Jan 22, 2014
40 notes

T-Mobile Wants To Do For Bank Accounts What It's Doing For Phone Contracts

fastcompany:

"Millions of Americans pay outrageous fees to check cashers, payday lenders, and other predatory businesses—just for the right to use their own money," said T-Mobile CEO John Legere in a press release. “Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets.

T-Mobile is getting into the banking business

Walmart Money Card. Rush Card. Ventra. Now T-Mobile. There’s a huge surge in stored value cards going on and potentially that could help a lot of people on the fringes if executed properly, which isn’t guaranteed as the Ventra fees debacle has shown. Part of me wonders whether the IRS monitors these cards, not that they’re used for much large-scale laundering. Mostly it’s people in the cash economy who avoid traditional banking.

(via laughterkey)

  1. theelaceyjfrompa reblogged this from fastcompany
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  3. meghantopus reblogged this from crankyfacedknitter and added:
    I’m super interested to see how this develops. I’ve been basically delighted by my t-mo phone service, and would...
  4. lastofmoderates reblogged this from fastcompany
  5. geardrops reblogged this from laughterkey and added:
    holy shit
  6. latoyapeterson reblogged this from fastcompany and added:
    I am so afraid to click on the details for this one…
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  13. 0jd reblogged this from laughterkey and added:
    Walmart Money Card. Rush Card. Ventra. Now T-Mobile. There’s a huge surge in stored value cards going on and potentially...
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  15. laughterkey reblogged this from fastcompany
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