Non-Sufficient Funds/Overdraft Line of Credit

Provides coverage for bounced checks and helps avoid the associated fees

• Lines between $500 - $25K (max includes all personal loans)
• No annual, processing or servicing fees
• Monthly fixed rate payments based on the outstanding borrowed balance, which lowers as you pay it off  

In the case of an overdraft (we know it happens, even if you're very careful) our line of credit advances the money necessary to cover your purchase or withdrawal, up to your credit limit.

You can also use the line of credit as a personal line. Write a check, transfer from e-Branch or withdraw funds at an ATM against the line of credit, whenever you need it.

Current Members Apply Here

Non-Members Apply Here

How we cover Overdrafts:

• Share to Share Non-Sufficient Funds/Overdraft Protection - Available funds are transferred from savings to checking to cover transactions.
• Overdraft Line of Credit - Available funds are advanced from a line of credit to your checking account to cover any overdraft transactions. Interest is charged on the outstanding balance at the current interest rate.
• Non-Sufficient Funds/Overdraft Privilege Program - Overdrafts are allowed up to $500 for members who are eligible and who have "opted in." There is a $30.00 fee for each overdraft. 

What standard overdraft practices come with my account?

We currently pay overdrafts for the following type of transactions:

1. Checks and any other transactions which use your checking account number.
2. Automatic ACH and bill payment transactions. 

We will not authorize or pay overdrafts for the following transactions unless you authorize us to:

1. ATM transactions
2. Everyday Debit Mastercard® transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. 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?

1. We will charge up to $30.00 each time we pay an overdraft.
2. There is no limit to the number of overdraft fees that can be charged to you overdrawing your account. 

Please note: if an overdraft is not paid within 45 days, the amount will be charged-off and reported as such.

How do Opt-in or Opt-Out of this service:

If you want to opt-in or opt-out of this service, please call us at (781)423-2022 or fill out this form and mail to MIT Federal Credit Union, 70 Westview Street, Lexington, MA 02421. 

For a complete set of fees. View our fee schedule. 

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*Rates may vary based on credit worthiness

**Automatic loan payments qualifies you for a 0.25% APR reduction, with the exception of the Tuition Assistance Loan. All Personal, Student, Auto, Motorcycle, Trailer, Boat, and RV loans are eligible for an ANNUAL PERCENTAGE RATE reduction of 0.25%. 
     
MIT FCU does not charge for the autopay service.
      
Discontinuing autopay will result in the loss of promotional 0.25% ANNUAL PERCENTAGE RATE reduction. Any increase in the ANNUAL PERCENTAGE RATE will result in an increase of remaining payments. For example, if Your loan was for $10,000 at 6.4% for 5 years, and the rate increased by 0.25% after 12 months, Your payment would increase by $0.95.

For the life of the loan this offer will never expire. However, the promotion may end at anytime and without notice.