Direct Deposit

MIT requires that all current employees and students receive salary payments from the Institute by direct deposit. Direct deposit is a free service that automatically deposits your paycheck into an account at the financial institution of your choice. The financial institution that you choose must be located in the United States and accept Automated Clearing House transactions. Direct deposit will significantly reduce paycheck processing costs incurred by the Institute.

Direct deposit is a secure, convenient and fast alternative to traditional checks. Direct deposit eliminates the risk of lost or stolen checks and saves you from waiting in lines at the bank. In addition, many banks offer free or low-cost accounts when you use direct deposit.

• It’s fast. Your money is available earlier because you don’t have to wait for your paycheck to clear.
• It’s safe. Unlike a paper check it will never be lost, stolen or misplaced.
• It’s convenient. You don’t need to go to the Payroll Office to get your check or make a trip to your financial institution to deposit it.
• It’s reliable. Your money will be in the account you specify, even if you’re on vacation or out sick.
• It’s free. There is no charge for this service and your financial institution may even offer incentives such as free checking when you participate in direct deposit.
• It’s easy. Complete the form on-line at SAPweb Money Matters tab or print a hard copy from Payroll Forms and return it to the address indicated.