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  FHLB 101: The Benefits of Your Membership

  1. Make sure all required forms have been completed and submitted. Only staff listed in the Delegation of Authority are authorized to borrow from the Bank. Customer Service, the Money Desk, or your relationship manager can confirm your institution’s authorized borrowers.

  2. Take note of the borrowing deadlines:

    • Daily Cash Manager — available for same-day funding until 5:00 p.m.
    • Short term and long term advances — available for same-day funding if you contact the Money Desk by noon. For next-day funding, contact the Money Desk by 3:00 p.m.
    • Rollover Cash Manager — available for same-day or next-day funding until 4:00 p.m.

    Depository institution members in Category 3 status are required to submit a Supplement A at least three business days prior to the extension of credit. Insurance company members should contact their relationship manager to determine if similar documentation is required prior to a funding request.

  3. Know your institution’s collateral status and availability. If you are unsure of your collateral capacity, you can check your position through our Direct+ online banking system. Once you log into Direct+, click on the Information Reporting tab, then click Collateral under the Calculators tab. You can also contact your relationship manager or the Collateral Department with questions about your collateral status and borrowing capacity.

  4. Know your docket number. Your docket number is the identifying number for your institution at the Bank.

  5. Select the type of advance(s) that best meets your funding needs from our menu of choices. You can also review your funding options with the Money Desk, your relationship manager, or the Strategies Department.

  6. Check the rates. A link to the rates is provided on the first page of our website at www.fhlbboston.com. Rates on specials are only available through our daily email or by contacting the Money Desk. If you are currently not receiving the daily email and would like to be on our mailing list, please sign up here or contact your relationship manager or the Money Desk.

  7. When you borrow from the Bank, you are required to purchase activity-based capital stock, which is different from your membership stock requirement. Members are required to purchase activity-based stock in proportion to their borrowings with the Bank.
  8. The Bank’s activity-based stock requirements are as follows:

    • 3.0 percent of the principal balance of advances with original maturities of one day
    • 4.0 percent of the principal balance of advances with original maturities of two days to three months
    • 4.5 percent of the principal balance of advances with original maturities of over three months

  9. When initiating an advance, the Money Desk will indicate a stock purchase requirement. Customer Service will call you later in the day with the exact amount of this requirement. Proceeds from the advance can be used to meet the capital stock requirement.

    You can check your capital stock balance through the Direct+ online system by clicking Information Reporting, then choosing Capital Stock under the Calculators tab.

  10. Contact the Money Desk to report the amount and term of your advance(s) request. Advances can be initiated only by an authorized borrower for your institution. The Money Desk staff will also ask you for your docket number.

    Many advance products and current rates are also available through Direct+ under the Payments tab. If you initiate an advance through Direct+, you can transfer the funds from your IDEAL Way account to your recurring wire address at a reduced fee.

  11. Advance funds will be deposited in your IDEAL Way account on the designated disbursement date. To transfer funds to your organization’s FED account or another correspondent, use your Fedline Advantage terminal to initiate a Type 1031 drawdown request. If you don’t have a Fedline terminal, staff from your organization authorized in the Funds Transfer Delegation form (Exhibit C) can contact Customer Service with the following information:

    1. Caller ID — Found in your PIN form. A PIN form is mailed by Customer Service to staff authorized in the Funds Transfers Delegation (Exhibit C).
    2. Test Key — Your PIN number plus two corresponding numbers from the Group Table. Customer Service emails the Group Table annually to the CFO of the member institution.
    3. IDEAL Way account number
    4. Wire amount
    5. Receiving ABA and Beneficiary account number and name (unless your organization has a Recurring Wire form on file with us)

    It is important to confirm that your PIN is active before you borrow. For your PIN to be active, you need to return the acknowledgement form you received with your PIN number. You can contact Customer Service to confirm that your PIN is active.

    There is a $10 fee to wire funds from your IDEAL Way account ($6.50 through Direct+). If you plan to borrow on a regular basis, we recommend that you complete a Request for Recurring Wire form.

  12. You can use the Direct+ online system to access information on your advances. Direct+ provides information on outstanding balance, prepayment, accrued interest, and more. All reports can be found under the Special Reports section of Direct+.

  13. If you have additional questions, feel free to contact your relationship manager for assistance. Your relationship manager can walk you through the process, answer questions, or direct you to other departments if necessary.

Contact Information:
Customer Service:
Money Desk:
Relationship Managers:
Loughlin Cleary:
Connecticut, New Hampshire, and parts of Massachusetts
Steve McHugh:
Maria Nichols:
Maine, Rhode Island, Vermont, and parts of Massachusetts
Matthew Stewart:
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