Related Posts
11/17 - Rate Increase To 2.50% As Of 12/01/2022
9/22 - T-Mobile Increases Rates To 2.25% APY
9/22 - Rate Up To 2.25%
7/12 - T-Mobile Rate Increase To 1.50% Effective 7/15/22
1/26 - New Savings Account Offering?
Great Checking Account
There's no other checking account like it in terms of APY. I keep about 14k in there and get like $20/month in interest.
Decent But Worrying
Let me start by saying that I have thankfully not had an issue w/ T-Mobile Money so far. I'm able to easily move money into and out of the account from various external banks and brokerages that I connected via ACH deposits.
The large number of problematic reviews had me worried as I've started to use this account more in the recent month. Again, no problems yet but I remain much more concerned than with more traditional banks.
Banks are highly regulated and have many avenues in place to address problems. These problems have plenty of additional places to hide when your "bank" is actually being run by three separate companies: T-Mobile, BM Technologies, and whichever FDIC Insured actual bank is handling the funds.
Additionally, these pseudo-banks have annoyingly arbitrary "rules" that I'm sure a traditional bank could impose but typically don't. For example, I use external accounts to move money in and out of T-Mobile because they have some goofy $3,000 limit with worse fund settlement timing (i.e. if I push the money in it's available and earning interest the next day, if I pull via T-Mobile it'll be 3-5 days before this happens). A different bank in this category has the audacity to impose this limit on funds from external institutions and actually rejected the transfer when I tried to deposit too much. T-Mobile doesn't do this yet but any limits, internal or external, vastly decrease the value and trust one can have w/ their bank.
In general customer service is a joke in this country. You will _never_ be called back and your issue will dangle until you put in the time (taken out of your life/work because of course those are the only hours they're available) to resolve it. My highest marks are reserved for banks where I never have to use customer service or in the rare case where I do and they're actually helpful and competent.
Tmo Money: Don’T Save Here
Yes, 4% is a crazy rate, and going forward, they’ll still offer it—but they are going to make you work for it.
10 debit transactions—rather than $200 deposited— will be required each month, and seems like a transparent attempt to say ‘don’t park money here’. Granted, over $3k its 1%, but using the excuse that its “too hard” for people to save $200/mo is silly.
Expect a hard time if you use your debit at month’s end to get to that magical 10th transaction. Banks are notorious for coming up with ways to do the wrong thing and quote fine print or the like.
THEY WILL STEAL YOUR MONEY-ZERO STARS.( If There's A Star It's Only Because I Had To Pick One To Post This)
Wow! Way to go T-Mobile. Big bad Bank picking on the little guy. I'm a veteran and a father who hadn't received a paycheck in a month because the company I worked for went out of business. And we were never given our last paychecks.I received my income tax check from the state for $405. This is the first bit of money I had received in a month I have been scraping by trying to figure out how I'm going to feed myself and my son. Pay my bills. I deposited my check on a Monday. And it never became available to me. I did get "courtesy"$225. I love how they call giving you your own money that you deposited a courtesy. Also when you do an external transfer, they say two to four days to be in your account. But they're lying and they mean four days. You'll never see it in two days. Customer service basically reads out a binders in talks in circles. I stayed up for myself and questioned them and now my account got closed. So when my check post and that external transfer finally comes in. I now have to wait for them to mail me a check.. Now we're talking about month and a half probably with no pay or money because does T-Mobile money will sit there and hold hold on to your money is to like when they feel like depositing it. But I don't get is in the '80s you could deposit a check and it would be there the next business day.. so how does a company like T-Mobile money in this day and age, not have the technology to do this much quicker. Now I've got to sweat out for however long they decide to mail that check until I get my first paycheck for my new job on having to feed my son and get to work all that good stuff. You know I'm a veteran I shouldn't have to go through this. They are holding $385 of my money, my money. That is a lot of money for me right now. They are the worst experience I've ever had with a bank stay away. I bet they very awesome way to snag most of that $385 they owe me that I'm going to receive from them as a check through the mail. T-Mobile money is as big a rip off as they come. I guess not if you don't care if you get your money after you deposit it or not.
I know it is about a week later and I still have no access to the my $352 the only money I have in the world because I have not been paid by the companies I work for because they have run into some trouble and maybe closing down. So all the money I have in the world is that 352 at T-Mobile money is decided just to hold on to not give me let me have access to and when I call up and try to defend myself stand up for myself that's why I can't get to my money I can see it in my account why can't I have it I have no money right now currently sleeping in my car cuz I lost my place cuz I have no money holding on to the only money I have I'm a veteran a father of a 10 year old and you got all my money and won't let me have it T-Mobile money. So when you call up and try to defend yourself and you question why you don't have access to your money they close your account on you now I have no idea when I'm going to get in at 352 so I am just broke and homeless and a T-Mobile money is holding on to all the money I can expect right now. So here I am a veteran just sleeping in my car because T-Mobile money is chosen just not give me my money close my account give me no idea when I'm going to receive this money you know while other big corporations tend to you know take advantage of me with my paycheck T-Mobile money can make a difference but they've chose not to. They've chose to tell me what they read out of a bind or in four days you'll get your money well no it doesn't appear so. Got the most patronizing worst bank ever
Data as of Q1 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 657 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.04% |
| Return on Equity - YTD | 14.61% |
| Annual Interest Income | $314.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $21.77B$19.16B |
| Loans | Q1 2023vs Q1 2022 | $14.93B$13.93B |
| Deposits | Q1 2023vs Q1 2022 | $17.81B$16.61B |
| Equity Capital | Q1 2023vs Q1 2022 | $1.54B$1.47B |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $130.3MM$145.8MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $31.0MM$44.6MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $73.00K$35.00K |