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
BELLEVUE, Wash. - Jan. 22, 2014 - Not content with upending just one industry, T-Mobile US, Inc. 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.
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.
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. 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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Media Contacts:
T-Mobile US Media Relations
MediaRelations@T-Mobile.com
Investor Relations
877-281-TMUS OR 212-358-3210
investor.relations@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.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: T-Mobile USA via Globenewswire
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