Although these shutdowns may inconvenience some, TD Bank promises to support its customers during the transition. A bank representative said:
“We are committed to making this transition as smooth as possible for our impacted customers and colleagues. We look forward to serving them at one of our 1,000+ TD Bank locations or through our digital banking services.”
Customers are encouraged to plan ahead, switch to nearby branches, or take advantage of TD’s online and mobile banking options.
TD Bank Is Still Expanding in Some Areas
While several locations are shutting down, TD Bank is also opening new branches. Recently, three new stores were launched:
- Brighton Beach, Brooklyn (New York)
- Jerome Avenue, Bronx (New York)
- Nubian Square, Boston (Massachusetts)
This shows that the bank is not shrinking but shifting focus based on demand and customer needs.
The Bigger Picture: Why Are So Many Banks Closing?
The closures at TD Bank are not an isolated case. The entire banking industry in the US is undergoing changes due to increased digital banking usage. Since the COVID-19 pandemic, more people have started using mobile apps and online portals for their daily banking needs.
According to S&P Global Market Intelligence, 439 US bank branches were shut down in just Q3 of 2024, compared to 199 closures during the same time the previous year.
In the first 13 weeks of 2025, over 320 bank branches have already been marked for closure. Major banks like Wells Fargo, Bank of America, and Flagstar are also part of this trend.
Legal Troubles and Financial Strategy
In addition to changing customer behavior, TD Bank is also facing legal challenges. The company is currently involved in a $3 billion settlement with the US Department of Justice after pleading guilty to money laundering.
As part of its plan to recover and manage costs better, TD Bank is focusing on streamlining operations, including cutting underperforming branches.
While TD Bank’s plan to shut down nearly 40 branches might seem alarming, it is part of a larger industry shift towards digital-first banking. As more people choose to manage their money online, banks are adjusting their strategies to stay efficient and cost-effective.
If you’re a TD Bank customer in one of the affected areas, now is the time to prepare, explore online options, or find the nearest alternative branch. The bank has assured that all services will continue smoothly, even if your local branch shuts down.