What is a financial institution owned by its members that provides low-fee savings and checking accounts?

A financial institution owned by its members that provides low-fee savings and checking accounts is best represented by credit unions. Credit unions are cooperative organizations, meaning they are owned by the members who use their services, rather than being publicly traded companies. This ownership structure allows them to offer their members more favorable terms, such as lower fees and better interest rates on deposits compared to other financial institutions.

In a credit union, members invest in the organization by depositing money, and in return, the credit union provides various financial services, including savings and checking accounts, loans, and other products. Because credit unions aim to serve their members instead of maximizing profit, they typically have lower fees associated with their accounts and services. This setup helps to promote financial stability and provides an avenue for individuals to save and access funds with minimal costs.

While commercial banks are for-profit entities that aim to maximize shareholder value, savings and loan associations primarily focus on accepting savings deposits and making mortgage loans. Investment banks, on the other hand, are involved mainly in underwriting, facilitating mergers and acquisitions, and trading securities. None of these other institutions share the same cooperative nature and focus on low fees for account services as credit unions do.