McGraw-Hill Federal Credit Union

The merger with PenFed will occur on Wednesday, May 1, 2019.

In today’s ever-changing economy, our Board of Directors evaluated strategic possibilities to assure that you, our member, will continue to receive the full range of products and services you deserve. After considering alternatives, we determined that a merger with PenFed is in the best interest of our members. McGraw-Hill FCU and PenFed are in very good financial condition.

Yes, the McGraw-Hill FCU branches will remain open with the same employees you know so well. Branch hours will also remain the same.

All McGraw-Hill accounts will be mapped to equivalent PenFed accounts.

For dual members, all McGraw-Hill FCU accounts will transfer to the members’ existing PenFed profiles as separate accounts. If desired, members can ask that the new, transferred accounts be combined with like PenFed accounts that they previously had with PenFed, or they can keep the transferred accounts separate.

Yes, 60 days of account history for savings and checking accounts will convert. Pre-merger statements are available by calling PenFed.

Statements will be mailed in early May.

McGraw-Hill FCU members may continue to use their McGraw-Hill FCU checks, even after the merger date. Each checking accountholder who ordered McGraw-Hill FCU checks in the last year will receive one free order of checks. We recommend that members begin using PenFed checks after the merger date, but in case the PenFed checks haven’t arrived or there are outstanding McGraw-Hill FCU checks, they will continue to be honored for 6 months after the May 1st merge date.

All McGraw-Hill bill pay accounts and payment information will transfer to PenFed's Access Bill Pay system; members will not need to reenter that information.

The only method of overdraft protection available to PenFed members is via our Overdraft Line of Credit (OLOC) account. When needed, the OLOC advances the exact amount needed to the checking account to cover an overdraft. There are no per-advance fees; the member only pays the amount of finance charge that accrues between the date of the advance and the date it is paid.

No. McGraw-Hill FCU members' direct deposits, ACH, automated credit and debit entries, transfers, all electronic items including retirement and Social Security will be automatically redirected to PenFed during the merger process. If a new direct deposit or preauthorized debit is setup after May 1st, the new PenFed account number and routing number should be used.

Internal transfers will remain after the merger. PenFed will contact the members if any internal transfers cannot be converted.

McGraw-Hill FCU credit cards will convert to PenFed.  Additional correspondence will be sent to members affected by this change. Your McGraw-Hill FCU Credit Card will continue to work as it always has during the transition period.

Yes. All fixed-rate loans will transfer to PenFed at the existing McGraw-Hill FCU rates and terms. Certificates will transfer to PenFed at the same McGraw-Hill FCU dividend rate and maturity date.

Yes, all mortgages, equity loans, and ELOCs will convert to PenFed at the existing rates and terms. Additional correspondence will be sent to members affected by this change.