The service is meant to provide T-Mobile customers with no minimum balance or monthly or overdraft fees. The site noted that their customers can also withdraw funds from Allpoint ATMs for no fee. Users can deposit checks by taking a photo with their smartphone, and can use a mobile wallet service supported by Apple, Google or Samsung Pay. On the other hand, users looking to deposit cash are supposed to convert the funds into a money order or cashiers check, and upload the payment or transfer the funds from another bank.
The T-Mobile service is backed by CustomersBank division BankMobile, and it pays the customers with qualifying plans up to 4% interest, if they deposit at least USD 200 per month to checking account balances up to USD 3,000.
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