TD Bank has confirmed it will close down 38 branches soon.
The move comes as the bank admits that it is no longer able to “best serve our customers.”
The shocking announcement will users in a variety of areas in the country, including in Maine and New Hampshire.
The bank said in a statement: “As we evaluate how customers interact with us and the channels they use, this includes examining our physical store network and looking for opportunities to best serve our customers through an optimal mix of convenient TD Bank locations and digital banking products and services.”
Specific reasons as to why this is happening remain unclear, or what this will mean for TD going forward.
TD Bank is the 10th largest in the US, and the shock announcement will have massive impacts for countless people.
Maine and New Hampshire are heavily affected in particular, with several TD locations set to disappear, per WMTW, an ABC affiliate.
There is not yet a date confirmed for when these closures will happen.
TD Bank has struggled in recent months with heavy fines ordered by federal authorities.
In October 2024, TD was ordered to pay more than $3 billion in penalties after breaking U.S. money laundering rules.
According to the Department of Justice, TD Bank had “long-term, pervasive and systemic deficiencies” in its anti-money laundering policies and controls.
This was cited over a 10-year period.
Regulators claimed it failed to monitor $18.3 trillion in customer activity, leading to extensive money laundering.
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