T-Mobile to End Mobile Money Program in July
T-Mobile users will no longer be able to use the company’s Mobile Money program as of July 27, 2016. The phone provider will be ending its “banking alternative” due to the competitive nature of the prepaid payments industry.
Mobile Money was T-Mobile’s solution for helping unbanked Americans manage their money without the costly fees associated with most standard prepaid cards. The program allowed users to load money onto their T-Mobile Visa Prepaid Cards and withdraw it for free from a network of over 42,000 ATMs. The card did not have any monthly fees, and reloading was free if completed at T-Mobile stores.
Starting today, April 11, users will no longer be able to load their cards at T-Mobile stores. They can still do so at merchants who sell Reloadit packs, which can be found through this online store locator.
Users will not be able to load money into their accounts after June 27, exactly one month before the program’s cancellation date. They can then spend the remainder of their money until the program officially ends. T-Mobile is encouraging users to remove recurring debits and direct deposits on their accounts before this time to avoid having payments declined.