§ 4306. — Payment of interest.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4306]
TITLE 12--BANKS AND BANKING
CHAPTER 44--TRUTH IN SAVINGS
Sec. 4306. Payment of interest
(a) Calculated on full amount of principal
Interest on an interest-bearing account at any depository
institution shall be calculated by such institution on the full amount
of principal in the account for each day of the stated calculation
period at the rate or rates of interest disclosed pursuant to this
chapter.
(b) No particular method of compounding interest required
Subsection (a) of this section shall not be construed as prohibiting
or requiring the use of any particular method of compounding or
crediting of interest.
(c) Date by which interest must accrue
Interest on accounts that are subject to this chapter shall begin to
accrue not later than the business day specified for interest-bearing
accounts in section 4005 of this title, subject to subsections (b) and
(c) of such section.
(Pub. L. 102-242, title II, Sec. 267, Dec. 19, 1991, 105 Stat. 2338;
Pub. L. 102-550, title XVI, Sec. 1604(e)(2)(B), (C), Oct. 28, 1992, 106
Stat. 4084.)
Amendments
1992--Subsecs. (a), (c). Pub. L. 102-550 made technical amendment to
references to ``this chapter'' to reflect correction of corresponding
provision of original act.
Effective Date of 1992 Amendment
Amendment by Pub. L. 102-550 effective as if included in the Federal
Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102-242,
as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102-550, set out as
a note under section 191 of this title.
