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Depository Institutions
Offer traditional checking and savings accounts for individuals/firms and provide loans
3 types of Depository Institutions
Commercial banks, savings institutions, and credit unions
Commercial Banks
A type of depository institution that accepts deposits in checking and savings accounts and use the funds to provide commercial/ personal loans
FDIC
Federal Deposit Insurance Corporation
gov owned insurance agency that ensures safety for bank deposits
Savings Institutions
A type of Depository institution that accepts deposits and provide mortgage and personal loans to individuals
Credit Unions
A type of Depository Institution in which a nonprofit serves members who have a common affiliation (ex: hospital employees, universities, etc.)
NCUSIF
National Credit Union Share Insurance Fund
Used by Credit unions to insure their accounts at $250,000
