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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Excellent local bank
I have had a number of experiences with the bank including a savings account, a mortgage and an equity loan. Through each transaction I applied or functioned directly through a local branch . The local representatives are excellent. The service was fine. Any questions were answered quickly or through the local branch staff. If I needed a more upper level issue the Bank is based in Schenectady NY . I am in Albany NY
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.
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!
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.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 31945 |
| Year Established | 1925 |
| Employees | 776 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.21% |
| Return on Equity - YTD | 12.36% |
| Annual Interest Income | $53.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $6.05B$6.28B |
| Loans | Q1 2023vs Q1 2022 | $4.75B$4.42B |
| Deposits | Q1 2023vs Q1 2022 | $5.21B$5.35B |
| Equity Capital | Q1 2023vs Q1 2022 | $596.9MM$574.1MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $46.7MM$46.2MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $19.2MM$19.4MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $1.9MM$269.00K |
