Tmobile money
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One interesting reason cited for Customer Bank spinning off BankMobile was the size of Customers Bank and its impact on interchange fees:
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To further complicate things, T-Mobile MONEY is now powered by BMTX, Inc, which is a wholly owned subsidiary of BM Technologies, Inc.Ī history of Customers Bank, BankMobile and T-Mobile MONEY is provided in this Financial Brand article, and it highlights the importance of interchange fees for their profits. In January 2021, Customers Bank spun off BankMobile as a separate company, and the BankMobile name was changed to BM Technologies, Inc. T-Mobile MONEY used to be powered by BankMobile which was a division of Customers Bank. However, those fees can only help so much. Small-balance checking account customers who actively use their debit cards can provide a profit for the bank due to interchange fees. One thing that may help is that the T-Mobile MONEY may attract many small-balance customers who use it as their primary checking account. It seems likely that as T-Mobile MONEY attracts more deposits, the odds of a rate cut will increase. Accounts are held at Customers Bank which has recently lowered its nationwide Ascent Money Market Savings account rate to 0.50%. No one knows how long T-Mobile MONEY can maintain a 1% APY. T-Mobile MONEY - company and rate history In that case, the rate fell to 0.50%, and like Affirm, that rate has held. The Chime savings account rate also fell in December. That rate is still in effect, which is now very competitive for online savings accounts. The Affirm savings account maintained 1% APY until December when the rate fell to 0.65%. Last October, the fintechs Affirm and Chime were also offering 1% APY. Other fintechs haven’t shared this rate longevity. I first mentioned the account in the summary on October 13th. I was reviewing my old liquid summaries, and I noticed that T-Mobile MONEY Checking account has been included in the summaries with a 1% APY for more than nine months.
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