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About the Service Center | Benefits of Direct Deposit | Direct Deposit FAQ

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Direct Deposit FAQs

What is direct deposit?
Direct deposit is a safe and confidential way to have your salary payment electronically transferred into an account at the financial institution of your choice in the United States.

How do I begin using direct deposit?
Print and fill out the Direct Deposit Form at right. Send the completed form along with a savings account deposit slip or voided check to the appropriate address indicated on the form.

Is direct deposit required for all MIT employees?
Yes. All new employees must complete and submit the Direct Deposit Form when they complete all other initial employment forms (i.e., tax forms, benefits enrollment forms, etc.). All current employees must complete and submit the Direct Deposit Form to the appropriate address indicated on the form before March 1, 2005.

What if I do not have a bank account?
Because direct deposit is required for all employees you will need to open a bank account to deposit your salary payment. The MIT Federal Credit Union is a convenient option for employees who do not currently have a bank account. The Credit Union offers no fee accounts to MIT employees and the new MIT Direct Deposit Form includes an application for a Credit Union account.

How will I know when my salary payment has been deposited or the amount that was withheld from my paycheck?
You will continue to receive a complete earnings statement each payday, which will indicate the amount transferred to your designated bank account as well as how much was deducted for taxes, insurance, and other items. Your salary payment will already have been deposited in your account. The amount of the deposit will also appear on your bank statement.

When will I have access to my salary payment?
Your salary payment will be accessible earlier because you don't have to wait for your paycheck to clear. Typically, your financial institution will credit your account on payday. In addition, most banking institutions will give you access to your salary payment through the use of your ATM card on the morning of payday.

What happens if I change financial institutions or want my paycheck deposited in a different account?
All you need to do is fill out a new Direct Deposit Form and send it to the Payroll Office, NE49-3131 (campus employees) or LFO Payroll Office, A-281 (Lincoln Laboratory employees).

How can I determine the Routing and Transit Number (RTN) for my financial institution?
If you have a checking account look at the bottom left corner of your checks. Usually, the first nine digits are the RTN. Contact your financial institution if you wish to direct deposit into your savings account or if you are unsure of the correct RTN.

Who do I contact for assistance or to answer questions I have about completing the Direct Deposit Form?
Contact your financial institution if you are unsure of your correct Routing Transit Number or Account Number. Direct other questions to the campus Payroll Office at 617.253.3337 (campus employees) or the LFO Payroll Office 781.981.2343 (Lincoln Laboratory employees).

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