{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-4a-506","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-4A-506","heading":"Rate of interest","body":"RATE OF INTEREST\n\n(a) If, under this Article, a receiving bank is obliged to pay\n\ninterest with respect to a payment order issued to the bank, the\n\namount payable may be determined (i) by agreement of the sender and\n\nreceiving bank, or (ii) by a funds-transfer system rule if the\n\npayment order is transmitted through a funds-transfer system.\n\n(b) If the amount of interest is not determined by an agreement\n\nor rule as stated in subsection (a) of this section, the amount is\n\ncalculated by multiplying the applicable Federal Funds rate by the\n\namount on which interest is payable, and then multiplying the\n\nproduct by the number of days for which interest is payable. The\n\napplicable Federal Funds rate is the average of the Federal Funds\n\nrates published by the Federal Reserve Bank of New York for each of\n\nthe days for which interest is payable divided by three hundred\n\nsixty (360). The Federal Funds rate for any day on which a\n\npublished rate is not available is the same as the published rate\n\nfor the next preceding day for which there is a published rate. If\n\na receiving bank that accepted a payment order is required to refund\n\npayment to the sender of the order because the funds transfer was\n\nnot completed, but the failure to complete was not due to any fault\n\nby the bank, the interest payable is reduced by a percentage equal\n\nto the reserve requirement on deposits of the receiving bank.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e3c61e230e59e7d1d032260f9db43f55961c9f680d8dc25ecaf6145939848f4d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-4a-505","next":"us-ok/okla.-stat.-tit.-12a-12a-4a-507"},"notice":"GroundRules: Original legal text. Not legal advice."}