Ohio Code § 1304.84
Ohio Code § 1304.84. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1304.84.
(A) If, under sections 1304.51 to 1304.85 of the Revised Code , a receiving bank is obliged to pay interest with respect to a payment order issued
to the bank, the amount payable may be determined by agreement of the sender and receiving
bank, or by a funds-transfer system rule if the payment order is transmitted through
a funds-transfer system. (B) If the amount of interest is not determined by an agreement or rule as provided in
division (A) of this section, the amount is calculated by multiplying the applicable
federal funds rate by the amount on which interest is payable, and then multiplying
the product by the number of days for which interest is payable. The applicable federal funds rate is the average of the federal funds rates published
by the federal reserve bank of New York for each of the days for which interest is
payable, divided by three hundred sixty. The federal funds rate for any day on which a published rate is not available is
the same as the published rate for the next preceding day for which there is a published
rate. If a receiving bank that accepted a payment order is required to refund payment
to the sender of the order because the funds transfer was not completed, but the failure
to complete was not due to any fault by the bank, the interest payable is reduced
by a percentage equal to the reserve requirement on deposits of the receiving bank.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1304.84
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
What is the source of Ohio Revised Code § 1304.84?
The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1304.84 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 1304.84 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
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