Frequently Asked Questions
Yes. If you are an MIT employee, log into Atlas, go to "About Me" / "Direct Deposit Preferences," and choose a direct deposit preference. If you are not an MIT employee setting up direct deposit is done through your employer.
The short answer is, "not much." In fact, a hard credit inquiry only drops your score by a few points, at the most, 5. So don't worry about those credit pulls mortgage lenders or mortgage apps request as part of their prequalification or quote process. Unless your credit score is very low to begin with, those few points aren't going to change anything.
In fact, according to Experian (one of the "big three" credit bureaus), "...hard inquiries related to mortgage, auto loan and student loan applications are entirely ignored for 30 days from the date of the inquiry."
And even after those 30 days, Experian states, "After those inquiries have aged past 30 days, they still may not be counted as independent inquiries by credit scoring models. That's because FICO® considers similar loan-related inquiries that have occurred within 45 days of each other as a single inquiry in the scoring process."
So go ahead and get that quote, prequalification, or application started! You're good.
Read more from Experian about how credit inquiries impact (or don't impact) your loan application/approval.
There is no fee for opening a checking account. However, fees may be assessed for different uses of your checking account. View our fee schedule here.
Interest rates on Certificates of Deposit vary and are based on the term of the certificate and on the opening balance of the certificate. Click here to view current rates.
A Certificate of Deposit (CD) is a savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate and can be issued in any denomination. When you open a CD, your money is on deposit for a specific time period. For agreeing to keep it on deposit for a specified time period, you earn more than you would in a regular savings account. If funds are withdrawn or the account is closed prior to its’ maturity date, a penalty may be incurred. Click here for disclosure.
Yes. Complete the following steps:
Log into Online Banking, and under the Additional Services Tab select E-Deposit
Step 1: Endorse Your Checks - Please sign the back of each check and write the following endorsement information under your signature:
For deposit only at MITFCU
On MM/DD/YYYY** (today's date)
Step 2: Select Your Scanner
Use the Select button to choose the appropriate scanner. If no scanning devices are listed, please ensure that your scanner is turned on, properly connected, and its software properly installed. Use the same scanner next time and the software will remember your scanner selection.
Step 3: Enter the Total Deposit Amount
Enter the total dollar value of your deposit. For multiple checks enter the total of all checks in your deposit.
Step 4: Scan Your Checks
For flatbed scanners: Place your first check face down on the scanner in the appropriate position. Select the Scan button to scan the front of the check. Follow the device's instructions for completing the scan. Place your first check face up on the scanner. Follow the same process, selecting the Scan Back button to scan the back of your check. Repeat these steps for each check in your deposit.
For duplex scanners: Place your check(s) in the scanner's check/document feeder in the appropriate position. Select the Scan button. Follow the device's instructions for completing the scan.
Step 5: Continue
Once you have scanned all your checks, click the Continue button to move on to the Deposit Review step
The following items cannot be submitted via Mobile Check Deposit:
- Any item drawn on your account or your affiliate's account
- Any item that is stamped as "non-negotiable"
- Any item that contains evidence of alteration
- Any item issued by a financial institution in a foreign country
- Any item that is not in U.S. currency
- Any item that is incomplete
- Any item that is "stale dated" or "post dated"
- Any third-party check, e.g., any item that is made payable to another party and then endorsed to me by such party
Yes. It is protected by 128-bit SSL encryption technology.
You can only use Mobile Check Deposit by logging in to the MIT FCU Mobile App or Online Banking with your username and password.