Canada Post, TD end MyMoney loan program after less than a year

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.