{"identifier":"/us/usc/t12/s4005","title":12,"num":"\u00a7\u202f4005.","heading":"Payment of interest","text":"\u00a7\u202f4005.\nPayment of interest\n(a)\nIn general\nExcept 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.\n(b)\nSpecial rule for credit unions\nSubsection (a) shall not apply to an account at a depository institution described in\n(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\n(2) provides notice of the interest payment policy in the manner required under\nsection 4004(e) of this title\n(c)\nException for checks returned unpaid\nNo 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.","url":"https://projectusc.org/usc/t12/s4005.html","content":[{"t":"sec","id":"/us/usc/t12/s4005","children":[{"t":"num","text":"\u00a7\u202f4005."},{"t":"heading","text":"Payment of interest"},{"t":"subsec","id":"/us/usc/t12/s4005/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s4005/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Special rule for credit unions"},{"t":"chapeau","text":"Subsection (a) shall not apply to an account at a depository institution described in ","children":[{"t":"ref","text":"section 461(b)(1)(A)(iv) of this title","href":"/us/usc/t12/s461/b/1/A/iv","tail":" if the depository institution\u2014"}]},{"t":"para","id":"/us/usc/t12/s4005/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" 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","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4005/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" provides notice of the interest payment policy in the manner required under ","children":[{"t":"ref","text":"section 4004(e) of this title","href":"/us/usc/t12/s4004/e","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s4005/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Exception for checks returned unpaid"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}