Everyday Chequing Accounts

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Chequing Accounts

Basic

A pay-as-you-go account for those who spend as little time banking as humanly possible. Best if you have limited transactions.

$4 (minimum) / month

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Monthly Fee

  • Waived with $1,000 minimum monthly balance
  • $0.60 per additional debit transaction

Key Benefits

  • 12 transactions per month
  • 5 surcharge-free Interac ATM withdrawals per month*
  • Overdraft available
*Does not include fees charged by other financial institutions or independent ATM owners for the use of their ATM. To avoid extra fees, use Libro ATMs or those found on our locations page.

Go Free Chequing

Chequing account for those aged 25 and under with no monthly fee.

Free

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Monthly Fee

  • Free for anyone under the age of 26

Key Benefits

  • Unlimited transactions
  • Unlimited surcharge-free Interac ATM withdrawals*
  • Free unlimited Interac e-Transfers
  • 10 free Interac Request Money transactions per month
*Does not include fees charged by other financial institutions or independent ATM owners for the use of their ATM. To avoid extra fees, use Libro ATMs or those found on our locations page.

Simplify

Flat-fee unlimited account for those who keep a minimum monthly balance of $2,500+ or have 27+ transactions per month.

$14 / month

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Monthly Fee

  • $2 discount with automatic payroll deposit
  • Waived with $2,500 minimum monthly balance

Key Benefits

  • Unlimited transactions
  • 5 surcharge-free Interac ATM withdrawals*
  • Free unlimited Interac e-Transfers
*Does not include fees charged by other financial institutions or independent ATM owners for the use of their ATM. To avoid extra fees, use Libro ATMs or those found on our locations page.

Premium

Premium flat-fee unlimited account for those who have over $75,000 in deposits and loans at Libro or require extra perks.

$25 / month

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Monthly Fee

  • Waived with $75,000+ portfolio balance

Key Benefits

  • Unlimited transactions
  • Unlimited surcharge-free Interac ATM withdrawals*
  • 10 free Interac Request Money transactions per month
  • Free unlimited Interac e-Transfers
  • Free cheque printing, stop payments, drafts
*Does not include fees charged by other financial institutions or independent ATM owners for the use of their ATM. To avoid extra fees, use Libro ATMs or those found on our locations page.

The Libro Difference

What is an Owner?

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

Why do I have to buy membership shares?

To open a chequing account at Libro, you’re required to purchase 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.

What’s the difference between a credit union and bank?

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.
Does Libro offer free chequing accounts?

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

What is required to open account online?

To open an account online, you need the following:

  • To be 18 or older.
  • Have your Social Insurance 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 memberships shares using your first deposit. If you’re under the age of 26, we will cover your membership shares.
  • Your first deposit must be a minimum of $10.
How will I get access to Online Banking when I open my account online?

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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