December 17, 2015
By Dan Redmond
As the number of members initiating transactions on Direct+ — the Bank's secure online account-information and transaction service — continues to grow, many users and potential users are still unaware of the service's full complement of features.
Direct+ users can:
- initiate advances during regular transaction hours and request that funding be wired to primary funding instructions in the same transaction;
- calculate available borrowing capacity for capital stock, pledged collateral, outstanding advances, and Mortgage Partnership Finance;
- perform online safekeeping transactions and transfers up to 90 days before the settlement date;
- view details on all current-day and prior-day transactions and balances;
- search credit and debit transactions;
- choose from a variety of printable special reports;
- perform online book transfers during regular transaction hours; and
- pay lower fees for many correspondent services initiated online.
Direct+ continues to evolve through the addition of new products and services. Recent enhancements include the addition of the Daily Cash Manager — one of the Bank's most popular advance solutions — for online origination, and a rise in the disbursement-date advance limit from $50 million to $200 million. These improvements have contributed to a spike in online advance origination, with close to half of all new borrowings occurring electronically now.
If you are interested in learning more about the many features and benefits of Direct+, please view our recently recorded webinar in which experts from the Bank describe in detail the added value of Direct+.
If you have questions regarding Direct+, please contact our Customer Service Department at 1-800-358-9709. And as always, do not hesitate to call the Money Desk at 1-800-357-3452 or your relationship manager to learn more about our business solutions.
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Dan Redmond is vice president/Money Desk manager at the Federal Home Loan Bank of Boston.