Excellent Service
I have found this to be an excellent place to put money at a good return rate. Do what T-Mobile says by a monthly minimum deposit, build your account, and draw that good interest. There is no other bank that can match its return. I recommend this to everyone. Keep up the good work. Watch your savings grow. Check available. Debit card available. This works!
Great Bank Account
I have had an account with T-Mobile since they opened checking account facilities. I have been a cell phone customer with them since 2005. I have never had any problems and always had very satisfactory customer assistance online and at any of their local facilities. The checking account offers a great interest rate up to $3000 and even over that amount. I really appreciate that especially in these trying times. If you just follow the rules established in order to maintain the checking account, there are not any problems. I have all my utilities and phone service direct payments sent and never had any problems. All payments have been made on time and confirmation emails sent to me. I really appreciate the fine service given and am going to deposit a higher amount based upon their prior service which has been extended to me. Thank you for your wonderful service.
OK But Has Warts
Opened the account with T Mobile. Tried to deposit money but would come to a debit card activation page. Learned that you can't deposit funds until you receive and verify your debit card. Took 5 business days to get the debit card.
$3000 limit on all transactions initiated on T-Mobile. Any deposits initiated via T Mobile takes days to be credited.
No limits on transactions initiated from outside banks and are credited quickly.
NO joint ownership.
The app is a bit quirky.
Have to test doing withdrawals from my Chase checking account.
Nothing About This Bank Is Good
To deposit into this account it is going to cost you 5.00 per cash transaction. Mobile check deposits are held a minimum of 4 business days, or you can mail your check in and it will be held for two business days. That is significant for a bank who raves about convenience.
You can direct deposit funds however don’t get your hopes up that you will be paid 2 days early like they advertise. Your employer typically instructs what date the funds will be made available, the bank held my paycheck until the date I would have been paid if I did not switch banks even though they saw the deposit pending 3 days prior.
The 4% interest rate does not cover the fee to deposit cash or the time you are not able to access funds. They even held back funds wired into my account!
Data as of Q3 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 881 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.74% |
| Return on Equity - YTD | 9.81% |
| Annual Interest Income | $390.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $18.76B$11.72B |
| Loans | Q3 2020vs Q3 2019 | $16.45B$10.23B |
| Deposits | Q3 2020vs Q3 2019 | $10.93B$8.96B |
| Equity Capital | Q3 2020vs Q3 2019 | $1.15B$1.11B |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $155.6MM$51.1MM |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $64.2MM$19.4MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $131.00K$204.00K |