Tompkins Trust Company Review

Overview

Tompkins Trust Company Bank first started operating in 1934 with headquarters located in Ithaca, New York. Tompkins Trust Company owns $2 billion in assets and deposits totaling $2 billion, classifying it as a large bank. Tompkins Trust Company lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at an average 3.7 out of 5 stars, Tompkins Trust Company is an average bank that leaves room for improvement. Tompkins Trust Company has the full slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a monthly fee of $3.00, which is not too high as compared against the national average. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best bet for getting the most income on your deposits while maintaining easy access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Tompkins Trust Company features a savings rate of 0.10%, which is fair in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.25% and 1.00%, respectively, while its highest-yielding money market account has an APY of 0.20%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Tompkins Trust Company's Savings Rates Compare

Tompkins Trust Company Bank has generally high fees in comparison to other U.S. banks. Its checking account has a monthly fee of $3.00, which makes it slightly worse for anyone looking for a simple account. Tompkins Trust Company doesn't refund out-of-network ATM fees, which means you will have to locate a Tompkins Trust Company ATM or eat the cost of withdrawal.

Tompkins Trust Company Bank is a brick-and-mortar bank, with 14 total bank locations in New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 7:30 p.m. ET; Saturday, and 9:00 a.m. to 12:00 p.m. ET. Tompkins Trust Company's online and mobile banking platforms receive poor feedback from users. With 46 customer reviews on Apple and Android platforms, the Tompkins Trust Company mobile app is scored at 3.2 out of 5 (compared to the national average of 3.8). You can utilize Tompkins Trust Company's app to control your accounts by checking current statements, transferring money as well as reaching support representatives. Tompkins Trust Company receives an exceptional consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Tompkins Trust Company is a large bank owning assets totaling $2 billion as well as $2 billion in deposits. Tompkins Trust Company's Texas Ratio is 4.56%, denoting that the bank is in excellent financial condition and improbable to fail. Additionally, Tompkins Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

Tompkins Trust Company Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Tompkins Trust Company does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Tompkins Trust Company's CD rates are fair compared to other U.S. banks.

Find a Tompkins Trust Company Near Me

Tompkins Trust Company has 14 branches in the U.S.