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.
By FAR The WORST BANK EVER!!!
By far the WORST EXPERIENCE EVER in my entire Life.. Do not, AGAIN, DO NOT! EVER use this bank. They ruined mine and my family’s life. We are totally living in regret after putting all of our Trust into Trustco Bank. We were in contract after 2 whole years of searching in this UNFORGIVING, Unprecedented and in the History of the U.S. the Worst time For a Buyer to be on the Market for a Home Purchase. Time after time over the course of 2 years a Trustco Bank Loan Officer “Pre-Approved” (Not Pre-Qualifiied) us for a Purchase/Loan amount according to and adhering to their terms and we were left with the impression that all was good and we felt comfortable so we shopped. After a very very StressFul and Depressing Experience submitting offer after offer and being told that our offer wasn’t taken or that we were 2nd in consideration (Roughly 30 offers) we finally had an offer accepted on an amazing home. We thought the process would be smooth and comfortable. At some point I’d say, it was during the process. Some things strained the process but nothing we didn’t expect. I played my part, submitted all documents upon requests. (I’ve got NO Student Loans, an Auto-Lease payment that’ll expire within a year, I’ve been employed by the same employer for 19 years with 17 years left to retire, I’ve got less than $500 Credit Card debt, an 805 Credit Score and I make up to $190k a year) I thought we were good. 10 days to closing, it is unbelievable what had transpired. 10 days to Closing and I was told that I needed to bring another 11% Down Payment to the table (70k to be exact) after all we’d been through for roughly 2 months and already arranging to place 16% as my initial Down Payment (110k to be exact) (Trustco terms only require 10.5% Down Payment to gain from all the perks they claim/bait you, to get you the consumer to go with them) we began to wonder if this was a joke!. Well, the hard truth hit us and we were told it was either we place another 70k down on top of the 110k or they WONT approve the Loan. The Sellers had accepted our offer of 655k leaving a loan amount of 545k but Trustco decided to tackle on a demand for another 70k to the Down Payment (In the form of a ‘COUNTER OFFER’, something I’ve never heard of before from a Lender, you’d think your either good or not good) on top of the 16% for a total of 27% Down Payment rather than the 10.5% they require or they WERE NOT Approving the loan. I did not have an extra 70k saved for this (It’d wiped me out completely) and even if I did, WHY??.. Our DTI was still below their MAX required so this all was an insane SHOCK to me and my family.. Needless to say, we refused their “COUNTER OFFER” and We were devastated. This was late April of last year 2022 and after a month and a half in Contract, Rates had shot up and climbed about a Percent and a Half and our monthly payments would have become significantly Higher with another lender. We ultimately lost our deal and are now still searching and unfortunately still stuck in our very small 2 Br Apt we’ve sacrificed staying in for the purchase of a home for our family. TrustCo is full of it man. They wasted our TIME and ENERGY and DEVASTATED us in ways I can’t even begin to explain let alone fathom. STAY AWAY! from these Liars, they are conniving, misleading and not reputable .. Still They had the nerve and the audacity to think that I’d keep my Accounts for which I’d deposited roughly 50k to open with them after all this (Can’t make this up). I immediately went to close out my accounts out and you would not believe the nerve of these people at the branch attempting to hold he back from such. They made phone calls and sent mail letters to my home asking for an explanation, I can’t make this stuff up., If I’d known better or at all, we’d have our home today.. Do Not Trust Trustco.!. You’ll live in Regret!.
Trustco Bank, New City, NY
Very friendly and very efficient service. Good promotions on checking accounts.
Very Disappointed
They talked me into taking out a CD in November because they said that was their highest rate...the month of giving. Not true the rate went up almost double in Dec. I asked what the penalty was for early with drawl (before I took it out) and they told me not much only $100 to $200. Not true they wanted to take well over $3000 from my principal. 'Soon as Nov. rolls around I am out of there for good.
Their web service sucks too. You can never get on twice. When you call, they don't know how to help you either.
Terrible Image Management
OK let's face it all banks are greedy pigs, but these guys stand alone. Not just for the fee's they impose (and there are many) Not just for the harassment (I have a mortgage and if my payment is ten minutes late i get phone bombed continuously) but mainly for the shitty attitude & letters and lack of customer service I've received for the last 20 yrs. Believe me if it wasn't so expensive to refinance my loan, I'd have fired them long ago.
Scummy Greedy Bank
I wish I could leave zero stars this Greedy scummy bank charged me overdraft fees while their bank WAS CLOSED during the hurricane. Then cut my debit card off preventing me from making a deposit. Stay far away from this lousy bank. In addition they have antiquated ATMs that do not work all the time. Just terrible .
Horrible Service
Not helpful and very rude customer service. They can’t even unlock my card to be used overseas. I had to spend hours giving them all my information over the phone, and get promised its good to go. Only to discover that my card was declined again.
I lost so much time and patience with notoriously unprofessional service.
I am defiantly changing my bank.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 31945 |
| Year Established | 1925 |
| Employees | 740 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.92% |
| Return on Equity - YTD | 8.82% |
| Annual Interest Income | $62.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $6.34B$6.18B |
| Loans | Q1 2025vs Q1 2024 | $5.07B$4.96B |
| Deposits | Q1 2025vs Q1 2024 | $5.5B$5.36B |
| Equity Capital | Q1 2025vs Q1 2024 | $659.3MM$626.1MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $50.6MM$49.2MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $18.7MM$18.3MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $2.1MM$2.3MM |
