Overdraft Opt In

What you need to know about overdraft fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. Overdrafts are covered in two different ways: 

1. Standard Overdraft Practices that are automatic to your account.

2. Overdraft Protection Plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more ask us about these plans.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:
1. Checks and other transactions made by using your checking account number
2. Automatic Bill Payment transactions

We do not authorize and pay overdrafts for the following types of transactions unless pre-authorized by you via "Opt-In" (See below):
1. ATM Transactions
2. Everyday Debit card transactions

Please Note: We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction, even if you've opted in. If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if MIT Federal Credit Union pays my overdraft?

Under our standard overdraft practices:

1. We will charge a fee up to $25.00 each time we pay an overdraft.
2. There is no limit on the total fees we can charge you for overdrawing your account.


Opt-Out: 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.

If you have questions, please call 617-253-2845.