Direct Federal Response: COVID-19 (Coronavirus)
A message from our Chairman and our CEO
Community Outreach Program
Direct Federal has launched a Community Outreach Program that includes three focus areas, members, community partners, and our employees. The purpose of this program is to address the short-term needs that high-risk members, the community, and our employees may have either with their finances and/or with their everyday life due to the COVID-19 outbreak.
We have deployed a Community Action Group, made up of Direct Federal employees, to proactively reach out to high-risk members and address any needs they have. This group will be contacting members over the next two weeks through phone and email. If you have a need and would like to be contacted by our group, please schedule a 15-minute phone call by clicking here.
Our partnerships with organizations in our community remain strong and we are committed to helping them in any way we can during this pandemic. We are actively reaching out to these groups and fulfilling any needs they may have during this time. Please click here to see the growing list of organizations we support in Norfolk and Middlesex County.
Lastly, we introduced an Employee Relief Program which is intended to do everything possible to have our employees new normal be as close to their old normal as possible. This program includes employee grants, the availability of payroll advances, and expanded time-off policies to care for loved ones. We are committed to keeping all employees at Direct employed with us throughout and after the COVID-19 pandemic.
Member Relief Program
During the COVID-19 outbreak Direct Federal is committed to doing whatever we can to help you maintain peace of mind with regard to your finances. A few days ago we announced several policy changes that will make it easier for you to make deposits and access your funds using our automated delivery systems. You can review those changes here. Today we want to let you know that effective immediately we are introducing the following programs to provide you with additional funds should you need them:
A personal loan provides immediate lump-sum funds up to $2,500. Your interest rate for the first six months will be 0% and no payments will be due. After the first six months you can repay the loan over an additional 60 months at a fixed rate of 6.99%. You can repay the loan anytime without penalty. The Annual Percentage Rate would be 6.988%. We will continue to underwrite all Personal Loan applications, but we have modified our guidelines to provide as much assistance as possible.
A PLC tied to your Direct Federal Checking account provides you with credit when you need it up to $2,500. Open a PLC and advance funds as needs arise. Your interest rate for the first six months will be 0% and no payments will be due. After the first six months your interest rate will equal Prime + 3.74% (currently 6.99%) and will change when Prime changes. This is the most economical way to cover overdrafts on your Direct Federal Checking account. If you write a check and there are not enough funds in your checking account to pay the check, we will use available credit in your PLC to do so. The Annual Percentage Rate would be 6.988%. We will continue to underwrite all Personal Line of Credit applications, but we have modified our guidelines to provide as much assistance as possible.
We have extended our overdraft protection limit on our Courtesy Pay Program for all checking accounts from $750 to $1,000. Courtesy pay covers checks and ACH withdrawals. As a reminder, we also have Courtesy Pay Plus which extends coverage to ATM withdrawals and point of sale debit transactions. Please call our Contact Center at 888.2DIRECT to opt-in to Courtesy Pay Plus.
If you have reached out to us previously about one of the above items, you will hear from one of our team members within 2 business days.
We are reviewing our policies daily to identify additional ways to assist you. We will inform you of all additional programs as they are introduced. Please contact our team at 888.2Direct if you have any questions, comments, or concerns. Our Contact Center hours remain unchanged. We can be reached Monday – Friday from 8:00 am – 5:00 pm and on Saturday from 8:00 am – 1:00 pm. Although most of our team is working from home, the delivery of products, services, and information is uninterrupted.
*Based on a loan amount of $1,000. A term of sixty-six (66) months. The first six(6) months are 0% followed by sixty (60) months at an interest rate of 6.99%. Payments of principal and interest are waived for the first six (6) months. The cost per $1,000 borrowed after the first six months would be $19.80. (Payment example: $19.80 due on the 7th month consisting of principal of $13.75 and interest of $6.05). Maximum loan amount $2,500. Subject to Underwriting.
**Based on a line amount of $1,000. The first six(6) months are 0% followed by minimum payments of the greater of 1) 3% of the principal balance of your account on the statement date or 2) $25.00. Payments will be be applied first to interest accrued at an interest rate of 6.99%, second to any late charges, and third to principal and other charges. Payments are waived for the first six (6) months. Maximum loan amount is $2,500. Subject to Underwriting.
Beginning Monday, March 23rd our branch will be available by appointment only for essential banking transactions that cannot be done electronically through one of our alternative delivery channels highlighted below. Essential transactions that are not available through alternative channels include initiating an outgoing wire, opening trust accounts, and obtaining bank checks.
Should you choose or need to visit our branch, please do by making an appointment by clicking here. This will limit the number of members in our branch at once and ensure that we have time between appointments to properly clean workspaces. Our appointments are a quick, easy, and safe way to conduct your bank transactions.
If you use our branch for transactions other than those listed, and these transactions cannot be completed using one of the alternative channels listed below, please call us at 888.2DIRECT or email us at email@example.com. We will discuss your situation with you and come up with a solution.
Read our previous update here
We are here for you
All of us at Direct Federal Credit Union care deeply about the health and safety of our community. We are here to help our members, employees, and community during the Coronavirus outbreak. Our top priority is to ensure that we are doing everything we can to reduce your potential exposure to the virus. We also want to do everything we can to provide you with easy access to your finances and timely answers to your questions. Our team is monitoring the reports from the Centers for Disease Control (CDC) daily. We have already implemented many of our contingency plans, and will enact more as needed.
Although most of our employees are now working remotely, we are fully operational and working normal business hours. Our goal is to have the vast majority of our employees working remotely by Monday, March 23rd. Beginning on that date our branch will be available by appointment only for essential banking transactions that cannot be done electronically through one of our alternative delivery channels highlighted below. This will limit the number of members in our branch at one time and ensure that we have time between appointments to properly clean workspaces. We believe these appointments are a quick, easy, and safe way to conduct business and reduce risk to you and our employees. Essential transactions that are not available through alternative channels include initiating an outgoing wire, opening trust and estate accounts, and obtaining official checks. If you use our branch for transactions other than those listed and these transactions cannot be completed using one of the alternative channels listed below, please call us at 888.2DIRECT or email us at firstname.lastname@example.org. We will discuss your situation with you and come up with a solution. Starting Friday, March 20th you will be able to click a link on this page to schedule your appointment. Appointments will begin on Monday, March 23rd. Appointments will be available during normal branch hours including Saturdays.
All real estate closings will continue as scheduled.
Ways to bank with us
We are asking members to take advantage of our digital and alternative channels listed below that allow you to bank with us wherever, whenever, and however you would like. Effective Monday, March 23rd we will implement several enhancements to these services to allow for greater flexibility, including the ability to access the first $1,000 of any check deposit immediately.
It’s a free and easy way to check account balances, transfer funds, make loan payments, pay your bills, and more from your desktop or mobile device 24 hours a day. With our mobile app, you can even electronically deposit checks. To allow you greater flexibility when making mobile deposits, effective Monday, March 23rd, we will increase our daily check limit from $5,000 to $10,000 and our monthly limit from $25,000 to $50,000. If you don’t yet have Online Banking, please give us a call or register here.
We are a member of both the Co-Op Network and the NYCE Network. The Co-Op Network allows surcharge-free withdrawals and check deposits of any amount at nearly 30,000 ATMs nationwide. The NYCE Network has hundreds of ATM locations in Massachusetts and New England. To allow you greater flexibility when using your ATM and Debit Card, effective Monday, March 23rd, we will increase our daily withdrawal and point of sale transaction limit to $2,000.
Our Member Service Team can handle almost any banking need over the phone. We can be reached Monday through Friday from 8:00 am to 5:00 pm and Saturday from 8:00 am to 1:00 pm by calling 888.2DIRECT. Please note that we are experiencing an increase in call volume and you may experience a brief hold when you call.
Our convenient Bank-By-Mail Deposit Form makes it easy to deposit checks of any amount to your Checking, Savings, and Money Market Accounts, or even open a Certificate of Deposit. Every time you send in a deposit, we’ll post your check to your account the day we receive it – then send you a confirmation.
We encourage you to click here to learn about potential scams that may be happening related to the Coronavirus outbreak. As always, please call us if you suspect any suspicious activity on your account.
You have our word
We are aware that many of our members will be financially impacted by the abrupt cancellation of school and community gatherings, and the closing of many small businesses, restaurants, and bars. Our goal is to assist all our members through these challenging times. We are finalizing our member relief program and will be introducing it in the near future to assist you during these unprecedented times.
Our focus is and will continue to be serving our members, employees, and community. We will remain vigilant and will maintain open communication with you. Our management team is meeting daily to address updates, concerns, and changes to our plan. If you have any concerns, please message our management team below.
Equal Opportunity Lender.
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
50 Cabot St.
Needham, MA 02494
© 2020 DIRECT FEDERAL CREDIT UNION