Consumers have to click a picture of their cheque using their smartphone and upload it to their savings or checking account.
Although, a study published by global business advisory firm AlixPartners, only 2% of adult Americans used mobile check deposit in 2011, but this trend is gradually getting popular.
The study also reveals that four out of ten consumers, interested in mobile banking said that the ability to make deposits through their smartphones is the key factor in selecting or switching banks.
McGraw-Hill FCU president and CEO Shawn Gilfedder said the launch of Mobile My Deposit is another demonstration of its commitment to provide them with the safest, most convenient banking experience available.
McGraw-Hill Federal Credit Union offers a full range of banking, investing and insurance services to more than 19,295 members across the globe and serves more than 120 conglomerates as a valued financial wellness benefit.
