A bank that is authorized to accept deposits of 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 one that has been authorized to hold deposits of money that is payable to the federal government. This could include taxes, fees, or other payments that individuals or businesses owe to the government. Only banks that have been designated as federal depository banks can accept these types of deposits.

A Bank That Is Authorized to Accept Deposits of Amounts