Which of the following is a depository institution?
A)a life insurance company
B)a mutual savings bank
C)a pension fund
D)a finance company

Question

Quizplus · Accepted Answer

A depository institution is a financial institution that obtains funding by accepting deposits from the public. Mutual savings banks are depository institutions that offer banking services to community members and are owned by their depositors. Life insurance companies, pension funds, and finance companies may not accept deposits and therefore are not depository institutions.

Which of the Following Is a Depository Institution