TD Bank branch in New York

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Dan Cody

By Dan Cody

Digital Media Reporter

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TD Bank plans to close 38 of its branches across 10 states and Washington, D.C., by June 5, as part of a broader corporate strategy to reduce physical locations amid growing digital banking trends.

The closures come at a time when many banks across the country are downsizing brick-and-mortar operations due to their shifting consumer habits. Financial institutions, including JPMorgan Chase, Bank of America, and Wells Fargo, have each scaled back their branch networks in recent months. The pace of branch closures has doubled since 2020, according to Kiplinger, driven by increasing reliance on mobile apps and online platforms for daily transactions.

TD Bank has emphasized that the closures are a routine part of its store evaluations, which a spokesperson told USA Today earlier this month "may result in some closures, consolidations, or relocations." However, the closures also follow the company's recent legal troubles.

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In 2024, the bank pleaded guilty to federal money laundering violations and agreed to pay over $3 billion in penalties, the largest such fine ever imposed under the Bank Secrecy Act.

List of TD Bank Locations Closing by June 5

TD Bank branch in New York

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Connecticut (2)

District of Columbia (1)

Florida (3)

Maine (4)

Massachusetts (6)

New Hampshire (4)

New Jersey (6)

New York (5)

Pennsylvania (3)

South Carolina (2)

Virginia (2)

Why Are TD Bank Locations Closing?

TD Bank has stated the closures are part of its regular review process aimed at aligning services with customer behavior.

A representative told Fast Company, "As part of our ongoing strategic and business-as-usual reviews of TD's retail locations, we evaluate things like store traffic, customer needs, product use, and community landscape to determine any needed changes to our physical network."

The spokesperson added, "We are committed to making this transition as smooth as possible for our impacted customers and colleagues and look forward to continuing to provide legendary service via one of our approximately 1,100 stores or any channel our customers choose."

Meanwhile, although it is unclear how connected TD Bank's compliance issues are to the branch closures, the Department of Justice reported that the bank failed to monitor over $18 trillion in payments and allowed more than $600 million in illicit transactions.

"TD Bank chose profits over compliance in order to keep its costs down," then-Attorney General Merrick Garland said during a press conference last year.

New CEO Ray Chun has pledged organizational changes and reforms aimed at improving compliance.

"Make no mistake, we will meet our commitments to our regulators...we will get the job done," Chun said during a company call in October 2024.

Why It Matters

TD Bank is one of many financial institutions scaling back in-person services. Since the pandemic, foot traffic to physical branches has declined rapidly. The number of bank branches nationwide has decreased by 5.6 percent since 2020, according to Kiplinger, as the rise of mobile banking services has transformed how customers manage their finances.

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