What Have Been The Experiences With T-Mobile Money

hank | May 11, 2021 | 110 posts since 2016

The rate is good at 1 percent and reportedly has no fees. Someone posted a note about inactivity/dormancy fees but the rep told me there is no dormancy fee.

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micheleforan | May 11, 2021 | 39 posts since 2018

Anyone can open the 1% checking account even if you do not have any T-Mobile cell phone account. So this is the highest nationally available checking account rate I have seen for a long time with no direct deposits required and no debit card use required. Simply use external accounts to push money in and pull money out to avoid the low transfer limits imposed by T-Mobile. I use this checking account for autopay on my many credit cards.

enduser | May 12, 2021 | 711 posts since 2015

All my experiences have been completely positive. Absolutely no issues whatsoever. Easy to push/pull funds using the external FI to do both the push/pull. I recently pulled out $150k in one swoop with no restrictions using Ally as the hub. I did not activate the debit card and shredded it when it arrived.

Here is my write up regarding the T-mobile dormancy fees:
https://www.depositaccounts.com/banks/tmobile-money.html#promo44253

Rickny | May 11, 2021 | 1,296 posts since 2017

I did have a problem with unauthorized charges made on the debit card I received. I was contacted by T Mobile of the questionable charges. I had to do some paperwork and faxing but they did credit me back the charges and intrest in about a week. You have to accept the debit card to do transfers to the account. What you can so is disable the debit card by going into Mycard online. I did this with the new card they sent me. One of the customer service representatives suggested I do it.

They have 3k internal limit on transfers but no limit on external transfers. I have had no problems moving money in and out.

They also give checks to use. Haven't tried the checks and not sure if dollar limits on the checks.

Jacques321 | May 11, 2021 | 32 posts since 2018

Great rate, easy ACH push / pulls from external accounts to avoid internal limits, no major issues so far.

Rickny | May 11, 2021 | 1,296 posts since 2017

Another big thing. No joint ownership

Rickny | May 11, 2021 | 1,296 posts since 2017

I had unauthorized charges made to the debit card I received. I never used the card and it never leaved my house. They did credit the charges plus intrest after submitting paper work. You can disable the card by going to McCard when you logon.

I had to activate the card when I got it to do online transactions.

hank | May 15, 2021 | 110 posts since 2016

thanks everyone for your input. It seems like a great liquid account for now while waiting for rates to go up. Hopefully they won't cut the rate

Lakelife | May 11, 2021 | 1 posts since 2021

Yes, a good rate considering the current environment and I've had no issues with transfers initiated by my other external institution. However, big drawbacks are no joint ownership option and that they have no option to list beneficiaries, which I specifically asked about because it was a definite concern, and the CS rep said hopefully a beneficiary option will be added in the future as an improvement to the account features.

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