The MyMoney product, Canada Post wrote in a standup talk to employees, garnered “strong market demand…with interest far exceeding both Canada Post’s and TD’s expectations.” Michael Yee, vice President of financial services at Canada Post, told the CBC, “What we found when we spoke to Canadians is that there is really a need in the market in accessing simple and affordable loan services.” In addition to the expanded financial services on offer in the pilots, CUPW secured commitments from Canada Post to hire staff directly from the indigenous communities being served. The pilots began in October 2021, and included the personal loans, ATM services, and a check cashing service at post offices in remote indigenous communities. The MyMoney product sprang out of a pilot project proposed by the CUPW to bring additional financial services to underserved indigenous communities across Canada. The loans are on offer at Canada Post retail locations across the country and are serviced in partnership with TD Bank. With interest rates attached to the loan similar or lower than other lenders, the MyMoney loans have also been stripped of “origination fees” and other surcharges that are common with other lenders, making them a more affordable option for many Canadians in need of some short-term credit. The service, called MyMoney, offers Canadians personal loans of up to $30,000. Late this summer, CUPW celebrated a big victory when Canada Post announced a personal loan service, which was being piloted in Canada, is to become a permanent fixture at Canada Post locations across the country. In 2016, they developed a program called Delivering Community Power, which imagined postal workers at the center of solutions to various social problems, including poverty, climate change, inadequate access to financial services, and lack of access to broadband internet. Expanding financial services was only part of an expansive vision for the future of Canada Post put forth by CUPW. Much like the APWU and similar advocates in the United States, the Canadian Union of Postal Workers (CUPW) has long-campaigned for an expansion of postal financial services in Canada.
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