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§ 4005. —  Payment of interest. - US § 4005. —  Payment of interest. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

WAIS Document Retrieval
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 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, includi

					


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