About Libro Credit Union
Libro Credit Union is Southwestern Ontario's largest credit union with a rich history dating back to 1951. Operating as a member-owned financial cooperative, Libro serves over 110,000 members (called "Owners") through more than 30 locations across Southwestern Ontario. What sets Libro apart is its commitment to growing prosperity in the region by investing in people, businesses, and communities.
With assets exceeding $5 billion, Libro combines the personal service of a community financial institution with the sophistication and product range of larger banks. Their "Prosperity Advisors" take a holistic approach to financial planning, focusing on helping members achieve their life goals rather than simply selling products.
The Libro Difference
Libro's business model is built on four key pillars that differentiate it from traditional banks:
- Ownership Structure: As a member, you're an Owner with voting rights and a say in how the credit union operates.
- Prosperity Focus: Their mission goes beyond financial services to growing prosperity in Southwestern Ontario.
- Community Investment: Libro reinvests 100% of profits back into the credit union and local communities.
- Holistic Coaching: Their approach to financial advice considers your complete financial picture and life goals.
Key Features and Benefits
Chequing Accounts
Libro offers several chequing account options to suit different needs:
- No Fee: Basic account with limited monthly transactions and no monthly fee
- Standard: Everyday banking with moderate transaction limits
- Unlimited: Comprehensive account with unlimited transactions
- Youth: Special no-fee account for members under 18
- Student: Free account with benefits tailored to post-secondary students
- Organization: Accounts designed for non-profits and community groups
All accounts come with access to THE EXCHANGE® Network of surcharge-free ATMs, online and mobile banking, and Interac e-Transfer®.
Savings and Investments
Libro provides competitive savings options:
- Savings Accounts: Flexible options with competitive interest rates
- Tax-Free Savings Accounts (TFSAs): Tax-advantaged savings with attractive returns
- Registered Retirement Savings Plans (RRSPs): Various options for retirement planning
- Guaranteed Investment Certificates (GICs): Competitive rates with flexible terms
- Mutual Funds: Wide selection through Aviso Wealth
- Wealth Management: Comprehensive services for high-net-worth individuals
Profit Sharing: As a member-Owner, you may receive a portion of Libro's profits through their annual profit sharing program.
Lending Solutions
Libro offers a full range of lending products with competitive rates:
- Mortgages: Fixed and variable rate options with flexible terms
- Home Equity Lines of Credit: Access the equity in your home
- Personal Loans: Competitive rates for various personal needs
- Lines of Credit: Flexible borrowing for unexpected expenses
- Credit Cards: Various options with rewards and benefits
- Auto Loans: Competitive rates for new and used vehicles
Business Banking
Libro provides comprehensive business solutions:
- Business Chequing: Options designed for various business sizes and needs
- Business Savings: Maximize returns on surplus business funds
- Business Loans: Financing solutions for growth and operations
- Business Credit Cards: Cards with business-specific features and rewards
- Merchant Services: Payment processing solutions for businesses
- Agriculture Banking: Specialized services for farmers and agri-businesses
- Commercial Mortgages: Financing for commercial real estate
Digital Banking Experience
Libro has invested significantly in its digital banking capabilities:
- Online Banking: Secure platform for managing accounts, transferring funds, and paying bills
- Mobile App: Well-designed app for iOS and Android with high user ratings
- Mobile Deposit: Deposit cheques using your smartphone camera
- Interac e-Transfer®: Send and receive money quickly and securely
- Digital Financial Tools: Budgeting and goal-setting features
- Apple Pay and Google Pay: Support for digital wallet solutions
Community Impact
Libro's commitment to growing prosperity in Southwestern Ontario is demonstrated through several initiatives:
- Prosperity Fund: Annual grants to organizations that support regional economic development
- Community Builder Program: Staff volunteer time for community projects
- Libro Prosperity Hub: Resources and networking for local entrepreneurs
- Financial Literacy Education: Workshops and resources for schools and community groups
- Local Economic Development: Strategic partnerships to strengthen regional economies
Pros and Cons
Pros
- Member-owned with voting rights and profit sharing
- Strong community focus and local investment
- Holistic financial coaching approach
- Competitive rates on loans and deposits
- Comprehensive digital banking offerings
- Access to THE EXCHANGE® Network ATMs
Cons
- Limited presence outside Southwestern Ontario
- Fewer branches than major banks
- Some accounts have minimum balance requirements to avoid fees
- Limited international banking services
- Fewer specialized investment products than larger institutions
Final Verdict
Libro Credit Union stands out as an excellent banking option for residents of Southwestern Ontario who value community impact, personalized service, and competitive financial products. Their ownership model provides tangible benefits through profit sharing and voting rights, while their commitment to regional prosperity adds an extra dimension to the banking relationship that most traditional banks can't match.
While Libro's geographic focus may limit its appeal for those outside Southwestern Ontario or those who travel frequently, its digital banking capabilities and access to THE EXCHANGE® Network help mitigate these limitations. For businesses, particularly small businesses and farms in the region, Libro's specialized knowledge of the local economy and personalized approach can be especially valuable.
Overall, Libro Credit Union earns our recommendation for Southwestern Ontario residents seeking a financial institution that combines competitive products with a genuine commitment to community well-being and member prosperity.
