A mutual fund is not a depository institution.

Question

Quizplus · Accepted Answer

A mutual fund is a type of investment vehicle that pools money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. It is not considered a depository institution, which are financial institutions that accept deposits and hold them in accounts such as savings accounts and certificates of deposit. Examples of depository institutions include banks and credit unions.

A Mutual Fund Is Not a Depository Institution