2011 US Code
Title 12 - Banks and Banking
Chapter 44 - TRUTH IN SAVINGS (§§ 4301 - 4313)
Section 4306 - Payment of interest
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 44 - TRUTH IN SAVINGS Sec. 4306 - Payment of interest |
| Contains | section 4306 |
| Date | 2011 |
| Laws in Effect as of Date | January 3, 2012 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | 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. |
| Statutes at Large References | 105 Stat. 2338 106 Stat. 4084 |
| Public Law References | Public Law 102-242, Public Law 102-550 |
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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 requiredSubsection (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 accrueInterest 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.)
Amendments1992—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 AmendmentAmendment 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.
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