T-Mobile just launched its own checking account service

T-Mobile is now a bank, apparently. The cell carrier is launching a new venture called T-Mobile Money, a checking account service for T-Mobile customers.

To be clear: T-Mobile isn’t running its own bank. Rather, it’s a T-Mobile-operated face for a digital bank called BankMobile, which is a part of Customers Bank. It’s sort of like an MNVO, but instead of, say, a startup using existing cell service from a larger carrier to offer its own service, its’ T-Mobile using existing banking infrastructure.

T-Mobile Money is still a real checking account, complete with FDIC insurance for balances up to $250,000, a Mastercard-powered debit card, and the ability to send paper checks directly from a smartphone app. You can also add a T-Mobile Money...

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