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

Name: A brokerage firm is an example of a depository financial institution.
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Question

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A brokerage firm is not classified as a depository financial institution, which refers to institutions that hold deposits from customers, such as banks, credit unions, and savings and loan associations. Brokerage firms, on the other hand, facilitate the buying and selling of securities for investors.

A Brokerage Firm Is an Example of a Depository Financial