Popular bank to close nearly 40 branches, including 6 in NJ

💲 Six branches of a popular bank in NJ are set to close

💲 The company cites shifting consumer habits as one reason

💲 The locations should close by early June

If you bank at a certain branch in New Jersey, you may want to start looking for another place to keep your money.

TD Bank has announced it is closing nearly 40 branches, including six in New Jersey, as part of its broader restructuring plan.

A bank spokesman told The Daily Voice that TD Bank will close 38 locations in 11 states and Washington, D.C., by Thursday, June 5. The company cited shifting consumer habits and a focus on digital banking as reasons for the closures.

“We are focused on building the bank of the future by evolving our model and enhancing capabilities to improve the customer experience. As part of this strategy, the bank regularly evaluates its physical store network and looks for opportunities to better align our network of stores to best serve our customers through an optimal mix of convenient TD Bank locations and digital banking products and services,” the spokesman said.

The six TD Bank locations in New Jersey expected to close by June 5 are:

•  85 Pompton Avenue, Cedar Grove
•  1 Royal Road, Flemington
•  670 Laurel Avenue, Holmdel
•  191 East Route 70, Marlton
•  145 Skyline Drive, Ringwood
•  555 Warren Avenue, Spring Lake Heights

As far as its neighboring states, New York will lose five TD Bank locations, and Pennsylvania will be down five branches. Two locations will close in Connecticut but none in Delaware.

The announcement comes after TD Bank agreed in October to pay a historic $3 billion penalty after pleading guilty to failing to prevent money laundering, the Daily Voice reported. Prosecutors said the bank relaxed its policies allowing criminals to launder their money through TD accounts.

"By making its services convenient for criminals, TD Bank became one," said Attorney General Merrick Garland. "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. TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties.

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