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Frequently Asked Questions

Use the search bar below to sort through our library of FAQs to learn more about a specific product, service, or process.
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What is the Recording fee for a HELOC?

$0 unless property is in a trust and/or there are unrecorded discharges that need to be recorded.

Do you offer land loans?

We currently do not offer land loans but please check back in with us in the future!

When is the dividend rate in effect?

Dividends start to accrue on the date the  account is funded.

What should I do when an unauthorized check clears my account?

Speak to a Direct Federal Member Service Representative. This can be done by visiting the branch or calling us at 781-455-6500. Once it is established that the item is unauthorized, an affidavit of forgery needs to be completed and either mailed to Direct Federal or taken into the branch for processing. Once the process is complete, the funds will be returned to your account.

Affidavit of Forgery

I accidentally opted out of receiving fraud alerts. How do I opt back in?

If you accidentally opted of out text alerts from a mobile phone, when the digital system calls to verify activity, the system will provide the opportunity to opt back into text alerts for the mobile phone.  For all fraud alert types, please call the number on the back of your card to re-enable fraud alerts to an email address, a mobile phone or landline phone number. You can also visit a branch for assistance.

What if I lose my Title after my loan is paid in full?

The following must be done if you have lost or misplaced your title after the vehicle loan is paid in full and our lien is released:

Bring the paid loan letter, which includes the lien release statement, to your RMV to request a new title.  

You will be responsible for all fees. The RMVs does not allow Direct Federal to apply for a duplicate title on your behalf since we are no longer a lienholder.

Why does it say it will take 10 days to send my Bill Payment?

The date that is displayed is the estimated delivery date of the check, not the date the payment is sent from your account.

Do you offer loans for commercial/business vehicles?

Yes, we do finance commercial vehicles!

View Business Loans >

Can the interest rate shown in the calculator change over time?

Yes. Most HELOCs have variable interest rates that can change based on the Prime Rate. A rate change will affect your monthly payment.

Are properties in a trust eligible for a HELOC?

Yes, Direct Federal will allow properties that are placed in acceptable trusts.  The trust must be reviewed by our Attorney and must meet all of our guidelines and requirements for the transaction to move forward.  The applicant will need to provide a full copy of the Trust agreement for review.  The applicant must be the trustee or one of the co-trustees.  All trustees must be 18 years of age or older.  Additionally, the trustee must be authorized to borrow money and encumber real estate.

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