Michigan First Credit Union Launches Next Generation of Online Banking

New online banking platform offers new customizable tools to help manage finances, save time and effort

LATHRUP VILLAGE, Mich., April 20, 2009 – Building upon its technology leadership since its founding in 1926, Michigan First Credit Union (www.michiganfirst.com) today announced the launch of its new online banking service. The updated Michigan First online banking service is more than typical online banking; it serves as a financial management tool that empowers members to create customized monthly budgets, monitor and trend transactions, and maintain a strong relationship with their finances. Members and non-members can view a tutorial of the new system at www.michiganfirst.com/online.

“Michigan First has been committed to technology and innovation for more than 80 years, including being one of the first credit unions to use computers,” said Michael Poulos, president and CEO of Michigan First Credit Union. “We are always seeking new solutions to improve service to our members, so we are proud to offer them the next generation of online banking.”

“In today’s economic environment, it is more important than ever to manage your finances,” he said. “Michigan First’s online tools will help members of all generations easily budget and monitor expenses and be fully engaged with their banking in a convenient way.”

Features of Michigan First’s new online banking system include:

  • Alerts to keep you on budget. Set up your own custom alerts for virtually any budget, balance, or transactional activity. For instance, receive a mobile text or  e-mail if you are exceeding the limits you want to spend when shopping.
  • EZ Scan & Deposit. Scan your checks from home or the office, and they are directly deposited into your account.
  • Account-to-account transfers. Make a transfer to or from an account at another bank or credit union.
  • Graphing and reporting. Develop custom graphs, charts, and reports of your financial activity.
  • Free bill pay. Pay your bills automatically through your Michigan First online account.
  • Live chat support. Discuss any transaction with a Michigan First representative through instant messaging.
  • View every transaction. See a list of each deposit and withdrawal, along with images of your checks that have been cashed—keep a running statement online – including your credit card accounts.
  • Search your transactions. Use natural language to find categories of transactions easily.
  • EZ ScoreTracker. View historical credit scores based on past credit inquiries made through Michigan First.
  • Enhanced online security. Customize a security phrase and image at login for even greater protection.

Michigan First recently conducted a demonstration of the online banking platform to a select group of active online banking users in an effort to gather feedback and ensure the new system incorporated features they wanted. The response from current online banking users has been positive.

“The new online banking system is so incredibly easy to use,” said long-time member Ricardo Thomas. “At first, I thought using online banking might be a little confusing, but after using it for just a few minutes I was excited to see all the tools I could use to help me manage my finances. I immediately signed up to receive electronic statements and am now a true Michigan First online member.”

Becoming a member of Michigan First is fast and easy. New members can sign-up for a new savings or checking account online at www.michiganfirst.com or come into any Michigan First branch. Membership is open to those who live, work or worship in one of the more than 44 communities Michigan First serves.

Michigan First’s new online banking service was developed in conjunction with software vendor Jwaala, based in Austin, Texas. Jwaala develops innovative software solutions to help financial institutions stand out in an increasingly competitive marketplace.

“We are very excited to be implementing MoneyTracker at Michigan First,” said Andrew Taylor, CEO of Austin, Texas-based Jwaala, LLC. “Michigan First members will now be able to enjoy the most advanced online banking services available anywhere, giving them a much clearer view into their finances with Google-like search capabilities, infinite alerting, and customizable financial dashboards.”

About Jwaala

Jwaala’s award winning online banking enhancement suite, MoneyTracker, is setting a new standard in online banking with powerful personal financial management features, integrated account aggregation, natural language transaction searching,  consumer remote deposit, secure document storage, customizable financial dashboards, infinite alerting capabilities, and more.  Jwaala is simply Better Online Banking!  Come see what your online banking could be,www.jwaala.com.

About Michigan First Credit Union

As one of the leading credit unions in metro Detroit, Michigan First, based in Lathrup Village, Mich., was originally founded in 1926. With more than $500 million in assets, Michigan First now provides services to approximately 75,000 members and businesses. Membership is open to people who live, work or worship in one of 44 metro Detroit communities, as well as local businesses. Michigan First continues to invest in its members, the community, youth and financial literacy initiatives. The full-service financial institution offers savings accounts, checking accounts, certificates, money market accounts, consumer and vehicle loans, mortgages, home equity loans, business services, commercial lending, a special vehicle purchasing program, Visa®credit cards, MasterCard® debit card and now, the next generation of online banking. For more information, visit www.michiganfirst.com.

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