12 U.S.C. § 4005 — Payment of interest
submitted 39 years ago by Pub. L. 100-86 to r/title-12-BANKS-AND-BANKING · 161 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
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.
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—
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
provides notice of the interest payment policy in the manner required under section 4004(e) of this title.
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: (Pub. L. 100–86, title VI, § 606, Aug. 10, 1987, 101 Stat. 646.)
- 1987Enacted · Pub. L. 100-86 · 101 Stat. 646
A history note hasn’t been published yet. The record shows enactment by Pub. L. 100-86 on 1987-08-10.
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