Definitions for "Depository Financial Institution"
Keywords:  odfi, rdfi, ach, unwillingness, ncusif
A financial institution that: A. Is authorized by law to accept deposits; B. Is eligible for Federal Deposit Insurance Corporation (FDIC) or National Credit Union Share Insurance Fund (NCUSIF) insurance; C. and: • Is insured by the FDIC or the NCUSIF; or • If not federally insured, has funded an account as security against the unwillingness or inability of the financial institution to meet its obligations under these Rules, in an amount and form determined by STAR.
A financial institution able to receive deposits from its customers or credits from the Federal Reserve Bank.
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"