McGraw-Hill Federal Credit Union Introduces Cutting-Edge Wireless Mobile Check Deposit

EAST WINDSOR, N.J., May 14, 2012 /PRNewswire/ -- With the introduction of Mobile My Deposit, McGraw-Hill Federal Credit Union (McGraw-Hill FCU) has taken another progressive step in providing innovative banking technology to better serve the ever-changing financial needs of its members. Mobile My Deposit, an enhancement to the credit union's mobile apps, allows members to quickly and securely deposit checks via their iPhone or Droid anytime, anywhere. Members simply snap a picture of a check using their smartphone and upload it to their savings or checking account.

The introduction of Mobile My Deposit further establishes McGraw-Hill FCU at the forefront of the emerging mobile revolution. The credit union is among the first to adopt this technology, ahead of larger financial institutions including Bank of America and Wells Fargo, which have yet to introduce this service to its customers. According to a recent study of consumer banking behavior and preferences conducted by global business advisory firm AlixPartners LLP, only 2% of adult Americans used mobile check deposit in 2011. However, with factors including aggressive smartphone adoption, consumer demand for remote deposit is expected to increase usage significantly in the coming years.  In addition, the study found that four in ten consumers with an interest in mobile banking say that the ability to make deposits via their smartphones is the top factor in selecting or switching banks.

"We always ask members what they want from their credit union, and we consistently hear that it's the latest technology, safety, ease and accessibility, better rates and minimal fees," said Shawn Gilfedder, President and CEO, McGraw-Hill FCU. "The launch of Mobile My Deposit is another demonstration of our commitment to provide them with the safest, most convenient banking experience available."

Operating on a not-for-profit basis, McGraw-Hill FCU generally offers consumers higher interest rates on deposits, lower interest rates on loans, and fewer fees than for-profit financial institutions. In addition to Mobile My Deposit, members can use the mobile apps to view account balances, make bill payments, transfer funds, locate more than 30,000 surcharge-free ATMs and 4,300 shared branches, and contact the Member Care Team via email or telephone.

About McGraw-Hill Federal Credit Union
McGraw-Hill Federal Credit Union, a member-owned cooperative, is a leading and progressive financial institution committed to members and the community at large through financial technology, financial education and literacy, and a consultative approach to banking. The credit union offers a full range of banking, investing and insurance services to more than 19,295 members worldwide and serves more than 120 companies as a valued financial wellness benefit. For more information, visit www.McGrawHillFCU.org, or view videos about McGraw-Hill FCU at www.youtube.com/McGrawHillFCU.

Media Contact: Cathy Loos
212-725-4500 ext. 309
[email protected]

SOURCE McGraw-Hill Federal Credit Union