TD Bank has announced the closure of 38 branches in 10 states across the country. These offices will cease operations before June 6, as part of a strategy to adapt to an increasingly digital environment.
This decision isn't isolated. It is part of a broader trend that is changing the banking landscape in the United States.
Why is TD Bank closing branches?
In a single word: digitalization. More and more people, especially younger generations, prefer to manage their accounts from their cell phones. Opening, closing, or moving money no longer requires visiting a physical office.
A bank spokesperson explained that the closure is based on a thorough analysis of customer traffic and their real needs. In short: if nobody goes to the branch, why keep it open?
Since 2020, the number of bank branches in the U.S. has dropped by 5.6%. TD Bank isn't alone.
What about the workers?
A delicate part of this change is the impact on employees.
Although the bank assures that it is working to facilitate the transition, it remains to be seen how many workers will lose their jobs.
Customers will also have to adapt. Especially older ones, who still prefer face-to-face service. For them, this closure may mean a stronger blow.
A complicated context
TD Bank isn't only facing internal transformations, it has also dealt with serious legal issues. In 2024, it pleaded guilty to federal money laundering violations and agreed to pay more than 3 billion dollars (€3,000,000,000) in fines.
This is the highest penalty under the Bank Secrecy Act.
Then-Attorney General Merrick Garland was clear: the bank prioritized profits over compliance with the law. Now, its new CEO, Ray Chun, has promised real changes to improve controls and transparency.
List of branches closing
Here are some of the offices that will close soon:
Connecticut: North Branford, Torrington
Florida: Daytona Beach, Lake City, Miami Beach
Maine: Fairfield, Fort Kent, Gorham, Houlton
Massachusetts: Bradford, East Longmeadow, Framingham, Holyoke, Methuen, Tewksbury
New Jersey: Cedar Grove, Flemington, Holmdel, Marlton, Ringwood, Spring Lake Heights
New York: Greenlawn, Middletown, Manhattan (2), Plattsburgh
Pennsylvania: Frazer, Morrisville, Philadelphia
South Carolina: Columbia, Greer
Virginia: Centreville, Reston
District of Columbia: Washington D.C.
New Hampshire: Bristol, Contoocook, Hampton, Wilton
(Check with your local branch to confirm if you're on the list.)
Are we seeing the end of bank branches?
Probably not yet, but we are seeing a clear shift toward digital. The key will be to see how banks achieve this change without leaving their most vulnerable customers behind. TD Bank is betting on the future, but the challenge is to take care of the present.