CIT Bank

Atrocious Service
- Sylvia - Friday, March 9, 2012 - 12:07 PM

As a new accountholder, I'm finding the service extremely poor, unprofessional even.  Here's the comment I posted in 2-Yr. CD thread on 2/24/12:

"I started process to open a 2-year CD on Monday, 2/20, in the amount of $85K.  On 2/23, CIT Bank withdrew the $85K from designated institution by ACH.  Ditto on 2/24.  CIT attributed mistake to a system error on their part, affecting 50 or so customers.  Also, the email that I should have received with directions for logging into my new account has yet to arrived.  I subsequently got the information when I returned their call to discuss the duplicate withdrawal.  I asked that they call Monday with status update on correction.  To date, I'm not filled with confidence about CIT's service."

CIT never called on Monday, as promised.  The following day, upon my formal report of the unauthorized debit, the other institution got my money back that same day.  At week's end, on Saturday, 3/3, CIT called to say they would ACH back a few days interest at start of the following week, Monday, 3/5.  It's Friday and there's no sign of that interest.  In my call to follow up, CIT said they would initiate ACH today.

The pattern seems clear:  There's no accountability or evidence of customer care.  When confronted, they say they're sorry; their actions woefully indicate otherwise.

Sylvia

Opening A CD Account
- seim - Friday, March 2, 2012 - 7:02 PM

Trying to open a CD account with CIT Bank has been an unnecessarily difficult and time-consuming process that still isn't finished!   If something in your background is even the slighest bit unusual, the bank's consumer research company isn't sophisticated enough to go beyond a yes-or-no answer, and the bank refuses to accept your application at this point.  The increasingly angry  customer must then try to satisfy the bank with more and more information sent in the exact way the bank prefers. Despite pleas to listen to an explanation that was extremely simple and comprehensible, CIT Bank has made no effort to expedite the matter.  We can't keep driving back to town to pay to have more information faxed to their satisfaction.    AVOID CIT BANK LIKE THE PLAGUE!

Worst Technology In The Industry
- dcust - Thursday, May 17, 2012 - 11:43 AM

For the record, I'd have given this bank zero stars but that is not an option.

A few days ago, I opened a cd and a saving accounts for the rates they are offering, but I'm extremely disappointed with this bank.

It turns out you can set up an external bank account for the intial transfer, but then you can't schedule or make any transfers online because their system doesn't handle that at this point. You need to call customer service and make the tansfers over the phone every time. Really??? This is 2012 people!!!! Give me a break! I'm used to managing all my bank accounts remotedly and doing all transactions online. So, this is not going to work for me.

Now, I want to close the savings accounts and transfer the money back to my old account. Well, there is a 10 business days hold on all new accounts, so I can't get my money back right now.

I'm stucked with the cd account for a year, but once it matures, I'm redeeming it and never ever again dealing with this bank.

Do yourself a favor and take you money somewhere else.

 

New Saving Account
- tjs91326 - Thursday, August 23, 2012 - 3:48 PM

I opened a savings account by ACH transfer. After CIT made the two small deposits and a corresponding withdrawal from my funding account, I didn’t receive the welcoming email with the next step of the confirmation process, so I had to call and confirm over the phone.

 

Next, I learned the password and email sign-in I used to open the account are only good for opening the account and then need to be changed after the confirmation process.

 

Next, I tried to transfer more money into the CIT account by ACH, but I didn’t have that option on my home page so I needed to call again so they could do some account resetting.

 

After that, I learned that I couldn’t make an immediate ACH deposit because all the information I provided for the ACH initial account set-up does not transfer over in CIT’s computer system so you need to do the two small deposit and corresponding withdrawal process A SECOND TIME!. How ridiculous is that? THE ACCOUNT HAD ALREADY BEEN FUNDED INITIALLY WITH MY ACH INFORMATION. After learning that, I had enough so I called again and asked that my account be closed. They couldn’t close it that day because they said a hold was still on the initial ACH deposit and the hold lasts five business days. It had already been six business days! They finally agreed to process the closing of the account the next day.

 

I have opened at least 10 online savings accounts over the years with various institutions and I have never experienced all the hoops, ridiculousness and incompetence that I have at CIT.

 

Better luck to you.

Online CD Application Was Easy. Good Followup.
- mochi_chin - Monday, March 26, 2012 - 2:57 PM

A month ago, I opened a 24M CD and the process was straightforward.

I had a call from the Customer Service a couple of days later to inform me that there might be an error in

processing the electronic withdrawal for my CD and that my external funding account may have been debited

more than one time.

The customer service agent from CIT apologized for the error and assured me that they will be working closely

with my external bank to correct the situation. She said that CIT will reimbursed me for any overdraft fees incurred.

I checked my external funding account but there was NO double debiting. Anyway, as a 

safety precaution, I called my bank to put a stop payment for 2nd funding. 

Today, I received a letter from CIT formally apologizing for their error although the processing error did not

actually happened. I believe they managed to contact my external bank in time to stop the erroneous withdrawal.

As a good gesture, they enclosed a check representing the interest earned during the period of time they held my

funds which is a FIRST in the industry.

Aong with that, a token sum of $25 as an appreciation for my patience and understanding while they tried to

resolve the erroneous processing. 

I really appreciate their effort in keeping customers happy.

CIT has one of the better CD rates in the market and being FDIC insured, I would not hesitate to open more CDs 

with them in the future.

 

 

You Can Now Make Online Transfers (ACH Electronic)
- gmo79 - Wednesday, June 6, 2012 - 8:37 AM

I opened a savings account this weekend, so far everything has gone VERY flawless and fast.  I was also able to set up ACH online (after my funds cleared, which took 2 days).

The customer service has also been very friendly (not sure why someone said they were outsourced?)

I'm the last person to write a review about something, but with the low savings rate available these days... I wanted to give CIT Bank some thanks.

I will be recommending this bank to others, lets hope that their rates stay competitive...

Unbelievably Bad Customer Service From CIT Bank
- bmpajor - Friday, November 2, 2012 - 6:12 PM

Warning!!! DO NOT do business with these people! Once they get your money, they do everything possible to prevent or delay giving it back. They deducted money from my account for a very large wire they were supposed to send, but then refused to send the wire. Later they said they had a two week hold on checks, but it was more than two weeks, and they still would not send the wire. I became very concerned that they were in financial trouble, and that they really were not able to wire out a very large amount of money. Before that, they told me they had the right to a 30 day delay, but I checked that out with another bank and was told that was not true. The wire was supposed to go out Monday, 10/29/12. But, they could not find the paperwork -- which they eventually did. Then, we were promised that it would go out Wednesday -- which it did not, and they did not tell us. On Friday, I spent the entire day trying to get them to send it. With much difficulty, they finally sent it very late afternoon on Friday. This ensured that I could not use that money until next week. Customer service people have little or no authority. It seems that they have a policy of delay which refers things to their business office. I left three messages with their vice president and he did not return those calls. I waited a full 15 minutes on their home office general line, but the receptionist was, "still busy with other callers". Only after I threatened legal action through another location did he answer the phone. I did finally get them to send the wire, but only after threatening legal action with a couple of people, and the matter was escalated to "the highest office". The extra 10 basis points of interest is definately not worth the time and the risk of dealing with this kind of organization. I will definitely close out my CIT account, because their delaying tactics and deceit have convinced me that they are either too arrogant and uncaring about their customers -- or much worse. I will not further risk the "much worse".

my mistake. They were not open on Columnbus da
- liuxinx - Monday, October 8, 2012 - 5:15 PM

It's one of my worst decision to open a saving account @CIT Bank.

Though they list a customer service phone number on their website, after you dial in and select the option to speak to a customer representative, you will listen to their office hour and be disconeected. I tried to call them during morning, noon and afternoon, I never got luck to talk to any live person.

I faxed them a wire transfer form on Sunday night, I would expect it to be executed on Monday, but it's not executed at 5:00pm on Monday.

I wrote them through secure message marked as urgent, nobody responds.

If there is 0 or negative star, I would gave them those.

Avoid This Bank
- wongm - Tuesday, March 26, 2013 - 12:13 PM

When my 1 year CD matured, I called and asked for the interest to be sent to me and the principle rollover to a 2 year CD. I waited for a week and checked my account on-line to see if my request has been processed. It has been almost a month and after 6 phone calls and several e-mails they have yet to get things right. The phone representatives are worthless. They are pleasant on the phone but totally ineffective at their job. I was denied from speaking to a supervisor or given a name I can address my grievance. If I could, I would like to close my account and take my money elsewhere.

Opening A CD With CIT Bank Requires A Lot Of Patience
- jameslmorrison - Saturday, January 19, 2013 - 2:09 PM

I currently have eight CDs at CIT. I also have a good deal of money coming due from traditional banks that offer .025% for renewals, so I am having those banks mail redemptions to my credit union money market account. Although it was painful to open the initial CDs at CIT originally, I decided to open more CDs with CIT because of their interest rates. First day: I entered all of my information and all of the sudden I was logged out and lost all of the data I inputed. I couldn't go through that process again until my blood pressure went down. Following day; Just when I was close to inputting all of the required information (except for a problem that required me to phone customer service), blammy: I was logged off again. I called customer service. The agent was able to locate the information I typed in but then had to ask security questions from my initial CD accounts. Fine. Then, to open the new CD accounts, I was asked for passport/drivers license number, social security card, and a utility bill with my address on it. I replied that I have passport scan on file that I can email as an attachment and that I am at the same address as when I took out the initial CDs. He replied that I would still have to send a copy of my utility bill showing my address. Blood pressure problem again. I replied that I would not complete the process and asked him to make a note to not renew the CDs I had with CIT when they matured, but to mail the checks to the address that CIT has on file for them. I have never had such a frustrating experience in dealing with a financial institution.

This Bank Is The Biggets Fraud Ever
- snain - Thursday, November 15, 2012 - 5:33 PM

I would give them a zero star if i could.

There online account is from 80s.

There customer service suskcs completely.

I want to close my account, and I am still not able to  transfer my money back . 

HORRIBLE, TERIBLE NO GOOD - DO NOT WORK WITH THEM
- adfundum - Wednesday, November 14, 2012 - 9:07 AM

I applied online and was going to deposit over $25,000 with them.  The account stagnated for over 4 months and then I finally noticed they made their verificitation deposits.  I called them 43 days after this and they said they closed my account because I did not verify.  They gave me no heads up and I was on vacation.  Customer service is useless and I was never able to speak with the acoount department.  Do Not trust them with your money there are hundres of better options out there.

VERY DISATISFIED, If I could give them less than 1 star I would.

Terrible Bank
- afoster - Saturday, November 10, 2012 - 12:05 PM

I transferred a large sum of cash into this bank. The interface is outdated and a joke for 2012. The company had to disable the transfer links on their banking account because it was "broken". I had to do a transfer over the phone twice, when i called back to check on this transfer they had some random account number which i never game them. Unprofessional and a pain to deal with. 

Concerned About Potential Fraud
- RLO1970 - Thursday, November 8, 2012 - 7:28 AM

I recently opened a savings account with this bank, however the process to do so and Web Sites have raised a flag:

1. The initial login process asks for the same information as when you set up the account (security questions, password).

2. The web site and emails direct you to 3 different URLs, not sure if they are all legitimate:

 - CIT.com

- BANKONCIT.COM

- NETTELLER.COM

I'm hoping that it is just a really unprofessional web site and not fraudulent, however it does not instill a great deal of confidence that my money is safe and I will probably transfer my money and close the account soon (althouth this seems to be a challenging process, based on other reviews).

Two Concerns
- ltdc - Tuesday, September 18, 2012 - 7:18 AM

I have hesitated opening an online savings account with CIT Bank. One concern I have is they are a small bank and are probably being flooded with cash with their high yields. They probably have a limit as to the amount of cash they want to raise. What then? Do they pull the rug out from under your account by dropping the rate? I've had a reasonable number of online accounts seeking higher yields throuhout the years. You can drive yourself crazy chasing the latest yield leader. Right now I'm sitting tight in American Express. Someone else posted about having to go through test deposits on two different occasions. Be careful of that one. It can trigger a penalty in an online account where you're limited to 6 transactions a month.

Very Easy To Open 2 New Cds, GREAT Rates!
- dancerinjade - Thursday, July 19, 2012 - 6:00 PM

I opened 2 CDs with CIT Bank and the process was very easy.  The transfer of funds only took a few days.  I can log into my account and see the interest I have earned so far.  I also love that with the Achiever CD  you can raise your rates once per term, so if rates go up I can lock in at the higher rate!  It is very convenient to use their online services when my local banks do not have rates nearly as high as CIT Banks.  I would highly recommend them!

A Fool And Her Money Are Soon Parted
- C001 - Wednesday, November 21, 2012 - 4:25 PM

I wish I'd done more due diligence before chasing after the great rate that CIT offered.  After two week, I have found my experience to be eerily identical to tjs91326 who sent in a review back in August.  I won't repeat what he or she said but I cannot believe I just put money into this bank.   I'm pulling it out as soon as they enable the transfer feature and going with Ally or Sallie Mae or something.  Their website is the worst technology for bank that I've ever seen and that includes local credit union.  I've have 2 other online accounts and was going to consolidate to this one with the higher rate.   Such a collosal mistake.  

CD Accounts
- citcustomer - Monday, February 18, 2013 - 10:13 AM

I had to contact customer service a couple of times, due to some errors i made. The customer servicerepresentive was extremely helpful and knowledgeable.

I couldn't have asked for better service

Unbelievably Awkward To Transfer Money From Your CIT Account
- redwolf - Saturday, January 19, 2013 - 9:50 AM

Setting up an account with CIT is relatively easy, but getting your money back is not.  Even though you are logged into a secure server with an account ID and password, they require verification of your identity (driver's license and bank statement) to set up a transfer facility.  This process can take up to a week or more, and adds nothing to bank security, but an unnecessary inconvenience to customers.  The customer service people don't seem to have a clue or care that this is a problem.  As soon as they set up my transfer button, I'm taking my money out.

Applied To Open A CD And They Want My Social Security CARD!
- dukebruno - Friday, December 21, 2012 - 8:58 AM

I went through the on-line process to open a CD. I provided all manner of personal information and provided security questions and answers.  Everything an identity thief would love to have but I understand that they need it.

After I submitted the application I received an email advising that documentation of my identify was needed. This was to include a driver's license or passport, a utility bill showing my residential address and...a copy of my social security card.  My SS Card is locked in a bank safety deposit box and there is no way I'm going to the bank to get a copy just to satisfy CIT's requirements.

I emailed back advising that getting the SS Card was a hardship and requested that they waive this requirement.

Response: Nope. The Patriot Act requires this.

Nonsense.  I've opened all manner of accounts on-line and NEVER has anyone asked for a social security CARD.

I instructed CIT to stop the application process.  They have all my personal information and, given the other comments on this board, I guess I'll have to keep my eye open for someone possibly stealing my identify.

JERKS!

Atrocious Bank
- CAboy - Friday, December 7, 2012 - 6:09 PM

This is truly an atrocious, incompetent bank, and no one should even consider banking here.  

My experience: I apply for a savings account.  My information is entered correctly.  I send in a check to fund the account.  Then they say that they have cancelled the account because of a descrepancy with a credit report.  Then I pay money to see my credit report.  My credit report is perfect, with the highest possible rating.  I call CIT bank to complain.   They have no idea what the problem was.   They would not take responsibility for their mistake, nor would they apologize.  Nor would they let me speak to the responsible individual who is making the mistake.  

Do not waste your time with this bank.   Find another bank.   

Web Site Is Gone
- veerob - Sunday, November 18, 2012 - 6:01 AM

I'm such a big fan of having my bank's entire web site completely disappear.  Going to www.bankoncit.com brings up a 404 Not Found error page.  None of the links work on the site.  I sincerely hope this isn't as bad as it looks...

CIT Bank Has Some Of The Worst Service Around.
- lucy - Tuesday, November 13, 2012 - 9:11 PM

I have to agree with all the negative reviews about CIT Bank.  The application process is extremely slow and most of the reps. I have talked with are somewhat helpful but have a bad attitude.  I've opened many online accounts and have not had the problems I've encountered with CIT.  I will be depositing my money elsewhere. 

No Problems Since Account Opening On 8/31/12
- futuresynthpop - Thursday, October 4, 2012 - 3:54 PM

Update: I opened my cit bank on 8/31/12 and have had no issue whatsoever.  I'm getting 1.05% rate. I've even called them on the phone and they were helpful.  Similar to experiences at AMEX.   So I have Ally, AMEX, and a dollar in Discover.  All are recommended by me.  Only issue with CIT bank so far is they don’t offer Quicken download.  But not a big deal.  They say its' coming soon.  I did transfer in from 3 banks and transferred out once.  All was smooth.  Gosh I hope we see rates go up.  Encouraging to see a little bump. It's so tempting to feed into stock market now. But it's hard for me to sleep at night when I do that.  With Romney performance last night, I just wonder if the stock market will take off next year if he wins.  I’m independent and I was amazed on how much Obama doesn’t know about the economy and economics.  I'm thinking about a monthly purchases to ease into this very diverse fund from T Rowe Price...T. Rowe Price Retirement 2020 (TRRBX) T ROWE PRICE RETIREMENT 2020 FU Fund Chart - Yahoo! Finance

I Had No Problems Opening Up An Account And Am Getting The 1.05 Rate.
- futuresynthpop - Friday, September 14, 2012 - 11:07 AM

I had no problems opening up an account and am getting the 1.05 rate.  I transferred all of my Discover Bank Balance.  I now have Ally, AMEX Bank and these guys.  Happy with all of them. 

ful
- jefftorkin - Tuesday, June 5, 2012 - 11:45 AM

ful:

BEWARE Of Identity Theft With CIT Bank
- WORRIED - Wednesday, December 12, 2012 - 10:25 AM

CIT bank is completely incompetent and I am concerned about the security of personal information.  I applied for a bank account, sent in a check.  Then I learned that they had shared all of my personal account information (including all of the information required to steal identities) with an outside firm, and they did so without my permission.  This is a set-up for identity theft.  

My advice, avoid CIT bank.  It is not worth the risk.  

I asked them to assure me that they would destroy all such information and make sure that the outside firm did the same.  Needless to say, they did not respond.

AVOID CIT BANK.   

Is There Anyone Alive At This Bank?
- 440 - Friday, November 16, 2012 - 3:24 PM

I have 4 CD's with this bank and I cannot find out the account numbers. I have tried to access my accounts to find the account numbers without any success. I have called during normal business hours only to get a recording which asks me to call during normal business hours, and then left a message on their recording for a call back, none ever received. I then tried snail-mail asking for the account numbers and included back-up documentation to prove I have the accounts, and never heard a word.

I am about ready to  make the drive to Utah or Mo. as thats the address on prior correspondence with them and shoot someone.

If I ever get the money back, it will go into my mattress before I trust any GD bank in the US again! 

CIT Bank - One More Hassle
- Fukowi - Tuesday, April 23, 2013 - 7:24 PM

This is the worst internet bank I have ever dealt with.  Their web site and procedures remind me of US Treasury Direct.  Chaotic and vague.  They are antiquated and it takes forever to make a deposit.  I shudder to think what its going to be like getting my money out of there when its so hard to put your money in.  Its not worth the extra .0000something.  Go to AAA/Discover or American Express - much better organized, easier and straightforward.

Opening An Account Was A Smooth Process
- rbadd1056 - Saturday, March 2, 2013 - 8:45 AM

I see the complaints here yet I did not have any negative experience with opening up an account at all.  I did need to call the bank once but no biggie.  You can check your account on-line at anytime by going to www.citbank.com and logging in.  Normal set up hassle that you might expect with setting up any on-line bank account was all that I expereienced.  Great rate.  Most banks suck anyway so I'm not sure what more anybody could be expecting.