TD Bank told CBC the MyMoney program was temporarily paused because of “processing issues” after it was launched online and in physical locations. The program was intended to provide small loans between $1,000 and $30,000 in remote communities that have post office access but lack full banking services. (CBC)
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TD Bank told CBC the MyMoney program was temporarily paused because of “processing issues” after it was launched online and in physical locations. The program was intended to provide small loans between $1,000 and $30,000 in remote communities that have post office access but lack full banking services. (CBC)
Talking points: Canada Post ran a pilot program for MyMoney last year and scaled it up to about 6,000 post offices nationally in October. A 2015 Canadian Postmasters and Assistants Association report found that nearly 1,200 post offices are located in communities without a bank branch. The postal carrier has offered money orders and international remittances for decades. Many commonwealth and European countries still have postal banking, but the last time Canada had postal banking was from 1868 to 1969. Neither TD nor Canada Post responded to The Logic’s request for comment in time for publication.
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