CUPW frustrated by “Indefinite Pause” of MyMoney Loan

Canada Post announced that the Corporation and its financial partner, TD Bank, have “decided to pause the MyMoney Loan application indefinitely.”

The announcement is extremely troubling, and the past several months have been frustrating, with the temporary pause and now a decommissioned loan product.

The Union entered into an agreement with Canada Post, under Appendix T, which supported the launch of Financial Services (FS) in good faith. Our relationship with the Corporation on this file has fractured, but our commitment to a rollout of future financial services has not.

We say scrap the TD Bank, make way for Postal Banking services that suit the needs of Canadians. We demand a way forward for full postal banking services and if a partnership is necessary to get one off the ground, then the Corporation should work with a Credit Union. We cannot let CPC take their foot off the gas or wait around for the TD Bank to provide access to these services.

Our own research has shown that the need for postal banking is great. Canadians in thousands of rural, remote, and Indigenous communities do not have access to a bank or credit union. Many banks have pulled out of communities - but many of these communities still have one institution they can rely on: their public post office. As well, nearly two million people desperately need an alternative to payday lenders. CUPW has worked extensively with communities and advocacy groups that helped us celebrate the announcement of financial services, they too must be disappointed. The Union will commit to reconnect with those organizations, remind Canada Post of their promise and ensure the Corporation does better.

Postal banking would also help to secure jobs.

CPC agreed to a two-year plan for exploring financial services under the 2021 renewal agreements. That agreement included a national rollout after a successful pilot. Public feedback was positive, and CPC was well positioned to make the full launch. The MyMoney Loan was launched nationally in October 2022 – but just one month later, it was paused. When the National Union considered the impacts a successful financial services product would have on our membership, communities, and the post office it seemed the right move at the time. This announcement only hardens our resolve that gains are more often achieved through struggle than good will agreements.

Our Goal Remains

We are determined that Canada Post will live up to its commitments to expand financial services across the country - which it has said itself is ‘uniquely positioned to fill’.”

We call on Canada Post to announce plans as soon as possible and get the expansion of financial services back on track. The Union’s main goal is an independent postal bank in Canada and Québec, and we will continue working on new strategies to that end.

Act

We need you!

Send a message to your MP and help us pressure Canada Post to present new plans for financial expansion as soon as possible. Visit DeliveringCommunityPower.ca for details.

In solidarity,