12 U.S.C. § 4005 : US Code - Section 4005: Payment of interest

Search 12 U.S.C. § 4005 : US Code - Section 4005: Payment of interest

(a) In general
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.