TD Bank will close 38 branches in 10 states. 38 branches will say goodbye before June 6… This is part of a broader strategy to reduce the bank’s physical presence and adapt to digital banking, exactly the opposite of what Bank of America is aiming for.
According to their spokesperson, these decisions come after analyzing one of the most important factors: foot traffic at branches and the real needs of customers.
What’s going on? Well, many banks are making these decisions too, and the number of bank branches in the country has dropped by 5.6% since 2020 because the rise of digital banking is taking over everything!
Why is TD Bank closing these branches?
Customers are changing their habits. That’s right, the younger they are, the less they prefer “physical contact”, if you want to put it that way. The new generations prefer to do everything online, manage their finances, open and close bank accounts.
All through their mobile phones and completely the opposite of older generations, who find it harder and harder to keep up with new technologies.
A transition for customers and employees
TD Bank said its priority is to make the transition as smooth as possible for the affected customers and employees, because… here comes the dilemma of how many workers will have to leave their jobs. So we’ll have to wait to see if this change is really beneficial (it certainly is for the bank, but maybe not for those workers…).
Legal issues
TD Bank has had some controversies in recent years, and they’re not over. In 2024, the bank pleaded guilty to federal money laundering violations, agreeing to pay more than $3 billion in fines. This is the highest penalty ever imposed under the Bank Secrecy Act.
The then Attorney General, Merrick Garland, said that TD Bank had chosen to make money over following the law… and that’s how they kept their low costs, and he also pointed out the serious problems the bank was facing.
Meanwhile, the new CEO, Ray Chun, promised reforms to improve internal controls and comply with regulatory obligations (as is logical).
List of branches that will close
Here’s a list of the affected branches:
- Connecticut
- 1289 Foxon Rd., North Branford
- 215 High St., Torrington
- District of Columbia
- 1611 Wisconsin Ave. NW, Washington, DC
- Florida
- 1590 S. Nova Rd., Daytona Beach
- 160 NW Main Blvd., Lake City
- 500 Collins Ave., Miami Beach
- Maine
- 112 Main St., Fairfield
- 62 W. Main St., Fort Kent
- 95 Main St., Gorham
- 6 North St. (PO Box 713), Houlton
- Massachusetts
- 860 S. Main St., Bradford
- 465 N. Main St., East Longmeadow
- 420 Franklin St., Framingham
- 50 Holyoke St., Holyoke
- 547 Broadway, Methuen
- 2345 Main St., Tewksbury
- New Hampshire
- 10 N. Main St., Bristol
- 884 Main St., Contoocook
- 40 High St., Hampton
- 905 Elm St., Wilton
- New Jersey
- 85 Pompton Ave., Cedar Grove
- 1 Royal Rd., Flemington
- 670 Laurel Ave., Holmdel
- 191 E. Route 70, Marlton
- 145 Skyline Dr., Ringwood
- 555 Warren Ave., Spring Lake Heights
- New York
- 460 Pulaski Rd., Greenlawn
- 156 Dolson Ave. AB, Middletown
- 125 Park Ave., New York (Manhattan)
- 451 Lexington Ave., New York (Manhattan)
- 136 Margaret St., Plattsburgh
- Pennsylvania
- 101 Lancaster Ave., Frazer
- 346 W. Trenton Ave., Morrisville
- 8600 Germantown Pike, Philadelphia
- South Carolina
- 1501 Main St., Columbia
- 6 Elmshorn Dr., Greer
- Virginia
- 6200 Multiplex Dr., Centreville
- 1750 N. Hampton Ave., Reston
- Is it the end of physical branches?
Experts point out that, although branches will still exist, most banking operations are already done online. So maybe yes, we are witnessing the end.
The most important thing in this technological transition is not to leave anyone behind, so let’s see how TD Bank handles this with our older folks in the coming months!
Carol McDaniel is a dedicated and results-driven professional with 5 years of experience and US News. Known for her strong problem-solving skills and collaborative mindset, Carol has built a reputation for delivering high-impact results across diverse teams and projects.
Throughout her career, she has demonstrated expertise in 2 core skills or areas, e.g., client relations and project coordination, and is passionate about continuous learning and meaningful contribution. Carol thrives in dynamic environments and consistently brings professionalism, adaptability, and a focus on growth to every role she takes on.