Financial institutions such as banks are important to a country’s economy. With the type of services they render, they allow individuals the opportunity to pay bills, save and invest, or borrow money for items such as house or car purchases. Banks are regulated at either the state or federal level, or both.
The Federal Deposit Insurance Corporation, or FDIC, covers a vast majority of the banks in the US concerning insurance. The different types of banks available are commercial banks, shadow banks, central banks, retail banks, credit unions, investment banks, and savings and loan associations.
Background information about TD Bank
Interesting though, back in the day it was compulsory for bank notes to be signed by a cashier as well as the President of the bank. TD Bank’s catchy slogan, “The Bank Where People Make the Difference,” accompanied the debut commercial for the bank on national TV in 1968. Following on from this, the first ATM was piloted in 1976. The first agency for the Domon Bank opened in New York City in 1919.
Retail banking was first introduced into the United States in 2005 when the acquisition of Banknorth took place. Surveyor James G. Chewett was the first President of the Bank of Toronto.
The Dominion Bank and the Bank of Toronto merged on 1 February 1955 to form the Toronto Dominion Bank. Despite this, the roots of TD Bank trace back to the founding of the Bank of Toronto (1855). In 1969, the TD shield was introduced to the public.
Shocking announcements by TD Bank
Retail Giant Forever 21 to Close All 354 U.S. Locations Following Bankruptcy
TD Bank, the 10th largest bank in the United States, again shocked its client base. The announcement that 38 of its branches will be closing across 10 states has unleashed a mix of emotions. It has been stated that the purpose behind these closures is to streamline the operational processes. The effective date for this process will be 5 June 2025.
The specific branches that have been targeted for closure are distributed across 10 states and include the following:
- Massachusetts
- Tewksbury
- Holyoke
- East Longmeadow
- Bradford
- Methuen
- Framingham
- Connecticut
- Torrington
- North Branford
- Florida
- Miami Beach
- Daytona Beach
- Lake City
- New Hampshire
- Contoocook
- Wilton
- Bristol
- Hampton
- Maine
- Houlton
- Fairfield
- Gorham
- Fort Kent
- New Jersey
- Holmdel
- Marlton
- Ringwood
- Cedar Grove
- Flemington
- Spring Lake Heights
- South Caroline
- Greet
- Columbia
- Pennsylvania
- Morrisville
- Philadelphia
- Frazer
- New York
- New York
- Middletown
- Greenlawn
- Plattsberg
- New York
- Virginia
- Reston
- Centreville
- District of Columbia
- Wisconsin Avenue, NW
The 2024 money laundering debacle
2024 also had its fair share of controversy for TD Bank. The bank pleaded guilty to money laundering charges. As part of this, they agreed to a payment of $3 billion in other penalties and fines, to be paid to financial regulators as well as to the Department of Justice.
This comes after they failed to adequately monitor money laundering by various drug traffickers and other criminal elements.
A negative consequence that was caused by this was that a limit was placed on the growth of the bank. TD Bank’s two United States subsidiaries have a bar on their assets of $434 billion. TD Bank further pleaded guilty to failures in the Bank Secrecy Act program. They were the first bank in all of history that plead guilty to charges of conspiracy to commit money laundering.
The bank’s preferential selection during that period of profit over compliance has a severe financial impact on them. Despite all that has happened within their environment, TD Bank still seems committed to its customer service.
Although various branches will be closing, clients will still be able to access normal and related services at the branches. With the advances in modern-day technology, digital service delivery is also on par and open for selection and use by individuals who prefer this method of banking.
