Trustco Bank is suitable for organizations seeking high-quality but low-cost business checking services. The Trustco Bank Home Town Business Checking account provides unlimited free transactions while charging a monthly fee of just $5, which you can easily waive by receiving reoccurring merchant services deposits or maintaining an average monthly balance of at least $500.
Other Trustco Bank products include business savings accounts, money market accounts, and business lending products.
Pros
- Unlimited monthly transactions
- $5 monthly fee
- $500 average monthly balance requirement to waive monthly fee
Cons
- Limited to 145 branches in FL, MA, NJ, NY, and VT
- Branch visit required for business account opening
- Only one type of business checking account
Features
- Free first debit or ATM card
- Unlimited monthly transactions
- Free automatic transfers between accounts
- Basic and advanced online banking tiers
- Merchant services via Clover
- Remote deposit capture
- Savings accounts, money market accounts, and business lending available
How Trustco Bank Stacks Up With Its Competitors
When Trustco Bank Is a Good Fit
- You have a high monthly transaction volume: The Home Town Business Checking account provides unlimited fee-free transactions.
- You want a low-cost business checking account: Home Town Business Checking charges a monthly fee of $5. To waive the fee, you need to maintain an average monthly balance of just $500 or receive recurring direct deposits of any amount from merchant services.
- You need access to a wide variety of lending products: Trustco Bank offers commercial real estate loans, construction and development financing, term loans, lines of credit, and SBA loans.
When to Choose Trustco Bank Alternatives
- You operate outside Trustco Bank’s service area: Trustco Bank only has brick-and-mortar branches in Florida, Massachusetts, New Jersey, New York, and Vermont. A more accessible alternative would be Chase, which has around 4,800 branches in all 48 mainland states. Check out our Chase business checking review for a breakdown of the provider’s three accounts.
- You want to earn interest on checking deposits: Home Town Business Checking does not earn interest. If you’re seeking competitive business checking interest rates, consider Bluevine. It pays 2.0% APY on balances of $250,000 and less, provided you meet the account’s activity requirements. Read our review of Bluevine business checking for more information.
- You need access to business credit cards: While Trustco Bank offers a wide range of business lending products, it lacks business credit cards. Our roundup of the best small business credit cards can help you find the right provider.
If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations.
Trustco Bank Business Checking Overview
Trustco Bank Business Checking Requirements
To open an account with Trustco Bank, you are required to submit the following:
- Valid government-issued ID with photo
- Social Security Number (SSN)
Specific Trustco Bank business checking requirements have not been listed on the website. For a checklist of documents banks typically require, check out our guide on how to open a business bank account.
Trustco Bank Business Checking Features
Debit/ATM Card
Your Home Town Business Checking account comes with a free debit or ATM card. It can be used for purchases anywhere Mastercard, Plus, or NYCE is accepted. You also get access to fee-free ATM transactions at Trustco Bank, Allpoint, and Publix Super Market machines.
Free Automatic Transfers
It is free to transfer money between Trustco Bank business accounts.
Online Banking
Trustco Bank offers two online banking tiers.
1. Basic Business Online Banking lets you do the following:
- Transfer funds between internal accounts
- View monthly statements and check images
- Request stop payments
- Deposit checks remotely
- Integrate with QuickBooks and Quicken
2. Advanced Business Online Banking adds the following features:
- Ability to add multiple users
- Create ACH origination
- Request wire transfers
Users can only apply for Advanced Business Online Banking once they have maintained a relationship with Trustco Bank for at least 30 days.
Mobile Banking
If you are enrolled in online banking, you can use Trustco Bank’s mobile app, which is available for both iOS and Android. With the app, you can:
- Check account balances
- View transaction history
- Transfer funds between Trustco Bank accounts
- Locate branches and ATMs
The app has a rating of 4.7 on the App Store[1] (based on 3,000+ reviews) and 4.5 on Google Play[2] (based on 1,000+ reviews). While most users found the app easy to use, a few complained that the app has a tendency to crash after logging in or processing a mobile deposit.
Deposit Services
You can use Truscto Bank’s deposit services to process checks without having to visit a branch.
Other Trustco Bank Business Products
Trustco Bank offers merchant services via Clover. Products include mobile, tablet, and terminal Point-of-Sale solutions.
There are two types of Trustco Bank business checking products: a basic business savings account and a money market account that earns tiered interest. Both accounts have undisclosed monthly fees but have low requirements for avoiding these charges.
Trustco Bank offers the following business lending services:
- Commercial Real Estate
- Construction and Development Financing
- Lines of Credit
- Term Loans
- SBA Loans
Trustco Bank Business Checking Reviews From Users
Those who left a Trustco Bank business checking review on user review platforms gave mostly negative feedback. On WalletHub[3], the bank received a rating of 2.8 (based on 50+ reviews). No positive reviews have been published within the last three years. Published reviews include:
- Stolen money: Two customers complained that the bank took money from their accounts without explanation. While one reviewer managed to retrieve their funds after a month-long complaint process, the other was unable to.
- Unfair fee structure: A user complained that Trustco Bank charged overdraft fees despite being closed.
- Unusable replacement cards: Customers who had canceled their cards said that the replacement cards they received were constantly declined.
Bottom Line
With its unlimited fee-free transactions, the Trustco Bank Home Town Business Checking Account can accommodate high transaction volumes at a lower cost than most competitors. However, its limited branch network might make it unsuitable for businesses with a wider geographic presence.
User review references:
