§ 4005. Payment of interest

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1987

   Expedited Funds Availability Act

   Pub. L. 100–86 title VI § 606 · 101 Stat. 552

   Enacted · 12 U.S.C. § 4005

   (Pub. L. 100–86, title VI, § 606, Aug. 10, 1987, 101 Stat. 646.)

   Source evidence

   Code source credit
   (Pub. L. 100–86, title VI, § 606, Aug. 10, 1987, 101 Stat. 646.)

   Enacted provision · exact public law section
   SEC. 606. 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 Unions.— Subsection (a) shall not apply to an account at a depository institution described in section 12 USC 461. 19(b)(1)(A)(iv) of the Federal Reserve Act 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 605(e). (c) Exception for Checks Returned Unpaid.— No provision of this title shall be construed as requiring the payment of interest or dividends on funds deposited by a check which is returned unpaid.

1 of 1 references resolved to an enrolled provision