If you're considering Trustco Bank for trust management, please read this. My family's experience over 40+ years was extremely disappointing. Trustco managed my grandfather's trust since 1979, yet the only consistent beneficiary of their decisions was Trustco not the family the trust was meant to support.
My aunts received very little income, and any time we asked about investments or performance, we were dismissed with no transparency. Trustco invested trust assets in its own stock for years, then moved to high‑fee products that benefited the bank. Physical assets were sold at low prices, sometimes to people connected to Trustco.
When the last aunt passed and the trust needed to be closed, Trustco delayed the process for months, blaming outdated microfiche records and claiming they had to "find an attorney." After all this, the grandchildren were hit with unexpected tax bills despite Trustco assuring us taxes were handled.
After four decades, the pattern is clear: poor communication, lack of transparency, and questionable fiduciary practices. Based on our experience, I strongly caution anyone against using Trustco Bank for trust management. read more