Direct Federal Credit Union is headquartered in Needham and is the 17th largest credit union in the state of Massachusetts. It is also the 542nd largest credit union in the nation. It was established in 1953 and as of March of 2025, it had grown to 73 employees and 24,146 members at 1 location. Direct Federal Credit Union's money market rates are 9X the national average, and it has an A health rating.
Field of Membership Restrictions
Membership in Direct Federal is open to those who live, work, worship, attend school, or regular conduct business in the Massachusetts counties of Middlesex or Norfolk. Immediate family members of those eligible to join also qualify for membership.
See current membership details
Absolutely Unusable
Direct Federal is useless. Not only do they NEVER return phone calls - you have to call them continuously for days and wait on hold for up to an hour to speak to someone who knows nothing and promises a callback - but no one ever calls back EVER.
They have recently "upgraded" their online banking to make it absolutely unusable. They also closed their only branch so you can't even show up to do your banking unless you make an appointment. So no online banking that works and no ability to drop in and do banking. Useless and unusable.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 9071 |
| Year Chartered | 1953 |
| Employees | 73 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.41% |
| Return on Equity - YTD | -3.74% |
| Annual Interest Income | $8.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $806.3MM$840.1MM |
| Loans | Q1 2025vs Q1 2024 | $691.6MM$716.5MM |
| Deposits | Q1 2025vs Q1 2024 | $612.5MM$622.4MM |
| Equity Capital | Q1 2025vs Q1 2024 | $87.9MM$90.2MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $5.4MM$4.8MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $3.9MM$5MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $276K$276K |