TrustCo Bank is a New York-based institution that offers personal and commercial banking products and services, as well as financial planning advisors that provide guidance on insurance, trusts, retirement plans, etc.
As far as its personal banking side is concerned, TrustCo offers checking, savings, Money Market, and IRA accounts, as well as certificates of deposit (CDs). Its checking account offering has a minimum initial deposit, no monthly service charge and free direct deposit. Savings accounts offer customers the ability to earn interest on the money they deposit and there are savings accounts specifically designed for youth-aged and senior-aged citizens. Money market accounts are available that have minimum balance requirements and offer higher rates of interest based on account balances. CDs and IRAs are offered with term lengths ranging from 30 days to 5 years and have an initial minimum deposit requirement.
TrustCo Bank online banking provides customers with access to account management tools, up to 18 months of transaction history, Bill Pay, and e-statements. TrustCo Bank also features a rewards program in which customers can earn cash back by using a TrustCo Bank card. The bank is part of the Allpoint and Publix Super Market ATM networks that give free withdrawal access to its customers.
TrustCo Bank was established in 1925 as the Canajoharie Building, Savings and Loan Association. The bank changed its name once in 1997 before finally changing it to TrustCo Bank in 2002. It is chartered as a savings association and is headquartered in Glenville, New York, serving its customers through multiple branch locations.
My checking account at TRUSTCO is a secondary account I use when I am in NY. I hadn't used my account in about 2 months and decided to make two payments for state income tax using ACH electronic check on 1/15/2013. Two weeks later the state sends me two letteres saying the payments were rejected because of "frozen account". I called the bank thinking there was fraud activity. They told me the account becomes automatically dormant after 30 days. To make it active again I would have to make a deposit. They didn't think that policy was at all unreasonable. I talked with four other banks and they said they wouldn't make an account dormant for two years.
I pay my real estate taxes using ACH transfers. Late fees on real estate are several hundred dollars. This is a risky bank to do buisness with if you are a senion that doesn't do many transaction in a year. Monthly bank statments gave no notice that the account was frozen. Oddly enough, I became an account holder because I have a large stock position in this bank. I still feel an obligation to warn people about a practice that is so out of the mainstream. I have also filed a complaint with bank regulators.
I moved to an area where there is no branch of Trustco anywhere nearby, so any kind of dealing with them has had to be through phone and snail mail. It is the most backwards and frustratingly inconvenient banking I've ever had the displeasure of doing business with.
Very inflexible methods of communication are used. In the past (I've been with them over 11 years, not my choice) if they needed to communicate, it was only through mail, even though my phone number was in their records, but apparently dialing it was too much effort. I've had to call numerous times to change my address (for the same residence).
Any kind of dealings with them through snail mail has to be notarized, and then when you need them to reference said mail, it's a gigantic hassle. As in "the manager isn't here, I can't find it". Are you kidding me with this - does the manager keep mail on their physical body? Is this 1930 that you have to rummage through a desk? Needless to say, it's not at all a pleasure to deal with them and as soon as I can withdraw my money, I will cease doing business with them.
I would love to give them just 1 star, but in person they were fine. It's just that if you live in the current age, be prepared to take a dive in the past.
This bank has stayed true to the way banking used to be-friendly staff that know your name and are available to speak to in person. You don't get transferred to some call center with an automated line that's impossible to navigate. Simple products without a "chart" to figure out if you will get a fee. No minimum balance to maintain and no monthly service charge. I have always have received great service and it's easy to maintain my account and not worry about getting hit with fees the big banks charge for no reason.
I set up a new account with the Maitland, FL branch, detailing how we work and our cash flow pattern. The branch manager assured me there would not be a problem. However, after a month or two, their extensive check hold policy caused me a lot of grief, in spite of the fact, we've never had a deposited check bounce. The branch manager, said, in effect, oh well, that's our policy. I feel she lied to me to get the account.
I'm closing the account and set up another one across the street.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 TrustCo Bank had $53.75 million in non-current loans and owned real-estate with $409.24 million in equity and loan loss allowances on hand to cover it. This gives TrustCo Bank a Texas Ratio of 13.13% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for TrustCo Bank decreased slightly from 14.85% as of March 31, 2013 to 13.13% as of March 31, 2014, resulting in a positive change of 11.53%.This indicates that the balance sheet and financial strength for TrustCo Bank has improved slightly in recent periods.
In the past year, TrustCo Bank has increased its total deposits by $129.54 million, resulting in 3.36% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth TrustCo Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. TrustCo Bank has $4.57 billion in assets with $409.24 million in equity, resulting in a capitalization level of 8.95%, which is average.
|FDIC Certificate #||31945|
|Assets and Liabilities|
|Equity Capital||$362.20 million|
|Loan Loss Allowance||$47.04 million|
|Unbacked Noncurrent Loans||$44.74 million|
|Real Estate Owned||$9.01 million|
|Historic Data - March 2013|
|Equity Capital||$353.20 million|
|Loan Loss Allowance||$47.66 million|
|Unbacked Noncurrent Loans||$44.74 million|
|Real Estate Owned||$9.87 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.17%|
|Return on Assets||0.99%|
|Return on Equity||12.59%|
|Interest Income||$38.45 million|
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|0.15%||-||-||Hometown Passbook Savings|
|0.15%||-||-||Hometown Statement Savings|
|0.05%||-||-||Free Interest Checking|
|0.90%||-||-||18 Month CD|
|0.45%||-||-||5 Year CD|
|0.45%||-||-||3 Year CD|
|0.25%||-||-||4 Year CD|
|0.20%||-||-||12 Month CD|
|0.15%||-||-||2 Year CD|
|0.10%||-||-||180 Day CD|
|0.05%||-||-||30 Day CD|
|0.90%||-||-||18 Month IRA|
|0.45%||-||-||3 Year IRA|
|0.45%||-||-||5 Year IRA|
|0.25%||-||-||4 Year IRA|
|0.20%||-||-||12 Month IRA|
|0.15%||-||-||2 Year IRA|
|0.10%||-||-||180 Day IRA|
|0.05%||-||-||30 Day IRA|