12-U.S.C.-4005
§4005 – Payment of Interest
Pathway
Title 12 > Chapter 41 > Section 4005
Details
- Reference: Section 4005
- Legend: §4005 – Payment of Interest
- USCode Year: 2013
Provision Content
(a) In general
Except as provided in subsection (b) or (c) of this section 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) of this section 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) of this section 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.)
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.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-3903 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-3903, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
Leave a Reply