A financial institution that is owned by its depositors is called a(n):

Question

Quizplus · Accepted Answer

A credit union is a financial institution that is owned by its depositors, who are also its members. Unlike common stock banks, which are owned by shareholders, credit unions are non-profit organizations that exist solely to provide financial services to their members. Insurance companies and savings and loan associations may also offer deposit services, but they are not necessarily owned by their depositors.

A Financial Institution That Is Owned by Its Depositors Is