact I think the backing bank is the same too.

 

[Ripclawe]

prepaid with no fees is something I would get because you spend online and only thing in danger would be money on the card

 

[Ripclawe]

got my card and loaded 40 bucks on it, went to a couple of stores in using pin, ordered cheap plug on amazon and so far no rejections. I like it, no fees as long as you stay in network, loaded up at a tmobile store.

 

[twilitesparklemotion]

This sounds a lot like my Simple card. In fact I think the backing bank is the same too.

It is. Interesting that they'd go proprietary when the Simple app is so good.