The term depository refers to a facility in which something is deposited for storage or safeguarding or an institution that accepts currency deposits from customers such as a bank or a savings association.

Can a person be a depository?

Depository is a person or institution with whom money or valuables is confided or deposited for safekeeping. When a depository is a company and not a person, such a depository is termed a safe-deposit company. ... Depository also refers to a gratuitous bailee.

How do you use depository in a sentence?

1 The government is having difficulty finding a safe depository for nuclear waste. 2 The charge on loans to depository institutions by the Federal Reserve Banks. 3 The difference between depository institutions and other firms is deposit insurance that underwrites risk taking. 3.