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12 U.S.C. § 4306 — Payment of interest

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 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) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4005&num=0&edition=prelim), subject to subsections (b) and (c) of such section.

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Source location: Title 12, Chapter 44, § 4306; chapter-044-truth-in-savings.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 191 — Appointment of receiver for a national bank

**(a) In general** The Comptroller of the Currency may, without prior notice or hearings, appoint a receiver for any national bank (and such receiver shall be the Federal Deposit Insurance Corporation if the national bank is an insured bank (as defined in [section 1813(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/h&num=0&edition=prelim))) if the Comptroller determines, in the Comptroller’s discretion, that— (1) 1 or more of the grounds specified in [section 1821(c)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/c/5&num=0&edition=prelim) exist; or (2) the association’s board of directors consists of fewer than 5 members. **(b) Judicial review** If the Comptroller of the Currency appoints a receiver under subsection (a), the national bank may, within 30 days thereafter, bring an action in the United States district court for the judicial district in which the home office of such bank is located, or in the United States District Court for the District of Columbia, for an order requiring the Comptroller of the Currency to remove the receiver, and the court shall, upon the merits, dismiss such action or direct the Comptroller of the Currency to remove the receiver.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4005 — Payment of interest

**(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 unions** Subsection (a) shall not apply to an account at a depository institution described in [section 461(b)(1)(A)(iv) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A/iv&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4004/e&num=0&edition=prelim). **(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.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4306 — Payment of interest

Page 1629 TITLE 12—BANKS AND BANKING § 4308 1 So in original. Probably should be ‘‘Board’’. 2 See References in Text note below. 1996—Subsec. (a)(3). Pub. L. 104–208 inserted ‘‘has a maturity of more than 30 days’’ after ‘‘deposit which’’. 1992—Subsec. (e). Pub. L. 102–550 substituted ‘‘on or with the first regularly scheduled mailing sent after the end of the 6-month period beginning on the date of publication’’ for ‘‘on or with any regularly scheduled mailing posted or delivered within 180 days after publi- cation’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improve- ment 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. § 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 cal- culation period at the rate or rates of interest disclosed pursuant to this chapter. (b) No particular method of compounding inter- est required Subsection (a) shall not be construed as pro- hibiting 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 b

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