- TD Bank is closing 38 branches across the US, including three in Florida.
- The closures are partly due to a money laundering case that cost the bank $3 billion.
America’s “Most Convenient Bank” might no longer be so for some Floridians.
TD Bank announced last week it’s closing 38 branches across the country, including three locations in Florida.
“We are committed to making this transition as smooth as possible for our impacted customers and colleagues and look forward to continuing to provide legendary service via one of our approximately 1,100 stores or any channel our customers choose,” said the spokesperson in a statement to Banking Dive.
Why are they closing TD banks? What was the TD Bank class action lawsuit?
While it’s not fully known why the closures are happening, TD Bank did plead guilty last year to conspiracy to commit money laundering. The firm was ordered to pay $3 billion in a historic settlement.
“By making its services convenient for criminals, TD Bank became one,” former Attorney General Merrick B. Garland said last year. “Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering.”
That probe not only played a part in the latest round of TD Bank closures but also led to a reduction in salary for TD Bank’s U.S. retail banking head Leo Salom.
“There is no doubt that 2024 was a challenging year for TD,” board chairman Alan MacGibbon said. “The gravity of TD’s U.S. anti-money laundering failures, the associated costs, and the limitations imposed on the U.S. retail business had and will continue to have a significant impact on the bank.”
Which Florida TD Banks are closing?
According to news site AS and several other news outlets, TD Bank will close locations in the Northeast and Mid-Atlantic with some in the Southeast, including these in Florida:
- Daytona Beach: 1590 S. Nova Road
- Lake City: 160 NW Main Blvd.
- Miami Beach: 500 Collins Ave.
When are Florida TD Banks closing?
TD Bank will begin closing targeted branches in June.
How many TD Banks are still in Florida?
TD Bank operates through a network of over 160 branches across Florida, according to Bank Branch Locator.
Contributing: Damon C. Williams, USA TODAY Network