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)
“A great deal of unnecessary worry is indulged in by theatregoers trying to understand what Bernard Shaw means. They are not satisfied to listen to a pleasantly written scene in which three or four clever people say clever things, but they need to purse their lips and scowl a little and debate as to whether Shaw meant the lines to be an attack on monogamy as an institution or a plea for manual training in the public school system.”
—Robert Benchley (1889–1945)