Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Overview / Commentary
1 Sarnowski Drive
Glenville, NY 12302

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.

Related Posts

Your Account Freezes After Just 30 Days

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.

Very Poor Service

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.

Do Not Bank Here!

I had the unfortunate experience of receiving a counterfeit bill from Trustco. They told me they would not reimburse the money even though they issued the fake bill. I had to file a police report. The banks position was that customers are responsible for counting the money (which I totally understand), and also responsible for determining whether their money is real or fake! I couldnt believe it. Two employees also said they hand out fake bills often. Dont go here & get burned.

No Protection Against Fraud

I have an account at the Windermere Fl branch and have major concerns about this banks’ ability to protect accounts against fraud.  On June 1, 2013 I noticed numerous fraudulent transactions in a pending status totaling almost $800.00 in my account.  I immediately called the customer service number on my card only to learn that this bank has no support on weekends.  I then called the Windermere branch only to learn that they cannot do anything until Monday when customer service re-opens.  On Monday, the local branch failed to act when they opened so all of the pending fraudulent transactions posted to my account.

On June 3. 2013 I completed affidavits for each fraudulent transaction and on June 5, 2013 provided the branch with a police report.  I have contacted the branch on a daily basis and they cannot provide me with any information on when my account will be re-credited for the fraudulent amounts charged to my account. 

If you are considering a relationship with this bank I would think about the lack of "after banking hours" support and their inability to handle potential fraud situations.  In their slogan they claim to be the home town bank but it is more like the backwards bank.   




Data for Q4 2013

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 TrustCo Bank had $51.96 million in non-current loans and owned real-estate with $400.42 million in equity and loan loss allowances on hand to cover it. This gives TrustCo Bank a Texas Ratio of 12.98% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for TrustCo Bank decreased slightly from 15.30% as of December 31, 2012 to 12.98% as of December 31, 2013, resulting in a positive change of 15.21%.This indicates that the balance sheet and financial strength for TrustCo Bank has improved slightly in recent periods.

Deposit Growth


In the past year, TrustCo Bank has increased its total deposits by $122.88 million, resulting in 3.23% 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 $4.52 billion in assets with $400.42 million in equity, resulting in a capitalization level of 8.85%, which is average.

Institution Statistics

FDIC Certificate #31945
Year Established1925
Primary RegulatorOCC
Assets and Liabilities
Assets$4.52 billion
Loans$2.86 billion
Deposits$3.93 billion
Equity Capital$352.70 million
Loan Loss Allowance$47.71 million
Unbacked Noncurrent Loans$43.23 million
Real Estate Owned$8.73 million
Historic Data - December 2012
Assets$4.35 billion
Equity Capital$351.69 million
Loan Loss Allowance$47.93 million
Unbacked Noncurrent Loans$43.23 million
Real Estate Owned$8.71 million
Profit Margin - Quarterly
Net Interest Margin3.18%
Return on Assets0.92%
Return on Equity11.69%
Interest Income$151.05 million

Always verify rates and promotions with the bank or credit union. We are not TrustCo Bank, we are a rate comparison website and can not provide official rates or promotions.

TrustCo Bank Savings Account Rates

0.15%--Hometown Passbook Savings
0.15%--Hometown Statement Savings
0.10%-$15kStatement Savings
0.10%-$15kPassbook Savings

TrustCo Bank Money Market Rates

0.75%$2m-Money Market

TrustCo Bank Checking Account Rates

0.05%--Free Interest Checking

TrustCo Bank CD Rates

0.75%--18 Month CD
0.45%--5 Year CD
0.45%--3 Year CD
0.30%--13 Month CD
0.30%--6 Month 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

TrustCo Bank IRA Rates

0.75%--18 Month IRA (Traditional,Roth,CESA,SEP,SIMPLE)
0.45%--3 Year IRA (Traditional,Roth,CESA,SEP,SIMPLE)
0.45%--5 Year IRA (Traditional,Roth,CESA,SEP,SIMPLE)
0.30%--13 Month IRA (Traditional,Roth,SEP,SIMPLE,CESA)
0.30%--6 Month IRA (Traditional,CESA,Roth,SEP,SIMPLE)
0.25%--4 Year IRA (Traditional,Roth,CESA,SEP,SIMPLE)
0.20%--12 Month IRA (Traditional,Roth,CESA,SEP,SIMPLE)
0.15%--2 Year IRA (Traditional,Roth,CESA,SEP,SIMPLE)
0.10%--180 Day IRA (Traditional,Roth,CESA,SEP,SIMPLE)
0.05%--30 Day IRA (Traditional,Roth,CESA,SEP,SIMPLE)

TrustCo Bank has 138 locations. Click to view all TrustCo Bank locations.