T-Mobile confirms Mobile Money will be discontinued in July

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Remember last month when we learned that T-Mobile stores would stop reloading T-Mo Visa Prepaid Cards on April 11? At the time, T-Mobile said that it’d have more Mobile Money news in April, and now that news has been revealed.

T-Mobile has confirmed that it’s ending its Mobile Money service. A T-Mo spokesperson explained the move to FierceWireless, saying that more prepaid banking services have come to market in the two years since Mobile Money’s launch. The spokesperson did say that it’ll continue to keep an eye on “the mobile-first financial services industry” and that it does support Android Pay, Apple Pay, and Samsung Pay.

Mobile Money will be shut down on July 27, and T-Mobile is telling users that they should spend any remaining balance before that date. One month before the end date, on June 27, users will no longer be able to reload their accounts or use the Mobile Money apps. Mobile Money users are also being told to remove any recurring payments or direct deposits attached to their Mobile Money accounts by June 27.

Mobile Money launched in January 2014 as a way to help consumers avoid ATM, overdraft, and monthly maintenance fees that are typically associated with banking services. With Mobile Money, users had a Visa Prepaid Card that could be reloaded and used to take out cash at ATMs and pay for goods and services like a regular bank card. The Mobile Money apps would let users manage their card, find ATMs, and more.

We haven’t really heard much about Mobile Money since its debut in 2014, and while I’m sure that there are people out there using the service, it doesn’t appear that it ever gained a great deal of traction with consumers. The good news is that at least we’ve gotten plenty of notice about the program’s shutdown, so anyone that is using Mobile Money now has time to shift their assets to another service.

Source: FierceWireless

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  • Mobile Money Program…

    Did anyone ever enrolled in the mobile Money program? Anyway, I have never been a fan of money cards, especially, direct deposits (pay-check) on a card…for me, it is risky business.

  • VN

    Does anyone know of other options for this type of solution?

    • Other Options…

      Just a few suggestions or options to consider… Banks, Credit Unions…

      • Ryan

        I think the issue for some (well at least for me) is liability if theft of the card occurs. I’d use a regular credit card, but I had to declare bankruptcy a few years back and until that process is done I can’t get a new card. Take all that and add in the fact that there are no fees, mobile money becomes an attractive option.

        • Other Options…

          Thanks for the insight…I know we have we different and at times, unique circumstances.

    • Google had Wallet, which sounds similar, but they recently announced that they were discontinuing it in favor of Android Pay. They recommended Simple to me, and I just signed up for it. Not sure how it is yet, but I’m going to try it.

    • Tale 85

      Almost any PrePaid card you find anywhere. NetSpend, WalMart, Green.

      Mobile Money was probably the worst of them. Mainly because of the Reloadit affiliation. Absolutely terrible customer service. They never clearly said there were different reload options open to customers. T-Mobile should have never put it’s name on this one.

    • FILA

      BlueBird from American Express is the best. Everyone overlooks it, its not very advertise. Get it at WalMart. no monthly fees, and you can reload at a walmart store with cash or card, great android app. Transfer money from your checking account. Also works with android pay as well. Has my card for a couple years now, and always keep around $1000 or so on it just for backup money and to buy quick little stuff on.

      • (J²)

        Bluebird isn’t a comparable option. American Express is not universally accepted and since its not, customers tend to incur more ATM fees depending on how they use their card. You are suppose to be able to use ATM’s within your network (mostly found at Walmart) but some still charge fees.

        With Bluebird (due to American Express) hold amounts tend to be larger and remain active for a longer period of time. You’ll occasionally notice holds for transactions that wouldn’t normally warrant one. Although this can be said for all prepaid cards, they are subject to all that has been stated above but not as frequently as American Express issued cards.

        American Express is a total departure from industry norms, while this has a few PROS, it has more CONS.

        Don’t get me wrong, I do have a Bluebird account and love to use it for specific reasons but I cannot leave home without a Visa or Mastercard – Trust me, I’ve tried. I’ve had Blue Bird, Green Dot, T-Mobile Card, Walmart Money Card and Mango Money (really good by the way).

        I’d recommend a Walmart Money Card (Visa or Mastercacrd)

        • Daniel Darnell

          I have a AMEX Bluebird as well and I really like it. I get access to money pass ATM’s for free, plus there is no monthly fees or charges, free bill pay etc… Not only that but American Express these days is accepted at nearly every place, sure a few places don’t take it but honestly from my experience 95% of places that take credit cards take AMEX just fine. So it can be used as main money card just fine.

        • Chris

          Another option to look into would be the Chime Visa card. I never carry cash and I didn’t want to keep using my bank debit card at restaurants, gas stations, etc. since my card number was used fraudulently more than once and I’d rather the fraud not be associated with my main bank account if it happens again. I can tell you that there is no monthly maintenance fee for it and it functions as a Visa card that can be used for everyday and online purchases. Cash transfers from my bank debit card (all done through the iOS app) are free and immediate, up to $200 per day. I also have my bank account number set up for transfers and although those transfers are still free, they take a couple of business days to process. I’ve never done an ATM withdrawal so I’m not sure what the charge is for that. They now have an optional savings account you can open as well which will round up your purchases to the next dollar and automatically transfer the difference into the savings account, just like BOA’s Keep the Change program. The best perk about it is that they have deals at stores, restaurants, automobile service centers, etc. where they’ll give you an immediate discount or cash back if you use the card at that place of business before the offer expires. Look into it.

        • (J²)

          Unfortunately, you have to deal with convenient stores that don’t accept AMEX, ATM’s that don’t accept AMEX, AMEX supported ATM’s that are out of order (after all, it is on the owner to ensure it works), AMEX doesn’t provide cash back at most locations. Most people would prefer the convenience of accessing their funds
          whenever-wherever. If you live in a city like New York and/or don’t
          drive, this is actually an inconvenience.

          The key is you have to know your life style before trying to make this card your main card. I’m simply pointing out that Bluebird issued by AMEX isn’t comparable to T-Mobile Money Card issued by Visa. It’s not the card, it’s the issuer.

        • Daniel Darnell

          That’s really odd all the gas stations in my area take American Express and I’ve yet to see an ATM here that doesn’t take the card either. I don’t live in large city either but it’s very well accepted around here and ATM access is easy to find.

    • VN

      Thank you all for your suggestions. :)
      <3 the Net.

  • ChristianMcC

    About time. Seemed so ghetto…

    • Market Share (Un-carrier 1, 2)

      HUH, yes, …and your comment seem so ignorant. T-mobile services are targeted for All and continues to re-invent (Un-carrier, promotions, BingeOn, etc.) themselves in attempt to attract a market share of customers.

  • Moe

    Why not just open a checking account and add an atm card. Atm cards with a visa or MasterCard logo can be used any where a credit card can. I’m sure fees for a checking account are far less than prepaid visa. I don’t understand the prepaid visa accounts or thus mobile money thing.

  • steb0ne

    Lol! These comments are hilarious! Well I’ve used it since it’s launched and actually liked it… Set up a small direct deposit to it (which actually posted a day before my actual credit union deposit did) but I used it as kinda a personal spending budget and to pay my prepaid T-Mobile bill. There was plenty of fee free ATM’s using this card, lol! It’s backed by Bankcorp which also backs Chime and Simple (which has a pretty nice mobile app…and was recommended by Google for hose looking for an alternative to Google Wallet (they’re giving Wallet customers a free $20 BTW for signing up))

  • Joel Degere

    How about PayPal?

  • Steven Flanagan

    Worked great, they gave out small incentives for direct deposit, etc. The most compelling claim was that money deposited by IRS to the T-Mobile account was available at least two days earlier than to a regular major bank account. I used the split refund deposit option and they were correct! Awesome!