Which of the following is not a depository institution?
A)First National Bank of Chicago
B)Butterfield and Edwards Brokerage firm
C)American 1 Federal Credit Union
D)New England Savings Bank

Question

Quizplus · Accepted Answer

Butterfield and Edwards Brokerage firm is not a depository institution. It is a brokerage firm, which deals with buying and selling of stocks, bonds, and other securities. The other options, First National Bank of Chicago, American 1 Federal Credit Union, and New England Savings Bank are depository institutions as they accept deposits from customers and provide various financial services like loans, savings accounts, checking accounts, etc.

Which of the Following Is Not a Depository Institution