Cash withdrawals are issued on an exception basis. Exceptions to this policy may be made by VPF Travel upon the request of an Director of Administration and Finance/Primary Authorizer (or equivalent) representing the DLC for which the travel will be undertaken.
In general, these exceptions will be limited to trips to areas designated by VPF Travel as remote locations, where the MIT Travel Card is not accepted and the banking infrastructure prevents other means of payment. Other unusual travel needs may also exist where it would be appropriate for Travel to approve cash withdrawals.
To facilitate cash withdrawals:
- VPF Travel will temporarily lift the cash restriction on the traveler's MIT Travel Card for the specific amount requested.
- The traveler can then obtain the cash by going to a bank or ATM. This method uses existing banking networks, so a fee of 2% of the total cash will be assessed.
- Cash withdrawals conducted at Bank of America locations will not be charged a fee. All receipts must be itemized with any amount.
Cash must be used for MIT business purposes, and any unused funds must be returned to MIT after the trip ends. Any unused cash not returned within 120 days will be treated as taxable income, in accordance with the U.S. Tax Code.
Required Information:
- Completed MIT Travel Card Cash Withdrawal Request Form.
- Explanation of why cash is needed
- Requested amount of withdrawal (Note that the Request Form should be submitted 2 days in advance of need)
Send the completed form to VPF Travel, NE49-4037, or email the form to travelsupport@mit.edu. Travel Card Cash Withdrawal Requests should be received by VPF Travel at least two (2) business days before the cash is needed.
Powered by