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12 U.S.C. § 4005 - U.S. Code - Unannotated Title 12. Banks and Banking § 4005. Payment of interest

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - 12 U.S.C. § 4005 - U.S. Code - Unannotated Title 12. Banks and Banking § 4005. Payment of interest - last updated January 01, 2024 | https://codes.findlaw.com/us/title-12-banks-and-banking/12-usc-sect-4005/

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