A financial cooperative owned and operated by the staff of utility companies offers a range of services including savings and checking accounts, loans, and other financial products tailored to their specific needs. Membership is typically limited to employees and their immediate families.
These institutions provide members with a democratic voice in their financial well-being, often offering more competitive interest rates on loans and savings accounts compared to traditional banking institutions. Historically, such cooperatives arose from a need for accessible and affordable financial services for specific groups of workers, fostering a sense of community and shared ownership.