Checking

A checking account is the most important account to have for many students. It's the account you'll use most often, for paying bills, getting money from an ATM/VTM or having paychecks or other checks deposited into for future spending. MIT Federal Credit Union offers a number of different types of checking depending on how you'll be using your account, but below are answers based on our most popular basic checking. This account offers Smart Rewards if you meet certain criteria. Smart Rewards offer discounts on certain loans and increases in rate for certificates, etc. There are also a number of other perks. Read more about Smart Money Rewards.
 

  • Will I have to pay a monthly fee? No. There is no monthly service fee.
  • Is there a minimum balance required? No, there is no minimum balance, although we recommend opening your checking with at least $25.
  • Will I get an ATM/Debit card? Our checking accounts all come with a debit card good for ATM/VTM transactions as well as online and retail or "in-store" purchases. Your Debit card carries the MasterCard(R) logo and you can choose "credit" when paying if you do not want to enter your PIN (personal identification number). But to receive cash back from an in-store transaction, you will need to choose "debit" and then enter your PIN to receive cash back. Funds will be withdrawn almost immediately from you account balance in both cases, "credit" or "debit". The ATM/Debit card does not work like a credit card. If you do not have sufficient funds in your account to cover the transaction, your purchase may be declined. If you have authorized Overdraft Protection or some other overdraft option, the payment may be made, but there will be a fee assessed. Read more about Overdraft Protection.
  • What if my debit card information is stolen? Debit card fraud is serious. That's why our cards come with round-the-clock protection from FraudWatch PLUS. If your card is stolen, call us immediately at 617-253-2845 or toll-free at 855-648-2848 so we can freeze activity on your card and work with you to get a new one.
  • Is there a fee for using my Debit card at another bank or credit union? With MIT Federal Credit Union, you receive up to eight surcharge-free withdrawals a month at any bank or credit union. If you also have Smart Money Rewards, an additional $5 in surcharge fees will be reimbursed each month. If you find you need more than that, use our website or mobile app to find the nearest surcharge-free ATM near you. We belong to a network of credit unions and retail spaces offering surcharge-free transactions, in fact over 35,000 ATMs and 6,000 credit union branches across the U.S. Visit www.mitfcu.org/locator or select "Locations" from our app to find one now!
  • What overdraft protections do you offer? We offer an optional Share-to-Share Overdraft Protection which transfers funds from your savings account to your checking. The fee per transfer is just $5.  We also have an optional Overdraft Protection Line of Credit (apply for an overdraft line of credit here), and Overdraft Protection Opt-In which allows your account to go negative for a fee, and requires repayment of the amount. In all cases, the payment is at the discretion of the credit union. 

    Opt-Out of Overdraft: By request, an account can be removed from Overdraft Privilege services. To remove the entire Overdraft Privilege service, or just coverage for checks and ACH/Automatic Bill Pay, or coverage for ATM and every day Debit card transactions, you must notify the Credit Union in writing or via email (mitfcu@mit.edu) or call 617-253-2845 during regular business hours.


These days not many people use checks. But with your MIT Federal Credit Union account, you can write unlimited checks if you want to. Just remember that with a check, the funds do not get withdrawn from your account until the recipient of the check actually deposits the check into their account. That means a delay from a day to weeks depending on their actions. That delay is one reason its vital for you to keep track of all payments made with checks.  Its illegal to write a check without funds being available in your account, and if you've already allocated funds for one payment (via check, debit card, or other method), they should not be considered available. If you do accidentally write a check or make a payment without sufficient funds in your account, your check (or payment) will be declined for insufficient funds (NSF) and you will be charged a fee of $25 or more. In some cases the payment will be declined, but if you have overdraft protection options activated on your account, the payment may be made for you. That will still incur fees. 

There are numerous ways to pay from your checking account. MIT Federal Credit Union offers Bill Pay via e-Branch. This is a secure and easily set up and tracked. You can make one time payments or recurring payments to individuals, companies, subscriptions or memberships, etc. 
 

You can also make payments via Wallet Pay apps including Apple Pay, Google Pay and Samsung Pay.
 

Funds transfers allow you to move money between your MIT FCU accounts or to transfer funds to and from accounts with other financial institutions.