Definition of 'Depository'
Depositories are important because they provide a safe place for people to store their money. They also offer a variety of services that make it easy for people to manage their finances. For example, depositories allow people to make deposits and withdrawals, transfer money between accounts, and pay bills.
Depositories are regulated by the government in order to protect the money of their customers. The Federal Deposit Insurance Corporation (FDIC) insures deposits at banks and credit unions up to $250,000. This means that if a bank or credit union fails, the FDIC will reimburse depositors for their lost money.
There are a few things to keep in mind when choosing a depository. First, you should consider the interest rates that the depository offers. You should also consider the fees that the depository charges. Finally, you should make sure that the depository is FDIC-insured.
If you are looking for a safe and convenient place to store your money, a depository is a good option. Depositories offer a variety of services that make it easy for people to manage their finances. They are also regulated by the government in order to protect the money of their customers.
Do you have a trading or investing definition for our dictionary? Click the Create Definition link to add your own definition. You will earn 150 bonus reputation points for each definition that is accepted.
Is this definition wrong? Let us know by posting to the forum and we will correct it.