12-U.S.C.-4306
§4306 – Payment of Interest
Pathway
Title 12 > Chapter 44 > Section 4306
Details
- Reference: Section 4306
- Legend: §4306 – Payment of Interest
- USCode Year: 2013
Provision Content
(a) Calculated on full amount of principal
Interest on an interest-bearing account at any depository institution shall be calculated by such institution on the full amount of principal in the account for each day of the stated calculation period at the rate or rates of interest disclosed pursuant to this chapter.
(b) No particular method of compounding interest required
Subsection (a) of this section shall not be construed as prohibiting or requiring the use of any particular method of compounding or crediting of interest.
(c) Date by which interest must accrue
Interest on accounts that are subject to this chapter shall begin to accrue not later than the business day specified for interest-bearing accounts in section 4005 of this title, subject to subsections (b) and (c) of such section.
(Pub. L. 102–242, title II, §267, Dec. 19, 1991, 105 Stat. 2338; Pub. L. 102–550, title XVI, §1604(e)(2)(B), (C), Oct. 28, 1992, 106 Stat. 4084.)
Amendments
1992—Subsecs. (a), (c). Pub. L. 102–550 made technical amendment to references to this chapter to reflect correction of corresponding provision of original act.
Effective Date of 1992 Amendment
Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-4223 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-4223, 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.
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