Bank Closes Dozens Of Branches, Including 6 In NJ

NEW JERSEY - The digital-age dollar keeps rearing its head at local bank branches around the United States.

According to Newsweek, the pace of branches closing has doubled since 2020 with a strong emphasis on the growing reliance on mobile apps and other online resources for regular transactions.

On Thursday, TD Bank completed its shutdown of 38 locations throughout 10 states, including six right here in New Jersey. The location in Holmdel at 670 Laurel Avenue was added to a list that had been evolving over the last few months.

The other locations that shut their doors are:

• 85 Pompton Ave., Cedar Grove
• 1 Royal Rd., Flemington
• 670 Laurel Ave., Holmdel
• 191 E. Rte. 70, Marlton
• 145 Skyline Dr., Ringwood
• 555 Warren Ave., Spring Lake Heights

As previously reported by Patch, the move to close branches also follows a fallout from agreeing to pay a $3 billion fine after the Canadian bank pleaded guilty in a money laundering scheme that delivered large amounts of money to drug activity.

Federal prosecutors had said that TD failed to meet its responsibilities under the Bank Secrecy Act, which mandates that instituitons report suspicious actions that may be linked to money laundering.

Officials went as far to say that the bank, "allowed criminal proceeds to flow" to Colombian cartels.

TD Bank's houses its global headquarters in Canada, and its U.S. hub in southern New Jersey.

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