Dish Network’s pre-paid wireless brand Boost Mobile expanded into the financial sector with the launch of a banking service offering mobile access to money transfers, debit cards and digital cheques.
Boost Mobile emphasised OmniMoney is not a banking institution, with CEO Stephen Stokols (pictured) pitching it as a lower-cost banking alternative at a time of growing inflation.
The service provides customers with digital and physical debit cards, and does not come with any credit checks or minimum balance requirements. Cash can be deposited at Boost Mobile retail outlets along with through mobile.
There are no monthly banking fees. The service also offers various perks through a dedicated app.
Stokols stated the operator was “looking to provide basic services for historically excluded communities where 60 million Americans are underbanked”.
The company launched a free health care service in 2021 for customers on its Unlimited Plus tariff.