Updated 7/20/20: Our Lincoln Laboratory and Student Center branches remain closed. Our Tech Square branch is open by appointment: Mon, Tue, Wed, and Fri 8:30 am - 4:30 pm, and Thu 8:30 am - 5:30 pm. Please call 617-253-2845 for an appointment. Please visit MITFCU.ORG/COVID19Support for more information.

Non-Sufficient Funds/Overdraft Opt In

What you need to know about Non-Sufficient Funds/Overdraft (NSF/OD) fees

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

1. Standard NSF/OD Practices that are automatic to your account.

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

What are the standard NSF/OD practices that come with my account?

We do authorize and pay NSF/OD 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 NSF/OD 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 NSF/OD 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 NSF/OD, your transaction will be declined.


How long will I have to repay an outstanding balance?

  1. Up to 45 days to pay an outstanding balance


What fees will I be charged if MIT Federal Credit Union pays my NSF/OD?

Under our standard NSF/OD practices:

1. We will charge a fee up to $25.00 each time we pay an NSF/OD.
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 NSF/OD Privilege services. To remove the entire NSF/OD 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.