T-Mobile is doing a lot of unconventional things for the mobile industry, and now it's branching out to banking as well. The carrier has announced a new service called Mobile Money that works like any number of other online banks. You set up the account, deposit your checks through an app, and use a Visa debit card to spend. As for the fees, most of them are waived for T-Mobile customers.
As a Bank of America customer for almost ten years, I can give you a lot of reasons to hate them. But I must admit that the Android app isn't one. While initially a little shaky, the app has gently evolved into something that's perfectly serviceable, and today it gets another substantial update. The biggest addition is the ability to send or receive money through email addresses or phone numbers. Yes, that's exactly how PayPal works, but if you do it via BOFA, you won't have to wait 2-3 business days for another transfer.
Did you know it's national "new mobile banking day?" Because I surely didn't. First, Simple brought its online-only banking setup to Android, and now Green Dot has announced its own bank, which was designed from the ground up specifically for smartphones. Intriguing, no?
GoBank is pretty similar to Simple in a few new ways: it's online only, designed for mobile use, and turns the traditional banking system on its head.
Simple, the online bank co-founded by Twitter engineer Alex Payne, has been a long time coming (to Android, anyway). The service was actually announced a couple of years ago, with the iOS app arriving about eight months ago. And now it's finally our turn.
From the looks of the app, it appears the wait was worthwhile – instead of just cloning the iPhone app, Simple knew that Android users would want a native experience.
While Google and the ISIS consortium duke it out over the future of Near Field Communication and the payment systems that use it, one of the largest financial institutions in the US had decided to ignore it. Reuters reports that Bank Of America is testing a new system that will only require retailers to display a single image. Ideally this would negate the need for new hardware for both sellers and buyers - all that's required is an Android or iOS device with a camera and a mobile connection.
Chase customers who use the bank's official Android app to stay on top of their banking on the go received an update recently, bringing the banking app up to version 2.7 and adding a few very handy enhancements.
Perhaps the most notable enhancement brought by the new update is the ability to scroll through up to 24 months of transactions related to Chase deposit accounts. The update also adds significant functionality for Chase Liquid customers (Liquid being the bank's reloadable ATM card service), including the ability to view account info, transfer money to your account, and use Chase QuickDeposit.