Trustco Bank Rates & Review

Trustco Bank Review

Founded in 1902 as Trustco Bank, N.A., in Schenectady, New York, Trustco Bank was named one of the top 30 banks in the country by Bank Director Magazine in 2010.

With headquarters now in Glenville, New York, Trustco Bank provides full-service banking to commercial and personal clients in New York, Massachusetts, New Jersey, Vermont and, surprisingly, Florida. The bank has more than 130 locations and reported assets of $3.8 billion in 2010.

Personal banking

Trustco Bank offers its personal banking customers a Trustco Free Interest Checking Account which earns a competitive interest rate with no monthly service charges and no minimum balance requirement. Clients can select from passbook, statement and hometown savings accounts which allow automatic transfer of funds from their checking account.

Commercial banking

Business clients at Trustco Bank can select a Free Business Checking Account which offers unlimited monthly transactions with no minimum balance requirement and no monthly service charges. The bank also provides a Cash Management Account which adds an interest-earning feature to the business checking account. Business savings and retirement accounts include a Simplified Employment Pension (SEP) account, a Savings Incentive Match Plans for Employees (SIMPLE) account and a Coverdell Education Savings Account.

Loans

Trustco Bank has a wide variety of home equity loans and mortgages available to its personal banking customers, depending upon their individual financial needs. The bank offers the lowest closing costs on first mortgages and also facilitates a rapid application process. Working with commercial lending specialists, business customers can construct a lending product just right for them whether their financial goals are long-term or short-term.

Financial services

Financial planners at Trustco Bank offer an extensive array of services for individualized wealth management. These include retirement planning, trust management and estate settlement. The professionals at Trustco Financial Services Group meet regularly with clients for assessment and planning.

Deposit insurance

Trustco Bank has been insured by the Federal Deposit Insurance Corporation since 1978. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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