Benefits of Having a Libro Chequing Account

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An Account to Fit Your Needs

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Why Switch to Libro Credit Union?

Get the inside scoop to enhance your experience.

Switching your pre-authorized payments to Libro is easy

  1. Open your account online.
  2. Call or message the Contact Centre to set up ClickSWITCH login.
  3. Use ClickSWITCH to switch your direct deposits and automatic payments
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Libro in your pocket

With Libro’s Mobile App you can complete your banking anytime, anywhere.

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Working on your side hustle?

Libro supports entrepreneurship and can help start-ups or small businesses.

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The Libro Blog: Make Cents of Money

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I want to do X, but I have to pay back my student loans

For most of us who are fresh out of school, our student loan is our first real loan.

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What is a Credit Union?

You may be asking yourself, “what’s a credit union anyways?” or “what’s the difference between a credit union and a bank?”

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The Libro Difference

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

To open a chequing account at Libro, you're required to purchase $50 in membership shares and become an Owner. Ownership is what sets Libro apart. It means you really do own the company, have opportunities to impact our organization, and receive an individual share of our profits. If you’re 25 or younger, we’ll cover the cost of your membership share.

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 100% of profits back into the people, business, 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 Owners make up our board. In contrast, a bank’s board members are appointed and paid by shareholders.

Yes. We offer a Go Free Chequing Account for anyone under the age of 26.

To open an account online, you need the following:

  • To be 18 or older.
  • Have your Social Iinsurance Number handy.
  • Not be a current Libro Owner. Current Owners can open a new account in branch or through the Contact Centre at 1-800-361-8222.
  • Be ready to purchase $50 in memberships shares. If you're under the age of 26, we will cover your membership shares.

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.

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