12 CFR · Banks and Banking
§ 1030.7 — Payment of interest.
12 CFR § 1030.7
TitleTitle 12: Banks and BankingPartPart 1030: Truth in Savings (Regulation DD)
SourceeCFR (current through Apr 10, 2026)
This text of 12 C.F.R. § 1030.7 (Payment of interest.) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
12 C.F.R. § 1030.7 (2026).
Text
§ 1030.7 Payment of interest.
(a)Permissible methods—
(1)Balance on which interest is calculated. Institutions shall calculate interest on the full amount of principal in an account for each day by use of either the daily balance method or the average daily balance method. Institutions shall calculate interest by use of a daily rate of at least
1/365 of the interest rate. In a leap year a daily rate of
1/366 of the interest rate may be used.
(2)Determination of minimum balance to earn interest. An institution shall use the same method to determine any minimum balance required to earn interest as it uses to determine the balance on which interest is calculated. An institution may use an additional method that is unequivocally beneficial to the consumer.
(b)Compounding and crediting pol
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Related
§ 4005
12 U.S.C. § 4005
Nearby Sections
10
§ 1030.2
Definitions.§ 1030.3
General disclosure requirements.§ 1030.4
Account disclosures.§ 1030.5
Subsequent disclosures.§ 1030.6
Periodic statement disclosures.§ 1030.7
Payment of interest.§ 1030.8
Advertising.§ 1030.10
§ 1030.10 [Reserved]Cite This Page — Counsel Stack
Bluebook (online)
12 C.F.R. § 1030.7, Counsel Stack Legal Research, https://law.counselstack.com/cfr/12/1030/1030.7.