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Frequently Asked Questions
An ACH, or Automated Clearing House, transaction is an electronic transaction that allows merchants to access your account. For example, payroll direct deposits are ACH deposits. Additionally, things like gym membership dues can be set up as ACH withdrawals.
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.
As part of your loan agreement with Direct Federal, and because your car is serving as the collateral for the loan, you are required to provide the title to us within 90 days of opening the loan. The title must display your name as the owner and list Direct Federal as a lienholder. Being a lienholder means we have an interest in the property that is on the title until the loan is paid in full.
If we receive a title for your vehicle that does not have “Direct FCU” listed as lienholder, forms to add lienholder will be mailed to you. Please complete the highlighted sections and return them in the envelope provided along with a check made payable to the applicable RMV so we can file for lien placement on your behalf.
Note: If the envelope is lost, please send documents to:
Direct Federal Credit Union
Attn: Loan Servicing
50 Cabot Street
Needham, MA 02494
Requested Lines $400,000 and above require an appraisal. Also, if you believe your home value is higher than our assessed value, an appraisal may be required in order for us to approve the amount requested.
Appraisal cost estimates:
Single-family unit - Approximately $500
Multi-unit -Approximately $650.00
If rates rise from the time you apply until the time you use your loan, you will get the lower rate that was in effect when you applied. If rates fall from the time you apply until the time you use your loan, you will get the lower rate in effect at the time of purchase.
You can find your account numbers within Digital Banking under Account Details.
View Account Information >
Please visit:
www.myinsuranceinfo.com
$0 unless property is in a trust and/or there are unrecorded discharges that need to be recorded.
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.
Completing your mortgage application online is just like completing one on paper — with the added benefit of being able to complete it anytime, anywhere. Plus, at any time, you may stop and save your application; then return to it later. Expect your application to take about 15 minutes to complete. A series of prompts and helpful tips will guide you through each screen to help you through each stage of the application process, which includes the following steps:
Start App – You’ll be asked to select a username and password to ensure security and privacy. Create and enter your username and password here and make a note of them for your records.
Loan Details – Enter the address, price and other information related to the property.
Personal Info – Provide the name, date of birth and social security number for EACH borrower.
Employment Income – Tell us about your current employment situation, including gross income and any additional income you may receive.
Expenses – What is your current monthly expense for housing?
Asset Info – Provide a list of your financial assets, including bank accounts and investments, in order to verify that you have access to sufficient funds to complete the transaction.
Submit App – After a few final questions, simply submit the application to Direct Federal and a mortgage specialist will follow up with you
You can submit a Stop Payment Request through Online Banking via Tools > Check Services.
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.
Submit an application online or call to speak with Mortgage Loan Officer.
On the “Payments” tab of the Bill Pay widget, you will see “Payment Activity”. There you will see what Bills are scheduled to be paid in the current month. By clicking “Next” or “Previous” you can see what is scheduled to be paid or has been paid in the previous month. If you need additional information about any payment such as the payment frequency or the check number, click on the individual payment to be brought to the payment details.Alternatively, if you click on the “Manage Payees” tab within the Bill Pay widget and select an individual Payee you can view historical and scheduled payments for each Payee. Please note that payment history is only available from 2/1/21 and on. Please reference your past statements for payments prior to that.
There are no closing costs.
There is no over limit fees.
Bill Pay allows you to pay all of your bills, outside of Direct Federal Credit Union, in one place. Your payments will be delivered electronically or by check depending on the recipient. You can schedule one-time or recurring payments.
Prepayment is allowed at any time without penalty. If you pay-off the balance and decide to close the line within the first two years, you will be charged a $395 Early Termination Fee.
The calculator assumes standard HELOC terms, including a variable interest rate, interest‑only payments during the draw period, and repayment of principal and interest during the repayment period. Actual terms may differ based on your specific loan agreement.
We do not offer motorcycle loans at this time, but click below to learn more about what personal loans and lines of credit we offer!
The amount you can borrow depends on the property type and the equity you have in your home.
Primary Residences: Up to 80% Combined Loan-To-Value (CLTV). Any amount between $20,000 and $500,000.
Second Home and Investment Properties: Up to 70% Combined Loan-To-Value (CLTV). Any amount between $20,000 and $200,000.
We currently do not offer 529 plans.
View our banking account options >
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 >
We currently do not offer land loans but please check back in with us in the future!
Your card may be blocked for use and future transactions would be declined until the fraud alert is cleared.
We currently do not offer Health Savings Accounts.
View our banking account options >
Agree to receive your monthly statement through email (e-Statements)
AND
- One direct deposit into your account a month
OR - Five or more debit card transactions per calendar month.
(Excludes ATM + Zelle transactions)
The notification will disappear once your payment has posted to the Loan. Please allow 4-5 days for your payment to process before queuing another payment.
You can update your contact information by updating your account profile in Digital Banking, by calling Member Services, or by visiting our branch.
Yes. In the application, please select "Refinance Home Loan" as the "Loan Purpose".
Our Routing & Transit Number is: 211381783
A Returned Deposited Item (RDI) - is a check that has been returned to a depositor because it could not be processed against the account which it was drawn on. Deposited items can be returned for many reasons, such as insufficient or unavailable funds (funds on hold), stop payment, closed account, missing signature, etc.
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.
Home Equity Lines of Credit combine flexibility with lower rates than most unsecured loans. You only pay interest on the portion of the line you actually use.
You can only cancel a payment if the person you sent money to hasn't yet enrolled with Zelle®. To check whether the payment is still pending because the recipient hasn't yet enrolled, you can go to your activity page, choose the payment you want to cancel, and then select "Cancel This Payment". If you do not see this option available, please contact our customer support team at 7814556500 for assistance with canceling the pending payment.
If the person you sent money to has already enrolled with Zelle®, the money is sent directly to their bank account and cannot be canceled. This is why it's important to only send money to people you trust, and always ensure you've used the correct email address or U.S. mobile number when sending money.
If you sent money to the wrong person, please immediately call our customer support team at 7814556500 so we can help you.
Your IRS forms will be available under Statements within Digital Banking.
View Statements >
Different Mortgage programs will have varying qualifications. Please contact a mortgage specialist to discuss your options.
Send message to Mortgage Specialist >
If you realize you need more money to finance your purchase once you start shopping for your car, simply call us at 781.455.6500.
HELOC closings take place at our Branch located in Needham, MA.
50 Cabot St. Needham, MA 02494
We do not offer Student loans at this time, but click below to learn more about what personal loans and lines of credit we offer!
View Home Equity >
Within Online Banking, select your Loan and click on the specific payment you would like more information on. Then select "Breakdown" and you will be able to view the Principal and Interest breakdown of your loan payment.
If you want flexibility and ongoing access to funds, a Home Equity Line of Credit (HELOC) may be the better fit. If you prefer a fixed payment and know exactly how much you need, a Home Equity Loan (HELOAN) may make more sense.
HELOC
Best for ongoing or uncertain expenses. Variable interest rate.
HELOAN
Best for one-time projects/lump sum upfront. Fixed interest rate.
If you are travelling within the U.S., you will receive phone calls, text messages and emails. If you are travelling internationally, you will receive emails. You will only receive text messages if your mobile phone plan allows you to receive them while traveling outside of the United States.
Login to Digital Banking and access the transfers widget. After choosing your account and loan from the dropdown menus, you can then specify the frequency for your recurring payments.
Login to Digital Banking >
Yes, you can add GAP insurance to any auto loan for a low flat rate of $395. Learn more about GAP >
Rates vary based on your creditworthiness. The rate can vary monthly and is based on the Prime rate published in The Wall Street Journal.
We will not transmit sensitive personal information through alerts.
We currently do not offer FHA loans.
For primary residences, eligible borrowers may access up to 80% of their home’s combined loan‑to‑value (CLTV).
You have 60 days. If, for whatever reason, you do not use the loan during that time period and need another one, simply call us at 781.455.6500.
We are federally Insured by the NCUA. The National Credit Union Share Insurance Fund was created by Congress in 1970 to insure members' deposits in federally insured credit unions. Each credit union member has at least $250,000 in total coverage in individual accounts.
The Share Insurance Fund also separately protects members’ IRA accounts up to $250,000 and provides additional coverage for members’ trust accounts.
The Share Insurance Fund has the backing of the full faith and credit of the United States. Credit union members have never lost even a penny of insured savings at a federally insured credit union.
You are able to see and access all of the accounts your Social Security Number is associated with at Direct Federal, under one login. This includes Custodial accounts, Joint accounts, and Trust accounts. If you see accounts you don't want to see, you can go to My Settings and click on Accounts. Here you will be able to hide/unhide and rename your accounts.
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 >
There is no annual fee.
Please call us at 888.2DIRECT.
With Direct Federal, you can open a Home Equity Loan or Line for:
Primary Residences: Any amount between $20,000 and $500,000.
Second Homes and Investment Properties: Any amount between $20,000 and $200,000.
No, Direct Federal Credit Union does not charge any fees to use Zelle® in our mobile app.
Your mobile carrier's messaging and data rates may apply.
The date that is displayed is the estimated delivery date of the check, not the date the payment is sent from your account.
Yes. You may pay your Direct Federal Visa bill online using any checking account.
Our fax number is 781-433-2922.
Yes. Our priority is to protect your personal information. When you return a fraud alert message, we will ask for the unique case # to your specific fraud alert.
If you are moving to a different state within the U.S., a state change request should first be submitted through Online Banking or by calling our Contact Center at 888.2DIRECT.
IMPORTANT: Direct Federal cannot process the state change for you. You must complete this process with the applicable RMV.
This request allows us to print/prepare the title so you can process the state change at the RMV. We will mail the title to you at the address we have on file. Then bring it to the RMV to complete the title and registration in your new state. We cannot do this for you.
IMPORTANT: The process is different for owner retained states. If you live in an owner retained state, you do not have to file a state change with us. Simply go to your new RMV to title and register there. Please make sure all Direct Federal’s information is correct on all documentation so that we get notified of the state change.
Going to the RMV before filing a request with us will result in delayed processing of your forms. The RMV will contact us to request that the title be mailed to them, resulting in a higher chance of title loss. In this case, we will not be able to provide you with a duplicate title unless Direct Federal is listed as lienholder.
The title proves that you own the vehicle. The registration is permission from the state to operate it on the road. It will come to you with license plates and/or a sticker to display on the vehicle. In most states, your registration should always be with your vehicle, just like your license plates.
The final step of owning your new vehicle is to register and title it at your state’s Department of Motor Vehicles (RMV). It may also be known as the Bureau of Motor Vehicles (BMV), the Registry of Motor Vehicles (RMV), or the Department of Transportation (DOT), depending on your state. For simplicity here, we will refer to it as the RMV.
Direct Federal only holds onto the title while your auto loan is open if you do not live in an owner retained state. If you live in an owner retained state, the RMV will send you the title to keep safe until your loan is paid in full.
You may finance automobiles, SUVs, pickup trucks, and minivans for consumer use. For commercial vehicles, visit the Business Loans page.
Yes! You can start a chat with us by clicking on the text bubble icon on the login page and the dashboard
If you are an existing member, the easiest way to check the status of an application is through the Application Center within Digital Banking.
If you are not a member, please visit our Application Status Center.
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home. It lets you borrow what you need, when you need it, up to your approved credit limit. During the draw period, you typically make interest‑only payments on what you’ve borrowed. Once the draw period ends, the remaining balance transitions into repayment over a set term.
Once you’ve submitted your application, you will have a personal Mortgage Specialist follow up with you to provide additional help and guidance. Your Mortgage Specialist will be your single point of contact from here. He or she will send you an approval letter, order an appraisal from a licensed appraiser familiar with home values in your area, and prepare your loan for closing. The closing will take place at the office of our attorney in your area, who will act as our agent. Before closing, your Mortgage Specialist will contact you to walk through the final information and answer any questions you might have.
You will automatically be enrolled to receive all fraud alerts via the contact methods on your account, ie., email address, cell phone, home phone, work phone, etc.
You can apply for a credit limit of up to $25,000.
If your payments are on time, there are no fees.
Required documentation will include but is not limited to: an insurance binder or insurance declaration page, income verification, mortgage statement, and valid license or identification.
Direct Federal lends on properties located in the following locations:
Massachusetts Counties – Barnstable, Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester County.
New Hampshire – All Counties in New Hampshire.
Rhode Island – All Counties in Rhode Island.
No. Calculator results are estimates provided for informational purposes only and do not represent a loan offer or approval. Actual rates, payments, and terms are based on a full application review and may vary.
We do not offer Boat loans at this time, but click below to learn more about what personal loans and lines of credit we offer!
Please report the unauthorized transaction immediately by calling the phone number provided in the alerts or the number on the back of your card. The agent will then take care of marking the transaction as fraud and close the card.
Dividends start to accrue on the date the account is funded.
Yes, Direct Federal debit and credit cards can be added to Apple Pay, Google Pay, and Samsung Pay.
Yes, we do finance commercial vehicles!
View Business Loans >
Fraud alerts are sent to cardholders when potentially fraudulent transactions are detected on their accounts. We want to ensure that any questionable transactions were authorized by the cardholder.
You will receive three letters notifying you that your title, with Direct Federal listed as lienholder, has not been received. If the title is not received within 90 days of your loan funds being disbursed, your interest rate may be increased to 18.00% APR (Annual Percentage Rate). Once we receive the perfected title, we will revert the rate to the rate on your loan agreement. This will not affect your credit history.
1% of each transaction in US dollars.
Monthly dividends are available for withdrawal without penalty.
Upon confirming that a transaction is valid, you may retry the transaction immediately.
You are eligible for cash advances by going to ATMs or banks that are part of the Visa network. You can also transfer cash advance funds from your credit card to a Direct Federal savings, checking, or money market account. Direct does not charge a cash advance fee.
Depending on the assessed value of your home, and the amount of equity you have in it, you may be eligible to refinance/increase your existing Direct Federal Home Equity Line. 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 >
We currently do not offer safety deposit boxes at this time.
You can access Bill Pay by clicking here or you can access Bill Pay from our Mobile App. Bill Pay can be found by selecting More > Transfer & Pay > Bill Pay.
Log in to Online Banking or our Mobile App Hover over Menu item "Tools"Select "Card Management"Select your Visa Credit Card. Select "Balance Transfer", input Card Issuer Details and Submit!
We currently do not offer VA loans.
At the end of your 15-Year Draw Period, you will enter the Repayment Period. The Repayment Period is 15 years of principal and interest. The rate remains variable based on your Home Equity agreement.
You can request a Home Equity Line of Credit and Credit Card increase through Online Banking.
Depending on the assessed value of your home, and the amount of equity you have in it, you may be eligible to refinance/increase your existing Direct Federal Home Equity Line. Home Equity Line Refinances/Increases have a $295 fee.
Click here to apply to refinance/increase your existing Home Equity Line >
In some cases merchants do not submit the physical check for payment. The check is converted into an electronic check (eCheck). This is also known as a digital version of a paper check (Image replacement Document). eChecks use the Automatic Clearing House (ACH) to debit from a members checking account.
At maturity, Share Certificates (CD) will rollover into the same term at the current rate being offered, unless Direct Federal is notified prior to maturity or during the 7-day grace period.
Yes, we offer SBA loans!
Any phone numbers that Direct Federal has in your records may be sent alerts.
The status of your payments is located under “Payment activity” within the “Payments” tab of the Bill Pay widget. Click on each individual payment to obtain details and the status of your payment.
Money Market dividends are are compounded monthly, and posted monthly.