A financial cooperative based in Southfield, Michigan, provides a range of services including checking and savings accounts, loans, and mortgages, prioritizing member well-being over profit maximization. This model emphasizes democratic member control, where each member has an equal vote, regardless of their financial contribution.
Member-focused financial institutions offer potentially lower loan rates, higher savings yields, and a commitment to community development. The historical context of credit unions lies in providing financial services to underserved populations, promoting financial inclusion and economic empowerment. This focus often translates to personalized service and a dedication to member financial health.