I also have Med Fan Palm. I was recommended that when I water, make sure it's deep. Mine is in a 1g pot and has very good drainage. I only water it when I see that the soil or the medium is almost dry. I never see mine become yellow.

And yes, too much water can cause yellowing. Transfer your Med Fan Palm to a different location.

Here is a link that might be useful: How can one tell if plants have too much water or not enough?