Boost Mobile’s new no-fee banking comes with a surprising number of fees

A basic banking service aimed at people who can't access traditional bank accounts has been launched by the company. The goal is to make the brandstickier to existing customers and attract new ones. The company needs to attract new customers at a time when it is struggling to get a 5G network off the ground. Basic no-fee banking services are included in the plan but there are fees.

Boost Mobile is not going to become a bank. The service is being licensed by a company called Alviere, which is a member of the Federal Deposit Insurance Corporation. The account doesn't need a credit check to open. If the account is active for a year, there is no minimum balance requirement.

Fees are added when you deposit money into your account.

Fees are added to your account when you deposit money. The ability to deposit cash into your account at a retail store is one of the selling points for the new service, but there is a $4 fee every time you do. Every time you try to deposit a remote check, you pay a $1 fee. There is a fee for using an in-network ATM. Many of the customers Boost is targeting are not likely to have access to direct deposit.

You don't need to be a Boost customer to open an OmniMoney account, but the company will give special discounts and perks to those who are. If you are on a premium unlimited boost plan, you will be able to send free money to Mexico. There is a $3.50 fee to send money to Mexico from an OmniMoney account. The Western Union website has a quote for sending $100 to Mexico if I deposit cash.

There are other parts of the business that can be played into.

It's clear how Boost hopes OmniMoney will appeal to its current customer base, but it's not clear what this all has to do with Dish's bigger plans for Project Genesis, its cutting-edge 5G service. In the future, offerings that appeal to more affluent people are mentioned. Even though it is branded as Boost, he said that it can play into other parts of the business and that it might include cryptocurrencies.

OmniMoney has to be up and running before any of that can happen. Cash deposit services are only available in Texas, California, Maryland, Virginia, Arizona, Colorado, and Washington, DC. The service is going to be nationwide in the early 20th century.

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