Tuesday, T-Mobile announced a Mobile Money service, aimed at the 70 million Americans who are without banking services or who rely on expensive check-cashing and payday loan services. T-Mobile, with its bank partner Bancor, would allow customers to deposit checks through a mobile app, receive direct deposit payments, pay bills, use a debit Visa card and access ATMs without fees. T-Mobile only plans to charge for services for which it incrues hard costs and does not believe it will turn a profit from Mobile Money’s basic services. This is T-Mobile’s attempt to replicate functions commonly available via cellphone overseas, but it is not the mobile service provider’s version of using a smartphone as an electric wallet.
Jim Woods has over 20 years of experience in the markets from working as a stockbroker,
financial journalist, and money manager. As well as a book author and regular contributor to
numerous investment websites, Jim is the editor of:
Bob Carlson provides independent, objective research covering all the financial issues of retirement and retirement planning. In addition, Bob serves as Chairman of the Board of Trustees of the Fairfax County (VA) Employees’ Retirement System, which has over $2.8 billion in assets.
Hilary Kramer is an investment analyst and portfolio manager with 30 years of experience on Wall Street. Since 2010, Hilary's financial publications have provided stock analysis and investment advice to her subscribers:
Jon Johnson's philosophy in investing and trading is to take what the market gives you regardless if that is to the upside or downside. For the past 21 years, Jon has helped thousands of clients gain success in the financial markets through his newsletters and education services: