In the News
T-Mobile is making the jump into personal finances. In T-Mobile just launched its own checking account service, Chaim Gartenberg at The Verge discusses T-Mobile’s newest endeavor, a checking account service called T-Mobile Money in partnership with BankMobile. Gartenberg explains that this joint initiative allows T-Mobile customers to set up a checking account with the provider and gain access to Apple Pay, paper checking, a Mastercard debit card, and other perks. Gartenberg states that T-Mobile Money customers will also have no added fees at over 55,000 ATMs.
Our Take
As consumers continue to demand ways to bundle the services that they utilize daily, new initiatives such as T-Mobile Money have promise. We have seen with payment platforms such as PayPal and Venmo capitalize on this market demand with a plastic debit card and more integration for PayPal on online retailers. While being able to have your mobile carrier bundled with your checking account and payment services adds ease to managing personal finances, it is pivotal that all users continue to proceed with caution, especially with new technology-based financial endeavors. Researching to find out a company’s security protocol and multi-factor authentication possibilities are proactive steps for a potential customer to take to discover if the checking account is a good fit for them. With T-Mobile Money’s integration into Apple Pay, users must continue to be vigilant and cautious when making online purchases and must remember to always make purchases from reputable outlets.
Recommendations
How can you protect your finances when using digital financial services?
- Understand the risks of putting your personal information into the world, and only share what you have to
- Don’t reuse your account passwords, and take advantage of multi-factor authentication whenever possible
- Always run the most updated version of a financial application to ensure that you have the latest software protection against system flaws and attackers
- Track your finances closely to notice suspicious transactions before they become dangerous
- Stay up to date on the news regarding recent data breaches and security flaws to see if you may have been affected