Browse Arkansas Code titles and sections
12 U.S.C. § 4005 — Payment of interest
Federal law — U.S. Code and appendices · legal_authorities
**(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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4005
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: d4c2ca8c358d7dde616a4b18f296327a7bbd4bb3b87c64cf49c19f16d753cddc. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_c40587383ea07e8ee284342f
Source file: Laws/federal/codes/united-states-code/title-12/section-4005-payment-of-interest--a3b67f15ed.md
Pages: Not recorded – Not recorded
Passage SHA-256: 793c34cf6c42394fd48ac1ee7c005b411705e82bfe84adcab857de9c6d85263d
Source location: Title 12, Chapter 41, § 4005; chapter-041-expedited-funds-availability.md
Stored source content
**(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.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter—
(1) **Account** — The term “account” means a demand deposit account or other similar transaction account at a depository institution.
(2) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System.
(3) **Business day** — The term “business day” means any day other than a Saturday, Sunday, or legal holiday.
(4) **Cash** — The term “cash” means United States coins and currency, including Federal Reserve notes.
(5) **Cashier’s check** — The term “cashier’s check” means any check which—
(A) is drawn on a depository institution;
(B) is signed by an officer or employee of such depository institution; and
(C) is a direct obligation of such depository institution.
(6) **Certified check** — The term “certified check” means any check with respect to which a depository institution certifies that—
(A) the signature on the check is genuine; and
(B) such depository institution has set aside funds which—
(i) are equal to the amount of the check; and
(ii) will be used only to pay such check.
(7) **Check** — The term “check” means any negotiable demand draft drawn on or payable through an office of a depository institution located in the United States. Such term does not include noncash items.
(8) **Check clearinghouse association** — The term “check clearinghouse association” means any arrangement by which participant depository institutions exchange deposited checks on a local basis, including an entire metropolitan area, without using the check processing facilities of the Federal Reserve System.
(9) **Check processing region** — The term “check processing region” means the geographical area served by a Federal Reserve bank check processing center or such larger area as the Board may prescrib
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4001
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4306
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1587
TITLE 12—BANKS AND BANKING
§ 4006
1 So in original.
with the Director of the Bureau of Consumer
Financial Protection,,1 or
(B) uses any such model form or clause and
changes such form or clause by—
(i) deleting any information which is not
required by this chapter; or
(ii) rearranging the format.
(3) Voluntary use
Nothing in this chapter requires the use of
any such model form or clause prescribed by
the Board, jointly with the Director of the Bu-
reau of Consumer Financial Protection, under
this subsection.
(4) Notice and comment
Model disclosure forms and clauses shall be
adopted by the Board, jointly with the Direc-
tor of the Bureau of Consumer Financial Pro-
tection, only after notice duly given in the
Federal Register and an opportunity for public
comment in accordance with section 553 of
title 5.
(Pub. L. 100–86, title VI, § 605, Aug. 10, 1987, 101
Stat. 644; Pub. L. 111–203, title X, § 1086(c), July
21, 2010, 124 Stat. 2086.)
Editorial Notes
REFERENCES IN TEXT
After enactment, referred to in the heading of subsec.
(c)(1), probably means after the effective date of this
section, which is Sept. 1, 1988.
AMENDMENTS
2010—Subsecs. (b), (d)(2). Pub. L. 111–203, § 1086(c)(1),
inserted ‘‘, jointly with the Director of the Bureau of
Consumer Financial Protection,’’ after ‘‘Board’’.
Subsec. (f)(1). Pub. L. 111–203, § 1086(c)(2), inserted
‘‘and Bureau’’ after ‘‘Board’’ in heading.
Pub. L. 111–203, § 1086(c)(1), inserted ‘‘, jointly with
the Director of the Bureau of Consumer Financial Pro-
tection,’’ after ‘‘Board’’.
Subsec. (f)(2)(A), (3), (4). Pub. L. 111–203, § 1086(c)(1),
inserted ‘‘, jointly with the Director of the Bureau of
Consumer Financial Protection,’’ after ‘‘Board’’.
Statutory Notes and Related Subsidiaries
EFFECTI
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4005
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.