T-Mobile Wants To Be Your Bank

Latest in competition between wireless carriers

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T-Mobile is expanding into… banking?

The wireless provider announced Wednesday it’s launching a new program that essentially allows customers to open checking accounts. Customers can register for the service to pay bills and direct deposit paychecks, as well as receive a re-loadable prepaid T-Mobile Visa card that allows them to make retail purchases and withdraw cash from ATMs. The advantage, T-Mobile says, is its customers won’t face fees for activation, monthly maintenance, ATM withdrawals, replacing lost cards or account overdrafts.

T-Mobile’s announcement comes amid increasing competition among wireless carriers, with Verizon expanding into television and AT&T offering T-Mobile customers $450 to switch services.