“Depository institution” defined. “Depository institution” means any bank, savings and loan association, savings bank, thrift company, credit union or other institution, whether chartered by this State, another state or the Federal Government, which:
1. Holds or receives deposits, savings or share accounts;
2. Issues certificates of deposit; or
3. Provides to its customers other depository accounts which are subject to withdrawal by checks, drafts or other instruments or by electronic means to effect payment to a third party.
Last modified: February 26, 2006