TD Bank is shutting down 38 of its branches across the US, and if you’re one of their customers, you’ve got until June 5 to get your banking situation in order.
These closures are hitting 10 states and Washington, DC, and while TD Bank says it’s all just “normal business,” the timing feels anything but casual. Customers now have just a few weeks to figure out their next steps.
The company, based in New Jersey, explained that it regularly reviews its branches, checking store traffic, product usage, customer needs, and community trends, which sometimes leads to closures, consolidations, or moves. A TD Bank rep told The U.S. Sun that this review is behind the current decision, and they’re doing their best to make the switch as easy as possible for customers and staff.
Here’s the full list of states where branches are closing: Connecticut, Florida, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, Virginia, and Washington, DC. And no, it’s not just a random handful. TD is pulling out of high-traffic places too, including Brooklyn, Miami Beach, Boston, and Philadelphia.
Some specific branches on the chopping block include North Branford and Torrington in Connecticut; Daytona Beach and Miami Beach in Florida; Fort Kent, Fairfield, and Gorham in Maine; Bradford, Framingham, and Holyoke in Massachusetts; and Manhattan’s 42nd and Madison and 45th and Lexington locations in New York. DC’s Georgetown branch is also set to go.
While these 38 TD Bank closures are getting all the attention, the company has sneakily opened three new stores, one in Nubian Square, Boston, and two in New York City: Brighton Beach, Brooklyn, and Jerome Avenue, Bronx. Not exactly enough to balance out nearly 40 shutdowns, though.
What’s really fueling all this? The banking world is changing. Since the pandemic, people have been shifting to online banking big time. Instead of pouring money into maintaining branches, banks like TD are now investing in digital platforms. According to S&P Global, 439 bank branches across the country closed in Q3 of 2024 alone, double the number from the previous year.
But there’s more behind the scenes. TD Bank has been caught up in some serious legal trouble lately. The company previously pleaded guilty to money laundering and is currently dealing with a $3 billion settlement with the US Department of Justice. While no one’s outright saying the closures are connected to that, the timing is pretty suspicious.
And TD Bank isn’t the only one making moves. Capital One and Discover are merging in a huge deal that could eventually impact accounts, though they’ve promised there won’t be any immediate changes. Meanwhile, Wells Fargo’s CEO just revealed a massive transformation coming to their 4,349 branches, along with a full revamp of their digital services.
So yeah, things are shifting fast in the banking world. If you bank at one of the 38 closing TD branches, you’d better act soon. Whether that means switching to a different branch, jumping to online banking, or finding a whole new bank, better do it now, because June 5 is just around the corner.
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