T-Mobile might be your first option when you think about cell carriers, but it might not be the first thing you think about when you think about banking. Yet, if you want to bank with T-Mobile, you can.
The service started in 2019 uses a third-party bank, of course, but you can have a magenta-looking debit account if you want one. Plus, you actually get a few perks compared to traditional banks, such as up to 4% APY or savings on your T-Mobile account. Now, though, the company is switching the bank used for the accounts, and you’ll need to confirm your approval to keep your account.
Currently, banking services for T-Mobile Money accounts are provided by Customers Bank. Starting April 1, 2025, though, T-Mobile Money accounts will transition from Customers Bank to a new partner, Coastal Community Bank. This change was announced via email, shown below, to account owners.
On April 1, 2025, T-Mobile MONEY accounts will transition from being held at Customers Bank to being held at Coastal Community Bank, Member FDIC.
YOUR ATTENTION IS NEEDED BY MARCH 18th, 2025
To maintain your T-Mobile MONEY account(s), you’ll need to approve the transfer to Coastal Community Bank through an opt-in process by March 18th, 2025.
If you approve your account transfer, there will be no impact to direct deposits, scheduled funds transfers or automatic bill payments, and you can continue using your debit card.
If you do not respond, your T-Mobile MONEY account will be closed, and a check for your funds will be sent to the mailing address we have on file.
We recognize you trust us every day with your money, and we’re committed to delivering a great customer experience. Your T-Mobile MONEY Specialists are standing by to help, 8AM–12AM ET daily. Dial **MONEY from your T-Mobile phone or call 866-686-9358.
To avoid account closure and maintain seamless access to funds, customers must actively opt-in to this transition by March 18, 2025.
This transition requires all T-Mobile Money account holders to approve the transfer of their accounts to Coastal Community Bank. Customers who successfully opt-in before the deadline will experience no interruption to their banking activities. This includes direct deposits, scheduled fund transfers, automatic bill payments, and continued use of their existing T-Mobile Money debit cards.
Customers that neglect to opt-in will have their T-Mobile Money accounts closed. T-Mobile has stated that if customers fail to respond by the March 18 deadline, their accounts will automatically close, and the remaining balance in the closed accounts will be issued as a check and mailed to the address on file.
If you don’t want to keep your account, you don’t have to do anything—T-Mobile will send you a check for any unmoved funds, or you can move them away yourself.
It’s not clear why T-Mobile is changing bank partners, but in August 2024, the Federal Reserve took enforcement action against Customers Bank for its digital asset activities. It might be related to that.
If you have a T-Mobile Money account, be sure to take action by March 18th.
