- Offer financial services to both consumers and other businesses
- Usually the largest depository institutions
- Insurance on money
- Offer financial services such as special needs payment instruments and financial advice.
- Owned by customers (members)
- Require members to share a common bond such as the same employer, location, or membership in a organization
- pay higher interest rates and charge lowers interest rates on loans compared to commercial banks.
- Offer financial services to members