NOTE: This transfer would take place so that they could move the money to another FDIC insured bank, I don't have a problem with that part my concern is how the deposits are protected by FDIC while BM is acting as my agent.
If they change the terms in the future I will reconsider. Advising friends and family to do the same. Additionally, the 4 APY is only good on balances of up to 3,000, with anything above that earning the regular 1 APY. T-Mobile MONEY account offers an APY starting at 1.50 and ranging up to 4.00 (APY stands for annual percentage yield, rates may change). However, in order to unlock this, you’ll need to make 10 qualifying debit card purchases per month. Thats not only high for a checking account but also bests a lot of saving account options on the. There is no way that I would consent to any transfer except DIRECTLY to another FDIC insured institution. With your account and as a T-Mobile or Sprint post-paid customer, you can earn up to 4 APY on your funds. By default, T-Mobile Money pays out a healthy 1 APY on funds. Hey, looks like you need help finding something.
I will be taking all of my money out T-Mobile Money due to the updated terms that I received by email which state "You specifically authorize the Bank, at the direction of BM Technologies, Inc., to transfer the full balance of the Account to BM Technologies, Inc., as your agent." So BM Technology, a FinTech Company and not an FDIC insured bank, could have my money. Enjoy our best deals and discounts whether you are traveling across the country or across the globe.