As far as I'm aware, it's only TD Ameritrade I.E. the investment brokerage owned by TD, that is converting to Schwab.
TD banking will be unaffected.
Source: TD bank website
Banking with TD won't change. You won't see any difference in how you bank with us. This news doesn't impact your relationship with TD Bank in any way
What this means for TD Bank. While we share the TD name, TD Bank and TD Ameritrade have always been separate companies. TD Bank remains a separate entity and is not impacted by this announcement