12 CFR 1030.7 - Payment of interest.

§ 1030.7 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. 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. 4005et seq.) and the Board of Governors of the Federal Reserve System's implementing Regulation CC ( 12 CFR part 229). Interest shall accrue until the day funds are withdrawn.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code

Title 12 published on 17-Jun-2017 04:33

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 1030 after this date.

  • 2016-04-28; vol. 81 # 82 - Thursday, April 28, 2016
    1. 81 FR 25323 - Finalization of Interim Final Rules (Subject to Any Intervening Amendments) Under Consumer Financial Protection Laws
      GPO FDSys XML | Text
      Final rule; official interpretations.
      This final rule is effective April 28, 2016.
      12 CFR Parts 1002, 1003, 1005, 1006, 1007, 1008, 1009, 1010, 1011, 1012, 1013, 1014, 1015, 1016, 1022, 1024, 1026, and 1030
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