T-Mobile US is launching a new service, Money Mobile, which allows customers to manage their personal finance without paying any excessive fees.

The new service integrates smartphone money management application with a re-loadable T-Mobile Visa Prepaid Card to offer customers with services that are normally offered by banks.

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The services include direct depositing paycheques, depositing cheques from capable smartphone cameras, retail purchases, paying bills and withdrawing cash from over 42,000 in-network ATMs nationwide without any fees.

T-Mobile CEO and president, John Legere, said they have already transformed how Americans use and pay for phones, tablets and wireless service; why stop there?

"Millions of Americans pay outrageous fees to check cashers, payday lenders and other predatory businesses – just for the right to use their own money. Mobile Money shifts the balance of power for T-Mobile customers and keeps more money in their pockets," Legere added.

With Mobile Money, registered T-Mobile wireless customers need not pay any fees for activation, monthly maintenance, in-network ATM withdrawals, or for replacing lost or stolen cards. Additionally, it does not require user to maintain minimum balance, worry about overdraft fees, and make unnecessary trips to bank.

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T-Mobile chief marketing officer, Mike Sievert, said Mobile Money levels the playing field to put money back in consumers’ pockets for important things – like bills, groceries or vacations.

"The typical household using a check casher to cash their paychecks could save about $1,500 per year, and customers tired of getting hit with overdraft fees can switch and save an average of $225 a year," Sievert added.