Canada Post and TD Bank (TD) have officially ended the ‘MyMoney’ loan program that sought to provide small loans to people living in rural and remote areas of the country.
The joint venture MyMoney program, which targeted Canadians who have little access to traditional bank services, was launched nationwide in October 2022.
However, the loan program was paused a month later after it was determined that people were misusing it. Canada Post said at the time that consumers were trying to take advantage of a new product.
Now, Canada Post and TD Bank have official closed the MyMoney program.
People with existing loans will not be impacted by the program’s shutdown and will be able to access their information as usual, said Canada Post.
TD Bank’s stock has decreased 4% over the last 12 months and currently trades at $81.46 per share. Canada Post is a Crown Corporation and is not publicly traded.
