Which of the following is a depository financial institution?
A)life insurance company
B)credit union
C)pension fund
D)mutual fund

Question

Quizplus · Accepted Answer

A depository financial institution is an organization that accepts deposits from customers and holds them in accounts such as savings accounts, checking accounts, and certificates of deposit. Credit unions are examples of depository financial institutions as they are member-owned cooperatives that provide banking services such as savings and checking accounts, loans, and credit cards. Life insurance companies, pension funds, and mutual funds are not depository financial institutions as they do not accept deposits from customers.

Which of the Following Is a Depository Financial Institution