A depository is the place where deposits are placed for safekeeping purposes. A depository oftentimes refers to banks, savings and loan institutions, credit union and trust companies. The term depository is also used to refer to institutions that hold securities and provide assistance and guidance in the trading of securities. In the U.S., banks selected and designated to receive such deposits of public funds are called depositories. Upon request, the depository must return the deposit.
[Last updated in April of 2022 by the Wex Definitions Team]