TrustCo Bank

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.

A Big Time EXperience With a Small Town Bank

We have been banking with Trustco Bank for almost 30 years now. Overall, the experience has been top notch. The staff, overall, is friendly, dependable, and knowledgeable, and will go out of their way to assist the customer. We have our checking, savings, ATM card, and safe deposit box with them. Their web site is pretty easy to use and the online banking is easy to use and super convenient. While there have been the occasional small glitches in customer service, these are very minor to the great service the bank provides overall. The locations are pretty convenient and are relatively attractive as far as bank design goes. I have no reason to move away from banking with them, unless I move, and look forward to another 30 years!

Always An Issue With This Shady Bank.

Posted by: |

Trustco, a shady bank. First off, their mortgages are very competitive. Rates are low and no PMI is a huge plus. But this bank is stuck in the late 90s and early 2000s as far as money accounts go. Their online banking system is archaic, slow and difficult to use. But the biggest issue is the shady fees and penalties with no warnings. Ive been with the bank for a decade with my mortgages. They've made a ton of interest off me in that time and thats fine. Recently however, without a warning, letter or email, and out of no where, they changed their checking account rules in so that you must have an average running balance of $500 a month or u get a 5 dollar fee tacked on per month. I rarely check my checking account because this account is strictly to deposit money for my auto pay mortgage each month. So I was angry when I realized how many fees accumulated over the months. They also refused to refund any of it.

Thats not the worst part though. Recently I forgot to transfer the money from my tax savers to my checking to pay for my school taxes. I sent the check out to Colonie and Trustco let the check bounce 3 TIMES!!! Without a single letter, email or phone call. This racked up over a $100 worth of fees. It was a honest mistake from a long time customer and they refused to refund any of it. Super shady! Not to mention without warning, letter, or email, they opened up an overdraft account which created a HARD HIT on my credit without my consent prior to the bounced check. Even worse, the overdraft account didn’t even safe guard me from the bounced check. Unbelievable! Will almost certainly refinance my mortgage with some other bank soon.

Trustco is the new Fee Bank and they show absolutely no loyalty, and refuse to help out their long time customers. Bait and switch shadiness!

Trustco Bank

Posted by: |

This bank doesn’t deserve anyone’s business. The entire country is on lock down, millions of people are unemployed due to covid 19. Banks are waiving late fees, penalties, even suspending mortgage payments without being penalized. TRUSCO BANK just charged me a LOW BALANCE FEE!!!! Called corporate and the branch and they verified THEY ARE NOT WAIVING A SINGLE FEE DURING THIS EPIDEMIC, GREEDY BUSINESS AS USUAL. Funny thing is, my balance has been below their set threshold before and I was never charged a fee. My next stop, Attorney Generals office

Great Local Bank

We have banked with Trustco for over a decade. We used them for many services from savings accounts, checking accounts, home mortgages and home equity loans. For savings accounts we started when they still had passbook accounts. Today obviously everything is a statement account but the local branches are customer oriented and having a headquarters near where I live means you can reach executive staff or customer service very easily . Unlike larger banks they service the loans themselves locally. I know they are growing having acquired other entities or merged from our upstate NY are to FL but still they remain a locally run entity.



Health Grade Components

FDIC Certificate #31945
Year Established1925
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.94%
Return on Equity - YTD9.54%
Annual Interest Income$91.2MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$5.68B$5.23B
LoansQ2 2020vs Q2 2019$4.13B$3.86B
DepositsQ2 2020vs Q2 2019$4.87B$4.46B
Equity CapitalQ2 2020vs Q2 2019$539.6MM$500.5MM
Loan Loss AllowanceQ2 2020vs Q2 2019$48.1MM$44.4MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$21.9MM$22.1MM
Real Estate OwnedQ2 2020vs Q2 2019$830.00K$2.6MM
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Always verify rates and promotions with the bank or credit union. We are not TrustCo Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

TrustCo Bank Savings Account Rates

0.50%*--IRA Club Account
OTHER TIERS: 0.03% $5k - $50k | 0.10% $50k - $100k | 0.15% $100k - $500k | 0.20% $500k - $2m | 0.40% $2m - $5m
0.10%*$250k*-Home Town Savings
OTHER TIERS: 0.03% Up to $50k | 0.05% $50k - $250k

TrustCo Bank Money Market Rates

0.55%*$10m*-Money Market
OTHER TIERS: 0.03% Up to $15k | 0.05% $15k - $50k | 0.10% $50k - $100k | 0.15% $100k - $500k | 0.20% $500k - $2m | 0.40% $2m - $5m | 0.50% $5m - $10m
0.55%*$10m*-IRA Money Market
OTHER TIERS: 0.03% Up to $15k | 0.05% $15k - $50k | 0.10% $50k - $100k | 0.15% $100k - $500k | 0.20% $500k - $2m | 0.40% $2m - $5m | 0.50% $5m - $10m
0.25%$15k-Relationship Money Market Special (6 Month Intro)

TrustCo Bank Checking Account Rates

0.01%$500-Home Town Premier Checking

TrustCo Bank CD Rates

0.45%$500-19-24 Month Relationship CD Special
0.40%$500-13-18 Month Relationship CD Special
0.35%$500-9-12 Month Relationship CD Special
0.30%$500-9-24 Month CD Special
0.20%$500-5 Year CD
0.20%$500-4 Year CD
0.20%$500-3 Year CD
0.20%$500-2 Year CD
0.20%$500-18 Month CD
0.20%$500-12 Month CD
0.05%$500-180 Day CD
0.05%$500-30 Day CD

TrustCo Bank IRA Rates

0.45%$500-19-24 Month Relationship IRA Special
0.40%$500-13-18 Month Relationship IRA Special
0.35%$500-9-12 Month Relationship IRA Special
0.30%$500-9-24 Month IRA Special
0.20%$250-12 Month IRA
0.20%$250-18 Month IRA
0.20%$250-2 Year IRA
0.20%$250-3 Year IRA
0.20%$250-4 Year IRA
0.20%$250-5 Year IRA
0.05%$250-30 Day IRA
0.05%$250-180 Day IRA


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