Discount Window Direct (DWD) Feature Guide


The Federal Reserve Banks’ Discount Window Direct (DWD) application is an additional way to connect with your local Reserve Bank.

Program: DWD is an online portal application that allows depository institutions to request advances (loans) and make prepayments on loans from their respective Federal Reserve Bank (local Reserve Bank). DWD also allows secure messaging between the local Reserve Bank and participating depository institutions.

Availability: DWD is generally accessible 24 hours a day (except for occasional maintenance typically performed on weekends). Discount Window advances and payment requests may be conducted on DWD during the local Reserve Bank’s business hours; the Discount Window lending and payment function of the portal is closed during non-business hours, though other functions remain active and available.

Borrower Eligibility: Any depository institution eligible for Primary or Seasonal Credit that has executed and submitted all necessary documentation and application materials, has received official access and credentials, and has pledged acceptable collateral to its local Reserve Bank can use DWD to request advances and make prepayments.

Minimum Advance: Requested advances must be $1,000.00 or greater.

Primary Credit: DWD supports advances to depository institutions eligible for Primary Credit. DWD currently cannot be used to request Secondary Credit advances or advances under the Bank Term Funding Program.

Seasonal Credit: Depository institutions eligible for Seasonal Credit can use DWD to request advances and make payments.

Posting Time(s): Depository institutions can use DWD to request advances with early posting times.

Prepayment: Borrowers may prepay advances (including refinancing purposes) at any time without penalty.

Advance Term: Primary and Seasonal Credit advances may have an overnight maturity or a longer maturity based on Discount Window terms as set by each Reserve Bank.

Fees: There are no fees associated with using DWD or borrowing under Primary Credit or Seasonal Credit. Interest rates will apply.

Messaging and Status Updates: Depository institutions can use the secure message functionality of DWD to initiate communication with their local Reserve Bank and respond to inquiries. Other features include viewing current and historical balances, the status of advances and payments and a list of the depository institution’s authorized individuals in accordance with Operating Circular 10.

Use of DWD not required: Depository institutions are not required to use DWD to request advances or make payments on advances. Depository institutions have the option to request advances and to make payments by calling their local Reserve Bank (Off-site).

Future Functions: The Federal Reserve contemplates future enhancements that include functions related to collateral, payment system risk policy, and Borrower-in-Custody (BIC) Program management.

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