Thursday, August 23, 2012 - 3:48 PM
New Saving AccountCIT Bank
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.
1 posts since
Aug 23, 2012
Rep Points: 27
1. Monday, August 27, 2012 - 5:42 AM
Thanks a lot for sharing your experince with us and its really good thing. In future, its helping for me.
2. Wednesday, November 21, 2012 - 4:30 PM
I wish I'd read your post beforehand. My experience was eerily identical to yours. I cannot believe I put my money in this bank and cannnot wait to move it elsewhere.
2 posts since
Nov 21, 2012
Rep Points: 13