CIT Bank Complaints and Solutions
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CIT Bank offers a high APY. But there are some downsides, too. Read on to learn more about CIT Bank common complaints and possible solutions.
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You Can't Visit a Physical Branch
CIT Bank operates only online. This means no in-person customer service or bank transactions. If you need customer service, you'll have to contact CIT Bank via email or phone.
Solution
Because of CIT's merger with First Citizens Bank, you can now bank at any First Citizens Bank location. To complete most bank transactions, or for general customer service, you can contact CIT Bank at 1-855-462-2652 during the following hours:
Mon - Fri: 9 am - 9 pm ET
Sat: 10 am - 6 pm ET
Sunday: Closed
Keep in mind that CIT often has excessive hold times for phone customer service. They encourage customers to look for answers first within their online FAQ.
If you can't find your answer in the FAQ, you can send a secure message online 24/7. However, you must be a current customer because a login is required.
CIT Bank is FDIC insured (FDIC# 11063) up to $250,000 per depositor for each account category. This is for combined deposits held between First Citizens Bank and CIT Bank. If CIT Bank went out of business, you would not lose up to the maximum amount of your deposited funds.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Mobile App Isn't Useful
CIT's mobile app is available for both IOS and Android, but many users complain that the user interface is not intuitive. Many have problems trying to find how to make transfers or deposits.
The app also makes you go through multiple authentication procedures for security, which can get annoying. Users also complain of frequent system crashes.
Solution
It's true that the app is not intuitive, but it does have all the basic functions for your banking needs. To see options for transfers or deposits, you need to press the "+" button at the bottom of the screen.
Alternatively, you can always log into the website on your desktop computer for full functionality.
Difficult to Access Savings Funds
CIT Bank's savings account doesn't come with an ATM card, so you can't withdraw quickly if you need the funds. If you want access to your funds, it could take several days or longer. To get your money, you need to plan ahead.
Solution
Initiate any of the following withdrawal methods 10 days or more before you need the funds:
- Set up an ACH transfer to the CIT checking account or an external account
- Send the funds via wire transfer ($10 fee for accounts with less than $25,000)[1]
- Request a check
Yes, CIT Bank uses layers of security to protect your funds. It has anti-virus protection, firewalls, and 128-bit Secure Socket Layer encryption.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Savings Connect - 4.20% APY
- Earn 9x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Savings Builder - 1.00% APY
Earn up to 1.00% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
Earn 9x National Average
Save smart and earn 4.20% APY at CIT Bank, a CreditDonkey recommended partner.
- Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - Discover® Online Savings:
$200 Cash Bonus - CFBank National Association:
High-Yield Savings Account - 4.50% APY - InRoads Credit Union:
High-Yield Savings Account - 4.45% APY - Dayspring Bank:
High-Yield Savings Account - 4.45% APY - DR Bank:
High-Yield Savings Account - 4.42% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.36% APY - The State Exchange Bank:
High Yield Savings Account - 4.35% APY - Mission Valley Bank:
High Yield Savings Account - 4.26% APY - First Community Bank:
High-Yield Savings Account - 4.22% APY
Long Transfer Times
ACH transfers between bank to bank may be held for up to 5 business days. Checks deposited to your account may be held for up to 7 business days.
Solution
If you need to deposit or transfer funds between your CIT account and another one, make sure you give yourself plenty of time. Since funds can be held for up to 5-7 business days, that could be as long as 9 total days. Initiate the transfer long before you actually need to use the money.
Minimum Deposits for CDs Are High
You need at least $1,000 to open a CIT CD.
Solution
Interest rates are highest on CIT's 13-month and 18-month CDs. If you want to tie your money up longer than that, you are better off taking the shorter term and renewing the CD or going elsewhere.
CIT Bank does offer an 11-month No Penalty CD, which offers a competitive interest rate and the ability to withdraw your funds penalty-free if you need them before the CD matures.
CIT Bank Term CDs - Up to 3.50% APY
- Up to 3.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 3.00% APY |
| 1 Year | 0.30% APY |
| 13 Month | 3.50% APY |
| 18 Month | 3.00% APY |
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
CIT Bank No Penalty CD - 3.50% APY
- 3.50% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
CIT Bank Jumbo CDs
- Up to 0.50% APY
- $100,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
48-Month CD - 0.50% APY
- Western Alliance Bank:
High-Yield CD Rates - Up to 4.05% APY - SkyOne Federal Credit Union:
1-Month High-Yield CD - 4.50% APY - Technology Credit Union:
5-Month No Penalty CD - 4.25% APY - American First Credit Union:
12-Month High-Yield CD - 4.00% APY - Blue Federal Credit Union:
9-Month No Penalty CD - 4.00% APY - Freedom Bank:
12-Month No-Penalty CD - 3.75% APY - Quontic:
CD Rates - Up to 4.45% APY - Discover Bank:
1 Year CD - 4.10% APY - Consumers Credit Union:
9-Month Super Jumbo CD - 4.75% APY - mph.bank:
60-Month Callable CD - 4.42% APY
You Can't Write Checks
CIT's eChecking account does not allow you to write checks. Even if you get 3rd party checks, all checks written payable against your eChecking will be rejected by the system.
Solution
Even though you can't write checks, there are a number of other ways to pay. The checking account allows for online bill pay to vendors. You can also easily transfer money to family and friends through Zelle.
- Bank of America Advantage Banking:
$300 Bonus Offer - U.S. Bank Smartly® Checking:
Up to $450 Bonus - HSBC Premier:
Earn Up to $2,500 - Chase Total Checking®:
$300 Bonus - Discover® Cashback Checking:
Up to $30/Month Cashback - Quontic:
High Interest Checking - Up to 1.10% APY - Fifth Third Bank:
Personal Checking Account - $300 Bonus - KeyBank:
Key Smart Checking® - $300 Bonus - Upgrade:
OneCard with Rewards Checking - $200 Bonus - Consumers Credit Union:
Free Rewards Checking - Earn Up to 5% APY
Need Large Balances to Earn Advertised Interest Rates
CIT Bank's interest rates work in tiers for the Savings Builder account. You can earn the "top tier" interest rate if you keep a balance of $25,000 or more.
If you have less than $25,000 when your account is "evaluated" (the same date each month), you earn the lower tier interest rate. However, if you make a minimum $100 deposit each month, that also qualifies you for the higher interest rate.
Solution
If you want the highest APY with fewer restrictions, CIT's Savings Connect is the best option. There is no monthly deposit or minimum balance required to earn a high 4.20% APY on your entire balance.
CIT Bank Savings Connect - 4.20% APY
- Earn 9x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Bottom Line
CIT Bank offers benefits like a higher-than-average earned APR. But understand the common complaints—and how to address them—before deciding if it's the right bank for you. Don't forget to read our reviews
References
- ^ CIT Bank. CIT Bank Schedule of Fees, Retrieved 01/29/24
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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