Certificate Accounts

The minimum deposit needed to open a FourLeaf Certificate Account is $50.00.

Certificates of Deposit are mainly offered by banks, whereas Share Certificates (or Certificate Accounts) are offered by federal credit unions like FourLeaf. Another difference is that while Certificates of Deposits earn interest, Share Certificates earn dividends. Lastly is the insurance tied to each of these types of savings; a Certificate of Deposit from a bank is insured by the Federal Deposit Insurance Company (FDIC), while a Share Certificate from a federal credit union is insured by the National Credit Union Administration (NCUA).

When a Certificate matures, it will automatically renew for the same term as the original term, with the exception of the 39 Month Bump-Up Certificate and Guaranteed Certificate Portfolio Certificate. You will have a grace period of seven (7) calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty or to change the renewal term of the Certificate.

Yes, there is a penalty for early withdrawal of Certificates. If you withdraw funds from a Certificate before the maturity date, you may incur early withdrawal penalties. Twelve (12) month or shorter-term Certificates will incur a penalty equal to ninety (90) days dividends on the principal amount withdrawn.

Certificate terms greater than twelve (12) months will incur a penalty equal to one hundred eighty (180) days dividends on the principal amount withdrawn.

FourLeaf’s 39 Month Bump-Up Certificate has a 39-month term and includes an option that allows you to increase (“Bump-Up”) the dividend rate once during the term to the current dividend rate in effect for a 36 Month Certificate. At the end of the 39 Month Bump-Up maturity term, whether or not you elected the Bump-Up option, your Certificate will automatically renew for a term of thirty-six (36) months, at the prevailing rate in effect for a 36 Month Certificate with no “Bump-up” (increase) feature.