In general
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.
Special rule for credit unions
section 461(b)(1)(A)(iv) of this titleSubsection (a) shall not apply to an account at a depository institution described in if the depository institution—
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
section 4004(e) of this title provides notice of the interest payment policy in the manner required under .
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.
Pub. L. 100–86, title VI, § 606101 Stat. 646(, , .)
Statutory Notes and Related Subsidiaries
Effective Date
section 613(b) of Pub. L. 100–86section 4001 of this titleSection effective , see , set out as a note under .