California § 1403 - No bank, directly or indirectly, by any device whatever, shall pay any interest o
Full text of California Public Contract Code - PCC § 1403 — No bank, directly or indirectly, by any device whatever, shall pay any interest o, with citation guidance and answers to common questions.
§ 1403. No bank, directly or indirectly, by any device whatever, shall pay any interest o
No bank, directly or indirectly, by any device whatever, shall pay any interest on any demand deposit except to the extent that the payment of interest on demand deposits is permitted to member banks of the Federal Reserve System or to banks whose deposits are insured by the Federal Deposit Insurance Corporation or any successor federal agency insuring bank deposits. This section shall not apply to any deposit which is payable only at an office of the bank located outside of the states of the United States and the District of Columbia.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 1403
What does Public Contract Code - PCC § 1403 cover?
Section 1403 ("No bank, directly or indirectly, by any device whatever, shall pay any interest o") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 1403?
A common citation format is "Public Contract Code - PCC § 1403" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 1403 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.