Open a Business Account Online

Credit unions are financial cooperatives that are locally owned by their account holders — at Libro, our customers are known as members.

To open an account at Libro, you’re required to purchase membership shares and become a member. Membership is what sets Libro apart. It means you have opportunities to impact our organization, and receive an individual share of our profits.

Credit unions provide many of the same types of financial products and services as local big banks. Differences are most notable, but not limited to, areas like profit sharing and governance:

• Profit Sharing: As large, for-profit entities, banks operate for the purpose of making a profit that is distributed to the shareholders of the bank. In contrast, credit unions reinvest profits back into the people, businesses, and local communities.

• Governance: A credit union has a board of directors made up of volunteers who have been voted in democratically, with each credit union member getting one vote regardless of how much they have invested. This means real Libro members make up our board. In contrast, a bank’s board members are appointed and paid by shareholders.

Directors are responsible for supervising the activities of the corporation and for making decisions regarding those activities.

A shareholder is an individual or institution that legally owns one or more shares of a public or private corporation. Shareholders may be referred to as members of a corporation.

Officers are responsible for the day-to-day operation of the corporation. Officers can be shareholders or directors of the corporation, or both, and they can fill any position within a corporation.

Visit the ServiceOntario website to learn more about registering your business and applying for a business name registration.

To open an account online, you need the following:

• To be 18 or older.
• Have your Social Insurance Number handy.
• Be ready to purchase $5 in memberships shares.
• Have your business documents ready to upload.

Note: If you already have a Libro account, you can open another account by calling Libro Connect at 1-800-361-8222, in online banking or at a branch location.

We support the last two mobile and desktop versions of major browsers (Safari, Chrome, Edge, Firefox and Opera).

After you’ve been approved through the online account opening process, you will be sent an email with information on how to access Online Banking.

No, we will send your debit card by mail to the business address you indicate in your application.