This correspondence deals with multiwavelets, which are a recent generalization of wavelets in the context of time-varying filter banks and with their applications to signal processing and especially com- pression. By their inherent structure, multiwavelets are fit for processing multichannel signals. This is the main issue in which we will be interested here. The outline of the correspondence is as follows. First, we will review material on multiwavelets and their links with multifilter banks and, especially, time-varying filter banks. Then, we will have a close look at the problems encountered when using multiwavelets in applications, and we will propose new solutions for the design of multiwavelets filter banks by introducing the so-called balanced multiwavelets.