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.

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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.

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!

Could do some things better

This bank is just okay. My biggest complaint is that they have NO phone number on the back of their debit card, so if I have a problem, I cannot just call them. I mean, who doesn't put their phone number on their debit card? When I do find their phone number online and call, it has not always been satisfactory so I usually just have to go into the bank to handle the problem. A second problem I had was that I did not check my bank online very often, so when I was basically inactive for about a month and I would attempt to get online with them, I was told my password was invalid. After about the third month, I was ready to close it down. I had planned on switching all my accounts over to them, but decided against it. When I do go into the back the people are really nice and helpful.

Expected Better

Posted by: Rich1069 | Jan 8, 2019

I recently applied for a commercial loan from Trustco Bank, i was told everything is good and the only left for me to be approved is an appraisal, the loan officer told me Trustco Bank provides the appraisal, I was told the appraisal would take a week or two and a L.O.I would be provided in about a month. I found a property I like and entered under contract based on what the loan officer told me, I had closing date set for 2 months away. I told the loan officer I was under contract and gave him the closing date which he said was fine. He didn’t ordered the appraisal until 6 weeks later, which at that point I wouldn’t be able to close on time and at risk to loose my deposit. I had to pay thousands more so I didn’t loose my deposit and all the terms I ask for I didn’t get. Just to name a few I told them multiple times I wanted the property to be put in my business name that wasn’t done, told them multiple times I wanted biweekly payment that was not done and after 4 to 5 months of a long drawn out process and every week being at risk of losing my deposit, I did not see the contract until the day of closing, didn’t get to review it and felt forced to sign the contract because if I didn’t sign I would lose all my deposit. The most stressful and worst transaction I’ve ever done in real estate.



Health Grade Components

FDIC Certificate #31945
Year Established1925
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.28%
Return on Equity - YTD13.87%
Annual Interest Income$134.0MM
Assets and Liabilities
AssetsQ3 2018vs Q3 2017$4.88B$4.87B
LoansQ3 2018vs Q3 2017$3.78B$3.53B
DepositsQ3 2018vs Q3 2017$4.20B$4.17B
Equity CapitalQ3 2018vs Q3 2017$462.6MM$440.8MM
Loan Loss AllowanceQ3 2018vs Q3 2017$44.7MM$44.1MM
Unbacked Noncurrent LoansQ3 2018vs Q3 2017$23.8MM$24.5MM
Real Estate OwnedQ3 2018vs Q3 2017$2.3MM$2.9MM
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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%$5k-IRA Club Account
0.10%$200-Passbook Savings
0.10%$200-Statement Savings
0.10%$15k-Home Town Savings

TrustCo Bank Money Market Rates

2.00%$15k-Money Market Accounts w/ Premier Checking and Direct Deposit
1.75%$2.5k-Money Market Special
0.85%*$5m*-Money Market
OTHER TIERS: 0.10% Up to $15k | 0.30% $15k - $50k | 0.40% $50k - $100k | 0.45% $100k - $500k | 0.50% $500k - $2m | 0.75% $2m - $5m

TrustCo Bank Checking Account Rates

0.05%$500-Home Town Premier Checking

TrustCo Bank CD Rates

2.75%$500-19 Month CD Special
2.40%$500-9 Month CD Special
2.05%$500-2 Year CD
1.75%$500-5 Year CD
1.75%$500-4 Year CD
1.75%$500-3 Year CD
0.25%$500-18 Month CD
0.25%$500-12 Month CD
0.05%$500-180 Day CD
0.05%$500-30 Day CD

TrustCo Bank IRA Rates

2.75%$500-19 Month IRA Special
2.40%$500-9 Month IRA Special
2.05%$500-2 Year IRA
1.75%$500-3 Year IRA
1.75%$500-4 Year IRA
1.75%$500-5 Year IRA
0.25%$500-12 Month IRA
0.25%$500-18 Month IRA
0.05%$500-30 Day IRA
0.05%$500-180 Day IRA


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