A bank that is authorized to accept amounts payable to the federal government is a:
A)Credit union
B)FDIC insured bank
C)Federal depository bank
D)National bank
E)Federal reserve bank

Question

Quizplus · Accepted Answer

A federal depository bank is specifically authorized to accept deposits of the federal government. Credit unions, FDIC insured banks, national banks, and Federal Reserve banks may accept deposits from other entities, including individuals and businesses, but not necessarily from the federal government.

A Bank That Is Authorized to Accept Amounts Payable to the Federal