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)
“The sick man is taken away by the institution that takes charge not of the individual, but of his illness, an isolated object transformed or eliminated by technicians devoted to the defense of health the way others are attached to the defense of law and order or tidiness.”
—Michel de Certeau (1925–1986)