NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, January 24, 2014

T-Mobile has now become notorious for upending the wireless industry with its “Uncarrier” plans (plus other shenanigans from CEO John Legere), and now the company is planning to “un” bank your finances. After surveying the market and finding that banks were charging too many fees and weren’t appealing enough to customer needs — including U.S. Latinos — T-Mobile has decided to shake up the banking industry as well with a service called “Mobile Money”.

“We’ve already transformed how Americans use and pay for phones, tablets and wireless service; why stop there?” said John Legere, president and chief executive officer of T-Mobile in the company’s release. “Millions of Americans pay outrageous fees to check cashers, payday lenders and other predatory businesses — just for the right to use their own money. Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets.”