A brokerage company is an example of a depository financial institution.

Question

Quizplus · Accepted Answer

A brokerage company is not a depository financial institution as it doesn't accept deposits and doesn't provide banking services like checking accounts, savings accounts, and loans. Instead, it helps clients buy and sell financial assets like stocks, bonds, and mutual funds. Examples of depository financial institutions include banks, credit unions, and savings and loan associations.

A Brokerage Company Is an Example of a Depository Financial