depository financial institution
Học thuậtThân thiện
Definition
- Noun:
- A financial institution that accepts monetary deposits from customers and uses these funds to provide loans or engage in other lending activities: This term refers to a business entity, such as a bank, savings and loan association, or credit union, whose primary functions include safeguarding deposited money and extending credit.
Usage Examples
- Noun:
- A depository financial institution is a key component of the modern economy.
- He cashed his paycheck at the local depository financial institution.
- The funds are insured up to a certain amount at any federally recognized depository financial institution.
Advanced Usage
- The term is often used in formal, legal, or regulatory contexts to distinguish these institutions from non-depository financial entities like investment banks or insurance companies.
- "Chartered depository financial institution": An institution officially authorized by a government to operate.
- Only a chartered depository financial institution can offer FDIC insurance on deposits.
Variants and Related Words
- Bank (n): The most common and general synonym.
- Savings and loan association (S&L) (n): A type of depository institution historically focused on savings deposits and mortgage lending.
- Credit union (n): A member-owned, not-for-profit depository financial institution.
- Thrift institution (n): A broader term encompassing savings banks and S&Ls.
Synonyms
- Bank
- Banking institution
- Commercial bank (a specific type)
Related Phrases
- Depository institution: A slightly shorter, synonymous phrase commonly used in finance.
- Federally insured depository institution: Specifies that customer deposits are protected by a government insurance program.
Noun
- a financial institution that accepts deposits and channels the money into lending activities
- he cashed a check at the bank
- that bank holds the mortgage on my home