Which of the following is not a depository institution?
A)Insurance companies
B)Mutual savings banks
C)Savings and loan associations
D)Commercial banks

Question

Quizplus · Accepted Answer

Depository institutions are financial institutions that accept deposits from customers and hold them in accounts such as checking accounts, savings accounts, and certificates of deposit. Insurance companies, while also providing financial services, do not typically accept and hold deposits from customers. Therefore, insurance companies are not classified as depository institutions.

Which of the Following Is Not a Depository Institution