Payroll Deduction, Direct Deposit, and ACH

Payroll Deduction

• If you work for MIT, Whitehead Institute, or the Charles Stark Draper Lab, your savings and loan payments can be automatically withdrawn from your paycheck
• All funds are deposited on the last business day of each month, regardless of weekly or monthly pay frequency
• Ensures the funds you need for loan payments or savings are deposited each month
• Removes the temptation to spend
• Saves the time you would spend making transfers or writing checks
• This is a free service!

To sign up for payroll deduction, complete and submit a payroll deduction card (which you can pick up at any MITFCU branch or have mailed to you by calling 617.253.2845).

Direct Deposit

• Your paychecks, pension, or Social Security checks can be deposited electronically into your MITFCU account
• Set up recurring or one-time deposits
• No need to visit a branch to deposit your checks
• Safer than having your checks mailed to you
• Helps qualify you for all the benefits associated with our Smart Money Rewards program
• This is a free service!

If you are an MIT employee, complete and submit this form to MIT's Payroll Office. If you are not an MIT employee, provide your payroll department with your MITFCU member number and our ABA routing number: 2113 81 754.

ACH (Automated Clearing House Transactions)

• Allows creditors to withdraw payments from your account
• Recurring and/or one-time payments can be set up
• Vendor specific
• Don't need to worry you'll forget to make a payment
• Easy, effortless process for you
• Some vendors may reduce billing fees if you elect ACH payments

Set up auto pay for your MITFCU Visa. Or, set up auto pay for your MITFCU loan by making payments from your MITFCU account or from a non-MITFCU account. Contact your other creditors directly to ask if they have the capability to electronically withdraw your monthly payments from your account.