§ 4005. Payment of interest
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/usc/title-12/section-4005A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
(Pub. L. 100–86, title VI, § 606, Aug. 10, 1987, 101 Stat. 646.)
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- Pub. L. 100–86, title VI, § 606
- 101 Stat. 646
- section 613(b) of Pub. L. 100–86
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§ 4005
Payment of interest
Fed. Reg.×5
U.S.C.×3
C.F.R.×2
Stat. Comp.×1
Stat.×1
Pub. L.Pub. L. 100–86, title VI, § 606
Stat.101 Stat. 646
Pub. L.section 613(b) of Pub. L. 100–86
Cites 6Cited by 12 across 5 sources