
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC4005]

 
                       TITLE 12--BANKS AND BANKING
 
                CHAPTER 41--EXPEDITED FUNDS AVAILABILITY
 
Sec. 4005. Payment of interest


(a) In general

    Except as provided in subsection (b) or (c) of this section 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) of this section 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) of this section 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, Sec. 606, Aug. 10, 1987, 101 Stat. 646.)


                             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.

                  Section Referred to in Other Sections

    This section is referred to in sections 4004, 4306 of this title.
