Trustco Bank Reviews - What Is It?

WARNING: DO NOT USE Trustco Bank Until You Read This Review!
Is it a Scam? Does It Really Work?

Trustco Bank

TrustCo Bank is a traditional financial institution that offers standard account options and unique products like the Home Town Premier Checking Account. There are about 150 branches of this bank located throughout five East Coast states. At this bank, you can open a massive money market account (MMA) or a two- to five-year certificate of deposit (CD). The interest rates may be a little high but the bank is reliable. Its IRAs get the same rates as CDs, which makes TrustCo Bank a solid choice for those who are planning to retire and are looking to earn reliable and safe growth on deposited money. The bank has been in business since 1902 and is committed to high quality personal service and responsible financial management. The bank's team focuses on offering their customers with good banking solutions that provide superior security, value, and high-rate Home Town service. Their personnel is always polite when welcoming each customer by name. The customer service department is easy to reach and you can always talk to a real person by the phone. Some people may think that Trustco offers old-fashioned personal service but it is more effective than any other kind of service. It is hard to find in the modern world. Such services are combined with the bank's offerings of low cost mortgage and deposit products.

All of the higher mentioned facts make Trustco Bank one of the most and successful highest rated banks in the USA. It has paid dividends to its shareholders for more than 100 years and has still been very profitable throughout its history, even during the recent financial crisis. In April 2018, it was rated by S&P Global Intelligence as the 15th best performing savings bank in the USA. Currently, Trustco Bank features 148 branch locations, 53 of which are in Florida. The Bank's team appreciate personal service and old school. It offers a wide variety of loan and deposit products, while specializing in residential mortgage lending. On December 31, 2017, its assets were $4.9 Billion. Business website of Trustco Bank is By visiting the website you can see what the bank has to offer. If you have any questions or concerns you can call at the main phone number 800-670-3110 or (518) 374-4056. the postal address of the main headquarters of the bank is 1 Sarnowski Drive; Schenectady, NY 12302.

Customer Reviews - Does Trustco Bank Really Work?

Trustco Bank offers a great number of products. The first one is Savings Accounts at competitive interest rates. Monthly fees are waivable. There is ATM card for certain accounts, as well as HSA option. The second product is Checking Accounts which can be opened for $50 minimum. You can get a debit card for free. Monthly service charge is waivable. There is also an interest-earning account. The third product is Money Market Accounts (MMAs). Interest rates are tiered based on account balance. Opening requirement is $2,500 minimum. $10 monthly fee can be waived by a $2,500 balance. The next product is Certificates of Deposit (CDs). Interest rates are tiered depending on term length. There is minimum deposit of $500. Terms may vary from 30 days to five years. There are daily interest compounds. Finally, Trustco Bank offers Individual Retirement Accounts (IRAs) of three types: IRA MMAs, IRA CDs, and IRA Club account.

As it was already mentioned, Trustco Bank has a number of branches throughout the country. Glenville, NY-based TrustCo Bank started in 1925. This FDIC-insured bank held equity of $443.7 million on assets of $4.91 billion as of December 31, 2017. Due to the work of 849 full-time employees in 145 offices in different states, Trustco Bank holds leases and loans worth $3.59 billion, including real estate loans of $3.60 billion. At present, the bank holds $4.17 billion in deposits from its customers. The bank is in a superior condition and deserves all five stars for soundness and safety. Let's take a look at what real clients of the bank are saying about it, its services and what kind of experience they had with Trustco Bank.

One man says that he has been banking with this bank for thirty years and is pleased with his experience. The staff of Trustco Bank is dependable, friendly, and knowledgeable. Each member of the team tries to go out of their way to help the customer and meet their financial needs. The customer has his savings, checking, ATM card, and safe deposit box with the bank. According to his words, their web site is easy to use and super convenient. He has experienced some small glitches in customer service, but they are minor when compared to the generally great service provided by the bank. The man says that bank's locations are convenient, while the bank design is very attractive. He sees no reason to move away from banking with Trustco Bank, so he looks forward to another thirty years of cooperation! Females also use this bank. Thus, one young lady reports that she opened an account last January at Trustco Bank. The application process was fast and simple and she was happy with the options offered to her. The young lady opened the free checking account and plans to open a savings account too in future. She is pleased with the fact that there is no monthly service charge or minimum balance requirement. The customer likes the branch located not far from her college since the tellers always recognize her when she enters the building. The young lady hasn't had any problems with the bank and would highly recommend it. The only issue she had with the bank was the absence of a student checking account for college students, but still their regular checking account is not worse than student accounts. So, the customer recommends this bank to everyone.

Another bank client confesses that he had phenomenal experience with Trustco Bank in Avalon Park in Orlando, FL. He has never had to stand in line for too long and the bank reps have always been very knowledgeable and friendly. They greet him by name every time he enters the bank and they even remember what issues he is having with the bank. Sometimes the man needed to do certain things that would be out of the ordinary but the bank representatives were flexible and agreed to work with him to accomplish his goals. Besides, the bank has a great number of locations and ATMs one can go to any time. The bank's team has always helped him in his financial needs. Trustco Bank is just fine but the only man's complaint is that they don't indicate their phone number on the back of their debit card. When he has a problem, he needs to look for their phone number online. Another customer had a problem associated with his bank online. He did not check it very often, so when he was inactive for a month and he would try to get online with the company, he was told that his password was invalid. He had to call the customer service department and the people working there were very helpful. Let's read some more customers' testimonials about Trustco Bank found online.

"I am pleased with Trustco Bank. It has friendly staff each rep of which knows your name and can speak to you in person when you come or call. You don't get transferred to a call center with a line that is impossible to navigate. All of their products are comprehensive. There is no minimum balance to maintain. I also like the fact that they have no monthly service charge. I was happy with the service I received and it is easy not difficult to maintain my account. I don't have to worry about high fees other banks may charge me."

"I have banked with Trustco Bank for over ten years. I have used this bank for many services including savings accounts, home mortgages, checking accounts, and home equity loans. I started for savings accounts when they had passbook accounts. Today it is a statement account. The local branches are friendly to their customers. Their headquarters are based not far from the place where I live, so I can reach customer service or executive staff easily. They service the loans themselves locally."

"I have had many experiences with Trustco Bank including a mortgage, a savings account, and an equity loan. I have been satisfied with every transaction I applied for. The local reps have been excellent too offering high-rate services. They answered all of my questions quickly and professionally. If I had a more serious issue I addressed the Bank is based in Schenectady NY."

My Final Summary

Based on what we have learned about Trustco Bank, it turns out to be an excellent bank with numerous branches across the country. It offers great products and high-quality customer service. This is a decent financial institution that offers mortgages, credit cards, student, auto and other types of loans. The bank's mobile and online banking services have high rating and past customers are pleased with the adequate customer service. The staff employed in every branch is always friendly, knowledgeable and ready to help. Thebank's staff always welcome each customer by name as they enter the bank. There are many positive customer reviews about Trustco Bank on third-party websites. Most of them concern helpfulness of the staff in the issues of different levels of difficulty. The reps of the bank seem to know what they are doing. All of the information they provide is helpful. The representatives of the bank are ready to answer all of your questions and are happy to serve you any time. Other advantages of Trustco Bank include having a large ATM network and offering good APYs for CDs. No bank is perfect and this one has its own drawback too - checking and savings account rates are mediocre. This is a great bank for the customers who are interested in IRAs and CDs. Taking into account all advantages and disadvantages of Trustco Bank, we will recommend this bank to using for your banking needs.

Trustco Bank Pricing and Rates

There is no monthly service charge or minimum balance requirement. The Statement Savings account is a good way to save money for the future. The minimum deposit you will need to pay when opening this account is only $50, and once you pass the $200 point, you will not need to pay the $5 monthly service fee. This account comes with 0.25% APY. Home Town Premier Checking Account requires minimum deposit of $50. There is $5 monthly service fee; $500 minimum balance and 0.05% APY. Money Market Account requires minimum deposit of $2,500 and $10 monthly service fee. Rates depend on balance:

  • $5,000,000 and up: 0.85% APY
  • $2,000,000 - $4,999,999: 0.75% APY
  • $500,000 - $1,999,999: 0.60% APY
  • $100,000 - $499,999: 0.50% APY
  • $50,000 - $99,999: 0.45% APY
  • $15,000 - $49,999: 0.35% APY
  • $0 - $14,999: 0.10% APY.