Magenta announced its T-Mobile Money checking account service in November last year and it has now launched the service for customers in the United States. It has now been widely launched following the soft launch last year. Customers can expect some notable perks with this service if they do decide to sign up for it.
T-Mobile is offering a complete checking account solution that has FDIC insurance for balances of up to $250,000. Customers can also get a Mastercard debit card in addition to the ability to send paper cheques from a companion app.
It has previously said that this account won’t have any maintenance fees, no minimum balance requirements, no account fees as well as no fees for withdrawals at more than 55,000 ATMs of the Allpoint network. Customers are even offered a $50 overdraft protection feature which covers accounts when they go over but it has to be paid back within 30 days.
Customers are offered a 4 percent annual percentage yield (APY) on balances of up to $3,000 in the checking account with deposits of at least $200 per month. Customers who go over the $3,000 threshold will be brought back down to the 1 percent APY rate. The Mastercard physical card that’s sent out to customers will be compatible with Apple Pay, Google Pay, and Samsung Pay.
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