Which of the following institutions is not part of the modern banking system?

Question

Quizplus · Accepted Answer

Mutual funds are not part of the modern banking system as they are investment vehicles that pool money from various investors to purchase a diversified portfolio of stocks, bonds, or other securities. While they are often offered by banks and other financial institutions, they are not the same as traditional banking products like checking and savings accounts or loans. Credit unions, savings and loan associations, and mutual savings banks are all types of financial institutions that are part of the modern banking system.

Which of the Following Institutions Is Not Part of the Modern