Canada Post, TD end MyMoney loan program after less than a year
BNN Bloomberg
Canada Post and TD Bank have ended a program meant to offer small loans to people living rurally with little access to bank services.
The two organizations launched the MyMoney program nationwide in October, but paused it indefinitely a month later after identifying “signs of irregular activities” by people who “tried to take advantage of a new product.”
Now, both parties are ending the service.
“Following a comprehensive review, we have now jointly decided to pause the MyMoney Loan application indefinitely,” a Canada Post spokesperson wrote in an email.
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