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Frequently Asked Questions

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Do you offer 529 plans?

We currently do not offer 529 plans.

View our banking account options >

How much can I borrow for my auto loan?

You can borrow 120% of the value of your car (subject to our maximum auto loan limit of $100,000). This allows you to finance the entire purchase price, plus GAP insurance and the sales tax.

What types of properties qualify for a Direct HELOC?

Direct Federal lends on properties located in the following locations:

Massachusetts Counties: Norfolk, Middlesex, Suffolk, Plymouth, Essex, Bristol, Worcester, and Barnstable

Rhode Island Counties: All Counties in Rhode Island

New Hampshire Counties: Rockingham, Hillsborough, and Cheshire

Do you offer HSAs?

We currently do not offer Health Savings Accounts.

View our banking account options >

Will my credit be pulled if I need a Home Equity increase?

Yes, you will need to submit a HELOC application and select "Home Equity Increase (Refinance)" as the purpose.

Home Equity Line Refinances/Increases have a $295 fee.

Click here to apply to refinance/increase your existing Home Equity Line >

What types of vehicles can I finance?

You may finance automobiles, SUVs, pickup trucks, and minivans for consumer use. For commercial vehicles, visit the Business Loans page.

Can my card be added to a digital wallet?

Yes, Direct Federal debit and credit cards can be added to Apple Pay, Google Pay, and Samsung Pay.

How can I get in touch via email?

If you'd like to get in touch with us via message, please utilize our secure Message Center in Digital Banking.

Log in to access Message Center >

I have a Joint on my account, can he/she/they have their own online banking?

Yes! The Joint account holder can create their own user login.

Do you have Deposit Insurance?

With Direct Federal, any savings account that you choose is federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. This deposit insurance protection is offered by the National Credit Union Administration (NCUA) and is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC).

  • Each savings account is insured up to $250,000 per account owner
  • Individual Retirement Account (IRA) funds are separately covered up to $250,000
  • Funds in a trust account are separately covered up to $250,000

Plus, you have the ability to increase the insurance on your accounts depending on the types of accounts you have and how your accounts are owned.

For a detailed explanation of the NCUA visit their site https://ncua.gov/about . To estimate your insurance coverage, go to NCUA Share Insurance Estimator.

Questions? Simply call the NCUA Insurance Call Center at 800.755.1030, ext. 1; or call Direct Federal at 781.455.6500.

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