Payment of interest.

CFR · 2024-01-01 · US · Title 12

(a) (1) Rely on the availability schedule of its Federal Reserve Bank, Federal Home Loan Bank, or correspondent bank to determine the time credit is actually received; and (2) Accrue interest or dividends on funds deposited in interest-bearing accounts by checks that the depositary bank sends to paying banks or subsequent collecting banks for payment or collection based on the availability of funds the depositary bank receives from the paying or collecting banks. (b) (1) Begins the accrual of interest or dividends at a later date than the date described in paragraph (a) of this section with respect to all funds, including cash, deposited in the account; and (2) Provides notice of its interest or dividend payment policy in the manner required under § 229.16(d). (c)

official document · source cfr-2024 · id 12:§ 229.14