Bankszövetségek

Bankszövetségek, often translated as "banking unions" or "credit unions" in English, are financial cooperatives that operate similarly to traditional banks but are owned and controlled by their members. Unlike commercial banks which are typically owned by shareholders, bankszövetségek are member-owned, meaning that the customers are also the owners. This structure often leads to a focus on member benefits rather than profit maximization for external investors.

Membership in a bankszövetség is usually restricted to individuals who share a common bond, such as working for the same employer, belonging to the same organization, or residing in a particular geographic area. This common bond principle is a foundational element of the cooperative model. Profits generated by a bankszövetség are typically returned to members in the form of lower loan rates, higher savings rates, or reduced fees.

The services offered by bankszövetségek are comparable to those of commercial banks, including savings and checking accounts, loans (mortgages, personal loans, auto loans), credit cards, and sometimes investment services. They are regulated and supervised by financial authorities, just like other financial institutions, to ensure their stability and protect member deposits. The cooperative nature means that decision-making power usually rests with a volunteer board of directors elected by the members. This model emphasizes community and mutual support, distinguishing them from profit-driven financial corporations.