A depository institution is a financial institution in the United States (such as a savings bank, commercial bank, savings and loan association, or credit union) that is legally allowed to accept monetary deposits from consumers. Federal depository institutions are regulated by the Federal Deposit Insurance Corporation (FDIC).
An example of a non-depository institution might be a mortgage bank. While licensed to lend, they cannot accept deposits.
Famous quotes containing the words depository and/or institution:
“What a wonderful faculty is memory!—the most mysterious and inexplicable in the great riddle of life; that plastic tablet on which the Almighty registers with unerring fidelity the records of being, making it the depository of all our words, thoughts and deeds—this faithful witness against us for good or evil.”
—Susanna Moodie (1803–1885)
“No institution will be better than the institutor.”
—Ralph Waldo Emerson (1803–1882)