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, 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.
(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.
Section effective Sept. 1, 1988, see section 613(b) ofPub. L. 100–86, set out as a note under section
4001 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.