12 USC 4005 - Payment of interest

U.S Code last checked for updates: May 05, 2024

§ 4005.

Payment of interest

(a)

In general

(b)

Special rule for credit unions

Subsection (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

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

cite as: 12 USC 4005