12 CFR 230.7 - Payment of interest.

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There is 1 rule appearing in the Federal Register for 12 CFR 230. View below or at eCFR (GPOAccess)
§ 230.7 Payment of interest.
(a) Permissible methods—
(1) Balance on which interest is calculated. Institutions shall calculate interest on the full amount of principal in an account for each day by use of either the daily balance method or the average daily balance method. 1

Footnote(s):
1 Institutions shall calculate interest by use of a daily rate of at least 1/365 of the interest rate. In a leap year a daily rate of 1/366 of the interest rate may be used.

(2) Determination of minimum balance to earn interest. An institution shall use the same method to determine any minimum balance required to earn interest as it uses to determine the balance on which interest is calculated. An institution may use an additional method that is unequivocally beneficial to the consumer.
(b) Compounding and crediting policies. This section does not require institutions to compound or credit interest at any particular frequency.
(c) Date interest begins to accrue. Interest shall begin to accrue not later than the business day specified for interest-bearing accounts in section 606 of the Expedited Funds Availability Act (12 U.S.C. 4005 et seq.) and implementing Regulation CC (12 CFR part 229). Interest shall accrue until the day funds are withdrawn.

Title 12 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 12.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-05-29; vol. 79 # 103 - Thursday, May 29, 2014
    1. 79 FR 30711 - Truth in Savings (Regulation DD)
      GPO FDSys XML | Text
      FEDERAL RESERVE SYSTEM
      Final rule.
      The final rule is effective June 30, 2014.
      12 CFR Part 230

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United States Code

Title 12 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 230 after this date.

  • 2014-05-29; vol. 79 # 103 - Thursday, May 29, 2014
    1. 79 FR 30711 - Truth in Savings (Regulation DD)
      GPO FDSys XML | Text
      FEDERAL RESERVE SYSTEM
      Final rule.
      The final rule is effective June 30, 2014.
      12 CFR Part 230