T-Mobile Tries to Disrupt Banking
By Daniel B. Kline
About 8.4 million American households were “unbanked” in 2017, according to a report from the FDIC. That means those households — 6.5% of the American population — lack access to a checking or savings account.
A new product from T-Mobile may help to change that. That’s not the stated goal of T-Mobile Money, a new checking account being offered by the wireless carrier (available to anyone, not just its customers). It may, however, be a happy side effect.
There are a lot of reasons people don’t have a bank account. Some are wary of banks in general and others worry about making small mistakes that lead to overdraft charges. That’s a problem T-Mobile is addressing with its new service.
Photo courtesy of Mike Mozart.