12 U.S.C. § 4005 — Payment of interest

FEDERAL · 12 U.S.C. · Chapter 41

Payment of interest

12 U.S.C. § 4005

Chapter41 — EXPEDITED FUNDS AVAILABILITY

This text of 12 U.S.C. § 4005 (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 U.S.C. § 4005.

Text

(a)In general Except as provided in subsection (b) or (c) and notwithstanding any other provision of law, interest shall accrue on funds deposited in an interest-bearing account at a depository institution beginning not later than the business day on which the depository institution receives provisional credit for such funds.

(b)Special rule for credit unions Subsection (a) shall not apply to an account at a depository institution described in section 461(b)(1)(A)(iv) of this title if the depository institution—

(1)begins the accrual of interest or dividends at a later date than the date described in subsection (a) with respect to all funds, including cash, deposited in such account; and

(2)provides notice of the interest payment policy in the manner required under section 4004(e) of t

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(a) In general
Except as provided in subsection (b) or (c) and notwithstanding any other provision of law, interest shall accrue on funds deposited in an interest-bearing account at a depository institution beginning not later than the business day on which the depository institution receives provisional credit for such funds.
(b) Special rule for credit unions
Subsection (a) shall not apply to an account at a depository institution described in section 461(b)(1)(A)(iv) of this title if the depository institution—
(1) begins the accrual of interest or dividends at a later date than the date described in subsection (a) with respect to all funds, including cash, deposited in such account; and
(2) provides notice of the interest payment policy in the manner required under section 4004(e) of this title.
(c) Exception for checks returned unpaid
No provision of this chapter shall be construed as requiring the payment of interest or dividends on funds deposited by a check which is returned unpaid.

Source Credit

History

(Pub. L. 100–86, title VI, §606, Aug. 10, 1987, 101 Stat. 646.)

Editorial Notes

Statutory Notes and Related Subsidiaries

Effective Date
Section effective Sept. 1, 1988, see section 613(b) of Pub. L. 100–86, set out as a note under section 4001 of this title.

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Bluebook (online)

12 U.S.C. § 4005, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/4005.