Member-owned financial institutions are organizations like credit unions and cooperatives that are owned and operated by their members. Unlike traditional banks, which are profit-driven and owned by shareholders, these institutions prioritize the needs of their members. Each member typically has a say in how the institution is run, often through voting rights. These institutions offer a range of financial services, including savings accounts, loans, and mortgages, often at lower fees and better interest rates than traditional banks. Because they focus on serving their members rather than maximizing profits, they can create a more community-oriented approach to banking.