What is another word for depository financial institution?
6 synonyms found
[ dɪpˈɒsɪtəɹˌi fa͡ɪnˈanʃə͡l ˌɪnstɪtjˈuːʃən], [ dɪpˈɒsɪtəɹˌi faɪnˈanʃəl ˌɪnstɪtjˈuːʃən], [ d_ɪ_p_ˈɒ_s_ɪ_t_ə_ɹ_ˌi f_aɪ_n_ˈa_n_ʃ_əl ˌɪ_n_s_t_ɪ_t_j_ˈuː_ʃ_ə_n]
Depository financial institution is a term used to describe any financial entity that accepts deposits from customers. While this term is common in the financial industry, there are several synonyms that are often used interchangeably. For example, a bank is a common synonym for depository financial institution, as it is an entity that accepts deposits and offers a range of financial services. Credit unions are also a type of depository financial institution that operates similarly to banks. Other synonyms for depository financial institution include thrifts, savings institutions, and building societies. Regardless of the terminology used, all depository financial institutions are responsible for managing customer deposits and providing a range of financial services to their clients.