It seems like T-Mobile is slowly trying to creep into another area of your life with its new personal-finance service, Mobile Money.
Basically, it's offering a Visa-branded prepaid debit card. The card is quite a strong contender against what's currently in the prepaid debit market, as it's pretty free of fees if you're already a T-Mobile customer. If you have a T-Mobile number, then you don't have to pay an activation fee, monthly maintenance fees, direct deposit fees, reload fees, ATM fees for in-network ATMs, and more. What's also cool is that to deposit a check, you can snap a photo of it with your smartphone to put the amount into your Mobile Money account.
You don't have to be a T-Mobile customer to get this debit card, but you won't enjoy the same fee-free benefits. Check out the list of fees here. However, you do still get other benefits: access to a debit card that can be used in millions of ATMs around the world, funds that are federally insured, and no charges for direct deposits. And since you're using a prepaid card, you won't have to deal with overdraft fees, because you will only be spending the amount of cash you're putting in.