McGraw-Hill Federal Credit Union Backing New Mobile Check Deposit Effort

Delivering a cutting-edge convenience that today is groundbreaking but one day may be as commonplace as smartphones themselves, McGraw-Hill Federal Credit Union is giving mobile technology a big push.

With the introduction of Mobile My Deposit, McGraw-Hill Federal Credit Union has taken another “progressive step” in providing innovative banking technology to better serve the ever-changing financial needs of its members.

┬áMobile My Deposit is an enhancement to the credit union’s mobile apps and it allows members to quickly and securely deposit checks via their iPhone or Android anytime, anywhere.

How does it work? The company says that members only need to snap a picture of a check using their smartphone and upload it to their savings or checking account.

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.

“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 of 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.”