NEW YORK and EAST WINDSOR, N.J., June 11, 2012 /PRNewswire/ -- In response to consumer frustration with checking accounts that feature more fees, minimum balances to avoid fees, increased penalties, and confusing terms and conditions, McGraw-Hill Federal Credit Union (McGraw-Hill FCU) has introduced The S3 Account.
The S3 Account enables consumers to "Save, Spend, and Simplify" with no monthly fees and no minimum balance requirements. The account also features monthly ATM surcharge rebates.
McGraw-Hill FCU is banking on consumers' reaction to the account's main selling point: a rate currently paying 16-times the national checking average APY. The S3 Account requires direct deposit and allows consumers to choose their direct deposit minimum, which is also unique to the marketplace.
This move positions McGraw-Hill FCU, with over 71% of its national membership-base located in the greater New York City region, to gain market share from consumers who are increasingly dissatisfied with large commercial banks. During The S3 Account rollout, the Credit Union plans to support its wholesome foundation of helping its customers achieve financial wellness through a caring approach rooted in financial literacy and education.
"We recognize the financial pain of New York City-area consumers, and others nationwide, whose hard-earned funds are being steadily drained by the fees and confusing conditions imposed by for-profit institutions whose products offer little or no yield," said Shawn Gilfedder, President and CEO of McGraw-Hill FCU. "The S3 Account is a perfect example of the Credit Union's mission to deliver extraordinary value in a clear, conspicuous manner to the consumer. The S3 Account says to our members, 'We want your personal banking relationship at McGraw-Hill FCU.'"
The S3 Account is the latest of many steps McGraw-Hill FCU has taken to provide beleaguered consumers with no-fee or lower-fee banking alternatives to the fee-based products being promoted by many large financial institutions. Additionally, the Credit Union continues to provide innovative banking technology to better serve its customers, including smart phone and tablet apps, account aggregation, traditional and mobile online Bill Payment, and mobile check deposit – all offered at no cost to S3 accountholders.
"Our cooperative structure and stellar financial position have enabled the Credit Union to be aggressive in offering a highly attractive rate and product structure unlike anything currently in the marketplace," said Gilfedder. "The S3 Account rate is not an introductory rate and the account benefits are not promotional, so this product will reward consumers for the long term."
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
SOURCE McGraw-Hill Federal Credit Union