2021 US Code
Title 12 - Banks and Banking
Chapter 41 - Expedited Funds Availability
Sec. 4005 - Payment of interest
| 12 U.S.C. § 4005 (2021) |
| §4005. Payment of interest |
|
(a) In general
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. 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. |
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(Pub. L. 100–86, title VI, §606, Aug. 10, 1987, 101 Stat. 646.) |
| STATUTORY NOTES AND RELATED SUBSIDIARIES
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. |
| United States Code, 2018 Edition, Supplement 3, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 41 - EXPEDITED FUNDS AVAILABILITY Sec. 4005 - Payment of interest |
| section 4005 |
| 2021 |
| January 3, 2022 |
| No |
| standard |
| 101 Stat. 646 |
| Public Law 100-86 |
