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  • Would you entrust your money to a telecoms company?
  • Would you entrust your money to a telecoms company?
    Gwyneth Anne Bronwynne Jones, Creative Commons (2013) ©

T-Mobile: a bank in your pocket

T-Mobile is launching into banking with a pre-paid debit card and banking app. But if people aren't willing to trust banks with their cash, why should they trust a telecoms provider?

Location United States

"I am carrying cash from now on," comments a disgruntled Michaels Stores customer, following the retailer's data breach. "The good old-fashioned way." It's one in a number of chains – including Target and Neiman Marcus – that have undergone severe security issues, affecting millions of credit and debit accounts and unnerving American consumers. As a result, more than a third are favouring cash over card. [1]

This isn't a newly-emerging attitude. At the end of 2012, John Williams, president and CEO of the Federal Reserve Bank of San Francisco, predicted that Americans were hoarding $400 ...