2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 41 - Expedited Funds Availability (Sections 4001 - 4010)
Sec. 4005 - Payment of interest
| Publication Title | United States Code, 2012 Edition, Supplement 3, 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 41 - EXPEDITED FUNDS AVAILABILITY Sec. 4005 - Payment of interest |
| Contains | section 4005 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 100-86, title VI, §606, Aug. 10, 1987, 101 Stat. 646. |
| Statutes at Large Reference | 101 Stat. 646 |
| Public and Private Law | Public Law 100-86 |
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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 unionsSubsection (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 unpaidNo 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 DATESection effective Sept. 1, 1988, see section 613(b) of Pub. L. 100–86, set out as a note under section 4001 of this title.
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