Certificates of Deposit

M&F Bank Certificates of Deposit are available in a variety of terms. The interest rate and Annual Percentage yield applicable to the various terms offered by our bank may be seen at each bank location. The interest rate and APY will depend on the dollar amount of the certificate purchased and the term selected. In addition to our regular CDs, M&F also has IRA CDs available in the same terms.

The following restrictions apply to all Certificates of Deposit regardless of the amount or term:

• The interest rate and APY information provided at account opening will be in effect until the maturity date of the certificate.
• CDs can have a single maturity or an automatic renewal at the maturity date. If the automatic renewal feature is selected, you will have a 10-day grace period to change your CD account status.
• Funds may be withdrawn without a penalty within the first 10 days following maturity, or by having the interest automatically transferred to another M&F demand or savings account.
• The annual percentage yield (APY) assumes that the interest remains on deposit until maturity. Any withdrawal(s) of interest will reduce APY earnings.
• After the account is opened, you may not make any deposits into or withdrawals from the principal in the account until the maturity date.
• Interest will begin to accrue on non-cash items on the day of deposit.
• The Daily Balance will be used to calculate interest on your account. The Daily Balance for Certificates of Deposit Accounts is determined by the application of a daily periodic rate to the full amount of principal in the account each day.

Penalty for early withdrawal:

Interest can be credited to an M&F Bank account or paid to you monthly, quarterly, semi-annually, annually, or at maturity as agreed upon. However, if you choose to leave the interest in the CD account and not receive it until maturity, the compounding and crediting information detailed below will apply.

The following CD terms and conditions are available:

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