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CIT Bank Reviews

Average Rating:
Based on 46 reviews

Worst Technology In The Industry

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.


Opening A CD Account

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!

New Saving Account

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.

You Can Now Make Online Transfers (ACH Electronic)

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...

Opening A CD With CIT Bank Requires A Lot Of Patience

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.

Unbelievably Bad Customer Service From CIT Bank

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".

Avoid This Bank

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.

A Fool And Her Money Are Soon Parted

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.  

Very Easy To Open 2 New Cds, GREAT Rates!

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!

CIT Bank - One More Hassle

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.

This Bank Is The Biggets Fraud Ever

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 . 


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

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

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:




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).

CIT Bank Savings Account Opening

I do read the reviews of a bank or credit union before opening an account, with the understanding that I am only hearing from one side of the fence. I use the reviews as a guide but they do not normally make or break my decision to open an account.
So I was bit hesitant about opening an account with CIT Bank due to a lot of negative reviews. Did not encounter any issues during the entire opening process. Their customer service even got back me in timely fashion to a couple questions. After the initial fund transfer to open the account I added a bank to transfer more funds. The test deposits were made and approved and I transferred more money into the account.
Most of the negative comments I read are not recent so maybe they did some internal cleansing to address the complaints.

Unbelievably Awkward To Transfer Money From Your CIT Account

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!

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.


Two Concerns

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.

Old Fashioned - And Not In A Good Way

I've had online savings accounts since 2004 and I have never had such a disappointing experience with an online bank as I've had so far with CIT.  I am always willing to compromise some expectations for some perceived benefit (an apparently higher interest rate) and I  thought the complaints about their clumsy website and outdated methods were overblown.  Boy, was I wrong.  It's downright awful, not to mention SLOW and cluttered.  After I completed the application process, I searched for a way to transfer additional funds into the account:  Surprise!  THERE IS NONE until you call someone on the phone to ask for the Transfer feature to be added.  (Yes, even after opening the account with an online transfer from an online account!) What's worse, they said it would take two additional days to have the feature added to my account.  Fine, I'll wait.  But lo, two days later, I check my account for the transfer option, and they say that I need to maiil a copy of my driver's license in?  I waited two days to be told this??  Seriously, they are stuck in the 70s with this kind of service.  I am seriously considering kicking them to the curb and finding another online bank to keep my emergency fund in.  Do I really want to go through this kind of old-fashioned rigamrole when I need to access my emergency funds??  Will I have to make my request by fax or a telegram or something?  I wish I never opened the account.

CD Accounts

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

Atrocious Bank

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.   

No Problems Since Account Opening On 8/31/12

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

Web Site Is Gone

I'm such a big fan of having my bank's entire web site completely disappear.  Going to 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...

Is There Anyone Alive At This Bank?

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 Has Some Of The Worst Service Around.

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. 

I Had No Problems Opening Up An Account And Am Getting The 1.05 Rate.

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. 

BEWARE Of Identity Theft With CIT Bank

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.


Savings Account Has A Good Rate

After reading the reviews I was concerned. I went ahead and left ALLY and came to CITBank. Over all the experience has been fine. The customer service answers quickly and handles everything I through at them. You have to get them set a lot of stuff up if you want to use it. No biggy. My only complaint is that you cannot export in Quicken format from their website. I did not know that when I signed up but the rate of .95 is worth the hassle. I would recommend them in the long run.

Amazing Disappearing Rates

Aside from the poor service, no mailed statements, and 1950's style online reports . . . an axe has been taken to their rates.  Began my account in November 2012 with a rate of 1.05%.  Rates have fallen to .846% through June 2013 (over 20 basis points)!  Of course, no notification of this critical information is made available to their investors.  Time to begin the search for a more stable banking institution.

Opening An Account Was A Smooth Process

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 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.

Great Bank To Have An Account

switched to CIT Bank in the last 5 years ago, and haven't entered a bank since. Couldn't be happier.

Free checking and savings accounts, easy online access, and I love mailing my checks in (using prepaid envelopes) rather than going to a bank to deposit them.

I've also used other features.. Their online interface is slightly more user-friendly, and they make it very easy to set up different accounts for different savings goals. However, you still need a brick and mortar bank to use ING, because they don't accept deposits. Ever bank supplies you with pre-paid envelopes to send in your checks.

Website Availability

I have had some difficulty accessing my account on their website. They need to do a better job of keeping the website functioning outside of the regular periods where they do maintenance. The phone representatives are helpful.

Poor Customer Service

From 1 to 5, I am rating this bank 2 based of poor customer service and lack of efficiency for banking-on-line. Every time I called the bank I feel like I am in conversation with a grocery store rather a bank. I even submitted to close my account but they didn't process my request over the phone and asked me to fax the request which I did - but they never processed my request ... It seems to me they are a very small and unorganized business on a large network. I hope they make it.

Savings Account

Opened a savings account. Initially I was quite surprised with the primitive technology, but overall, it is completely functional. I wouldn't ask for much more when they are paying 1.05%. If they decide to invest in technology and customer service, I plan on doing more business with them. At this point, it is a great place to stash the cash.

Citbank Internet Site

We have opened CD's online at several internet banks and never encountered the problems encountered at CIT Bank. We have opened three Cd's and two involved a hassle. I have had to cancel two other attempts since our applications were suddenly terminated after nearly completing them. When the application is "completed", the prompt asks all kinds of questions, presumably to identify you. During my latest attempt, I was prompted to put in the number of bedrooms in our house. I was quite sure this had a good chance of leading to problems, and I was right. When I answered "4", I was immediately logged out. I guess CIT Bank thought we had either 3 or 5 bedrooms. I am very concerned about problems that might arise when our CD's come due, and I cannot recommend this bank.

Best Bank Ever

I have invested money for both myself and my Mom with CIT bank. Why would anyone put their money anywhere else? Their rates are the highest by far. I have had no trouble with customer service - I do everything online - but even if I did I can't imagine putting my money somewhere else just to get a quicker answer to my phone calls! What matters most they do BEST.....return on the money!

Excellent Services

I opened a CD as a new customer about 1 month ago. Absolutely no problems. Initial set-up, transfer of funds and subsequent logging on have been straightforward and problem free.

Beware Of CIT Bank Policy On Power Of Attorney

Opened an account. Got an email about Power of Attorney Policy change. Closed the account. If you expect your attorney-in-fact, as set up by a Power of Attorney, to be able to access your funds if you cannot, BEWARE.

Apparently their old policy was not to accept them at all (unbelievable!). Now it is very onerous at best. Find another bank.

Best Rates, Learning The On-Line Banking Business

You cannot beat their APY for $25k savings. Right now it's 1.05%. No one gets close.

On the downside, they are just gearing up and as of June 2012 have a system in place for on-line linking of accounts. Their transfer limits are generous too. You can tell they sincerely want your business and will eventually clear up any misunderstanding, though it has been slow in the past.

Great Bank To Have An Account - Very Happy With The Service

switched to CIT Bank in the last 5 years ago, and haven't entered a bank since. Couldn't be happier.

Free checking and savings accounts, easy online access, and I love mailing my checks in (using prepaid envelopes) rather than going to a bank to deposit them.

I've also used other features.. Their online interface is slightly more user-friendly, and they make it very easy to set up different accounts for different savings goals. However, you still need a brick and mortar bank to use ING, because they don't accept deposits. Ever bank supplies you with pre-paid envelopes to send in your checks.

Online Service

On Sept 5, 2012 I opened a Savings account with this bank and made a ACH transfer of funds from another institution.

I was told that I would receive an email confirmation and log in instructions, this never occurred. I had to call several times to get log in instructions, setup passwords, ID, etc. While the service rep was polite, the first two were not helpful at all. It took 5 tries over a 2 day period to set up my account.

After my initial deposit was made, I wanted to transfer additional funds from the same account where my opening transfer came from. But no, I was not allowed to make another deposit from this same account online. I had to do this via telephone call, how stupid is this ????

Then I wanted to link an external checking account with this savings account, but I could not do so because my MAC PC (bought 4 months ago) cannot access their online transfer setup. I think this bank is 50 years behind times.