If a money market account is closed the middle of the month, doesn't the bank have to pay the fifteen days of accured interest?
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There's no federal law or regulation that requires that unpaid interest be paid out at account closing. There is, however, a requirement that the bank disclose at account opening that it will not pay accrued unpaid interest when an account is closed. State law may affect the practices of state-chartered banks and credit unions.
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There's no federal law or regulation that requires that unpaid interest be paid out at account closing. There is, however, a requirement that the bank disclose at account opening that it will not pay accrued unpaid interest when an account is closed. State law may affect the practices of state-chartered banks and credit unions.
