cooperative bank
Depositor-owned financial institution
A cooperative bank is a financial institution owned and controlled by its members rather than outside shareholders.
Members pool deposits and share in profits, typically receiving better interest rates on savings and loans than commercial banks offer.
Credit unions are the most common type in the United States: Our cooperative bank gave us a better mortgage rate than the big banks.
- credit unionMember-owned financial cooperative
- member-ownedControlled by its users
- savings accountInterest-bearing bank holding
- rainy day fundMoney saved for emergencies
- solidarityUnity among allies
common good · credit access · mutual aid · democratic governance · self-help group · microfinance · community investment · loans · poverty alleviation · rural banking · board of directors · banking laws · community banking · voting rights · depositor · sustainability · economic empowerment · shares
cooperative bankcommercial bank
Deposit and loan institution
payday lender · hedge fund · private equity firm · loan shark