(a) In general. A depositary bank shall begin to accrue interest
or dividends on funds deposited in an interest-bearing account not
later than the business day on which the depositary bank receives
credit for the funds. For the purposes of this section, the depositary
bank may—
(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.
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(b) Special rule for credit unions. Paragraph
(a) of this section does not apply to any account at a bank described
in section 229.2(e)(4), if the bank—
(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 section 229.16(d).
(c) Exception for checks returned unpaid. This
subpart does not require a bank to pay interest or dividends on funds
deposited by a check that is returned unpaid.
