Vermont § 506 - § 4A—506.

§ 506. § 4A—506.

• Rate of interest (a) If, under this article, a receiving bank is obliged to pay interest with respect to
  a payment order issued to the bank, the amount payable may be determined (i) by agreement
  of the sender and receiving bank, or (ii) 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 stated in subsection
  (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 360. 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. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995.)