12 U.S.C. § 4005

Payment of interest

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(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.(c) Exception for checks returned unpaid

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.

(Pub. L. 100–86, title VI, § 606, Aug. 10, 1987, 101 Stat. 646.)Statutory Notes and Related SubsidiariesEffective 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.

Notes of Decisions

Cited in 1 case, 1991–1991 · leading case: Drury v. Horizon Sav. Bank, F.S.B., 762 F. Supp. 235 (N.D. Ill. 1991).

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Drury v. Horizon Sav. Bank, F.S.B., 762 F. Supp. 235 (N.D. Ill. 1991). “See 12 U.S.C. § 4005 (a). The Dru-rys claim that their inability to gain access to these funds constitutes a taking.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.