user-owned financial institutions

User-owned financial institutions, like credit unions and mutual savings banks, are financial organizations owned and operated by their members rather than shareholders. This means that the users—who are often also the customers—have a say in its management and share in the profits, usually through lower fees and better rates. Their main goals are to serve the needs of their members instead of maximizing profits. This community-focused approach promotes accessibility to financial services and encourages responsible financial behavior among its members.