Boost Mobile puts up own banking service

Boost Mobile unveiled a new banking service earlier this week. The service, called OmniMoney, provides basic banking services to everyone. 

While this service doesn’t necessarily turn the Dish Network-owned service into a bank, it simply helps customers open an account without having to go through a credit check. Another perk of using OmniMoney is that there’s no need to maintain a minimum balance or monthly fees as long as the account is active for 12 months. Alviere, an FDIC member, provides the service for OmniMoney. 

According to Boost CEO Stephen Stokols, this service will help Boost be “stickier to existing customers.” They also hope it will gain the attention of new customers as a way of turning their numbers around. 

Unfortunately, there are some fees involved in OmniMoney. Whenever cash deposits are made in Boost’s retail stores, a $4 fee is imposed. A remote check deposit also charges a $1 fee. And when you cash out money from an “in-network” ATM, you’ll be charged $1.30 for it. 

You don’t need to be a Boost customer to open an account with OmniMoney. But there are some special discounts and perks exclusively available to Boost customers. 

OmniMoney is now available for in-store cash deposit services in Arizona, California, Colorado, Maryland, Texas, Virginia, and Washington, DC. Boost hopes to make the service available throughout the country by 2023. 

Source: Wirefly