![]() ![]() “By combining Canada Post’s strength in serving the entire country with the expertise and security of a longstanding financial services provider, we believe we can improve access and options for more Canadians, especially those living in rural, remote and Indigenous communities.”Īlthough it is billed as a Canada Post My Money loan, TD is responsible for supporting customers through the application, decision making and funding process, and TD provides customer support, including financial literacy resources and online banking. “Our product is designed to serve those who are looking for a different option. “Through extensive research, many Canadians have told us that they face limits in accessing simple, affordable and transparent financial services,” she said. TD is responsible for providing the loan, managing credit risk and providing funds, according to Valérie Chartrand, who speaks for Canada Post. The goal is to offer the service in about 250 Canada Post locations before the end of 2021. Throughout the fall, it has been expanded to more than 200 locations in Nova Scotia, Winnipeg and some cities in Ontario. In September, MyMoney was introduced as a pilot project in select post offices in Nova Scotia. It is described as a simple, flexible personal loan product ranging from $1,000 to $30,000 to help with home or car repairs or any sudden life event. The MyMoney loan is offered through Canada Post offices in underserved areas. Loans through TDĪlthough you can apply through the post office, TD Bank actually provides the loans. ![]() Online banking grew during restrictions but not all Canadians have access to the technology, and health restrictions made it difficult for people to visit brick-and-mortar branches. The deal with TD is aimed at helping Canadians who have trouble gaining access to financial services, according to the post office.Īlthough the Canadian Union of Postal Workers and others have long advocated that Canada Post offer financial services as a means of bolstering its perilous financial position, the pandemic may have helped make the point. Canada Post is getting into the financial services business in partnership with Toronto-Dominion Bank, and it has been using Nova Scotia to find out if it’s needed.
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