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CIT Bank Reviews

Average Rating:
Based on 80 reviews

Worst Online Bank

Posted by: stuartk | May 20, 2016

It's real hard to withdraw your money at cit bank. My other 3 online banks sent my money the same day. Ive been trying to get my money by overnight check for 3 days. They lie to you when you call customer service. I cant believe they have not been shut down.

CIT Bank Transfers

BEWARE THIS BANK!! Would not transfer my money to my local checking account!! I decided to try CIT bank because the interest is so much better than local banks. Recently, I had a couple of large payments due in a few days for which I didn't have enough money in my local bank account. So I put in a transfer request from my CIT account to my local account. The transfer said "successful" and I had a confirmation #. The money never got transferred to my checking account so I went back to my CIT account and the transfer had been inexplicably cancelled even though I had more than sufficient funds. I quickly put in another transfer but it was too late to make it to my checking account in time and so my account was overdrawn and resulted in fees. Upon contacting CIT, they could not give me a satisfactory reason as to why my transfer never occurred even though I got a confirmation # and said they would not reimburse me my local bank fees. I have closed my accounts and will stick to my local bank in the future. VERY UNPROFESSIONAL bank and not worth the better interest rate! AVOID this bank!!

Atrocious Service

Posted by: Sylvia | Mar 9, 2012

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.


Worst Technology In The Industry

Posted by: dcust | May 17, 2012

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

Posted by: seim | Mar 2, 2012

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

Posted by: tjs91326 | Aug 23, 2012

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.

Negative Experience Trying To Open An Account

Posted by: mnfriedman | May 2, 2016

In completing the online application for a cd I made a one digit error in entering my wife's ss#. Instead of allowing me to correct the error CIT insists that I send a copy of my wife's ss card. I do not fell comfortble in maiing or faxing this.
The fact that CIT somehow recognized the error means that they could also check out that the revised number is correct but choose not to. If CIT is this difficult to deal with when I'm trying to open an account and give them money I do not want to have to deal with it if a real issue arises.
I'll find another bank.

Online CD Application Was Easy. Good Followup.

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.



CIT Bank

Posted by: zboy | Aug 25, 2015

CIT Bank has better rates for their savings accounts than most banks I've held accounts with. Though they are an online bank, they have better customer service than brick and mortar banks I've been to. Rather than waiting in line for hours, only to see a representative that quite obviously doesn't care about your account unless you're also using their investment aspects, CIT Bank representatives have always been quick to reply and help me. Whether I had an issue or wanted a quick question answered, calling CIT Bank always gave me a quick answer without having to wait in line or be on hold for ages. Their online and mobile access was also far more accessible to use than other banks with better security. When I lost my password they went through a rigorous check to make sure that I was the account-holder. I felt safer knowing that only I would be able to satisfy the requirements to get my password from them. Many other banks just have you answer one or two questions like, "What is your mother's maiden name?" Those questions are easy to find and do not protect you as much as the background checks CIT Bank does.

CIT Bank Savings Account Opening

Posted by: FAR | Mar 4, 2014

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.

Avoid This Bank

Posted by: wongm | Mar 26, 2013

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.

Another Online Banking Irritant

CIT invalidates the security questions and responses every six months and requires new and different ones be established EVERY SIX MONTHS. Since I only have CDs with them, I don't need frequent access to their website. Thus it seems like every other time I try to log in, I am blocked from access until I comply with their updating requirements. I appreciate that financial institutions are attempting to upgrade their internet security, but this is ridiculous. Security questions/responses are not what is being hacked, as far as I know. And, the drop down menu of preselected questions is a joke (on most all sites, too) but even worse when you have to select new ones.
I have only rolled over my CDs, so I have no experience on getting my money back out. As others have stated, the website design is odd and a bit cumbersome. So my comments are all about the website and not other operational aspects.

Preferred Choice for Savings

Posted by: Chenrezig | Aug 26, 2015

I have had a savings account with CIT for years. When I first opened the account, they had the best rate available. I did pretty extensive research, and they were far and away the best for my needs. I liked the history of the bank, and it sounded like they even supported good causes. But mostly it came down to the high rate. I didn't have to pay any fees, and could withdraw as much as I needed at any given time without penalty. The website is very secure (almost too secure at times!) They require several safeguards, and if you do anything their algorithms consider out of the ordinary, it might even kick you off! I had that happen once or twice. But I considered it a blessing because it decreased the likelihood someone would be able to hack my account. For an online experience, the customer service was also great. Though the interest rates have dropped significantly, it's still a competitive choice. I highly recommend this bank.

Quit The Whining...

Posted by: pilot223 | Feb 12, 2015

If you have a decent credit rating, and aren't an "identity thief", this is a great online bank!!! They reward current, loyal, customers with "higher than advertised" CD rates, etc. In my opinion, anyone who complains about this bank is angry because at BEST, the person has a dismal credit score, and at WORST, they are scammers!

Bank on CIT

Posted by: Austin14 | Sep 29, 2014

CIT Bank, not to be confused with Citi bank, is one of the best FDIC insured online banks I have been able to find. I originally opened a savings account a year ago with a $25,000 deposit and I qualified for a 1.00% interest rate! The rates at this bank are far above many of the popular banks such as Chase and Bank of America. If you have at least 25k in your account you qualify for the larger interest rate, anything below 25k is .05% less interest rate, which isn't bad.
The site is well maintained and easy to use and the interest is added up every day and deposited monthly. It's nice to see how you money is growing everyday. Wire transfers are simple, as well as connecting all your accounts to your CIT account. The only downside is your money gets tied up for a few days when you transfer. But there's a price to pay for the security of your money and this is well worth it.

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.

Non User Friendly Web Site And Horrible Service

I bought a 2 year cd when I opened the account and when I tried to add another the web site would not let me. Tried to call customer service and could not get beyond someone trying to get me to sign up for a gift card. I am worried about my money that went to buy the original cd

You Can Now Make Online Transfers (ACH Electronic)

Posted by: gmo79 | Jun 6, 2012

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...

So far so good

Posted by: Backwoods | Dec 16, 2014

Recently opened a savings account with CIT and it was pretty painless. Their interest rate is competitive, not the best but far from the worst. They are very nice over the phone and really didn't come off as to busy or at all impolite. This is a real selling point for me because usually in todays market customer service is one separates the good from the bad. It also makes issues a lot easier to understand when you aren't blamed for them. Luckily I have yet to have any issue to really need customer service, which is a good thing also. Of course I haven't been with them long so hopefully I can report back later if this changes.

The online website is very nice on a desktop computer or laptop. I haven not used it on a smartphone as of yet but I would suspect that the quality would remain there also.

CIT Bank - One More Hassle

Posted by: Fukowi | Apr 23, 2013

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.

my mistake. They were not open on Columnbus da

Posted by: liuxinx | Oct 8, 2012

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.

Been a member for a few years, could use some changes.

Posted by: Billy1980 | Jan 11, 2016

I really enjoy banking with this bank, primarily because it's been so easy to do online banking and banking from abroad. However, I feel like their fees and customer service could use a little help. I would like to see the fees correspond to competitors fees more closely as well as have more knowledgeable staff working.

I think it's safe to say that nearly everything else with this bank is great. Using the online interface has been really simple and easy. It's interesting to note that even though I have not been with them all that long, I've still had the change to work my way through their system and really get used to their features. The online system is just amazing at ensuring people understand how to navigate to a certain section.

All in all, I would recommend this bank to those looking to bank simply and confidently in America.

.5% Bump Over 1.25% Rate

Posted by: Sperry8 | Jun 8, 2015

I received a 1.3% APY for opening their RampUp Plus CD acct - which is .5% over their advertised 1.25% APY. Opened right online (I previously had an online account with them at the 1% APY). Easy peasy.

Nightmare With Wire Transfer Out From CIT Bank

Posted by: dakkars | Aug 4, 2014

Nightmare with Wire Transfer out from CIT Bank. I initiated a wire transfer following their exact instructions to payoff my loan. Little did I know, they initiated a verification of all my available funds in account and started contacting all my bank from where I had done ACH transfer using CIT portal after going through Trial deposit. My wire transfer was not processed on the same day. Of course, all of this was done under the pretext of my own safety, security and fraud prevention. Just FYI : to stay away from this Bank. Needless to stay I am less inclined to do future business with this bank.

Do Not Care

I am a little upset with CIT currently. Over this past year, I have slowly but gradually seen this company change. What was once a big bank who made you feels as if you were dealing with a small bank is no longer prevalent.
Lately, CIT has failed to process payments efficiently. I do understand this also ties into how a merchant processes a payment as well. But CIT should find a more proficient way of handling this, especially when items remain pending for a long period of time. This puts me in a uncompromising situation concerning my account and I am now being charged repetitive fees like T.D BANK. If I am going to have to put up with the same inconsideration for its customers like T.D BANK, what is the point of staying with your bank? Charging someone more than one fee does not help them, it hurts them.

This Bank Is The Biggets Fraud Ever

Posted by: snain | Nov 15, 2012

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 . 

Terrible Bank

Posted by: afoster | Nov 10, 2012

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. 

Unbelievably Bad Customer Service From CIT Bank

Posted by: bmpajor | Nov 2, 2012

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".

Savings Account Has A Good Rate

Posted by: GEO | May 20, 2014

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.

Old Fashioned - And Not In A Good Way

Posted by: Moneygal | May 24, 2013

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.

A Fool And Her Money Are Soon Parted

Posted by: C001 | Nov 21, 2012

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.  


Posted by: adfundum | Nov 14, 2012

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.

Unbelievably Awkward To Transfer Money From Your CIT Account

Posted by: redwolf | Jan 19, 2013

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.

Atrocious Bank

Posted by: CAboy | Dec 7, 2012

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.   

Applied To Open A CD And They Want My Social Security CARD!

Posted by: dukebruno | Dec 21, 2012

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.


Concerned About Potential Fraud

Posted by: RLO1970 | Nov 8, 2012

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



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).

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!

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

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.

Two Concerns

Posted by: ltdc | Sep 18, 2012

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.

Web Site Is Gone

Posted by: veerob | Nov 18, 2012

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...

Is There Anyone Alive At This Bank?

Posted by: 440 | Nov 16, 2012

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! 

Amazing Disappearing Rates

Posted by: Stevie | Jul 31, 2013

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.

CIT Bank Has Some Of The Worst Service Around.

Posted by: lucy | Nov 13, 2012

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. 

Opening An Account Was A Smooth Process

Posted by: rbadd1056 | Mar 2, 2013

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.

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

Great Bank To Have An Account

Posted by: Prakashrs | Jul 2, 2014

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.

BEWARE Of Identity Theft With CIT Bank

Posted by: WORRIED | Dec 12, 2012

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.


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. 

Competitive rates and good web interface

Posted by: Tian | Dec 17, 2015

Overall this bank is great as a way to store your money at competitive rates. I only had experience with the online savings products as I like the higher interest rates that its competitors. In terms of location and ATM access, I think your local bank or a larger branch bank is more appropriate for day to day use as it allows for free ATM access. This bank currently has a rate of 1.05% on its savings products while similar competitors like AMEX has .90%, Ally with 1.00%, and Capital One 360 with .75%. So overall, it has a much higher rate and does what it's supposed to.

CIT Bank's CD Account

CIT Bank is an online banking vehicle I began to use two months ago when I was in search of a little more return on my money than my local bank was giving. CIT Bank advertised a Jumbo CD account detailing that I could receive up to 2.35% APY on my money. Since I am the type of investor who is looking for a little growth and much security to my money as I near retirement age, I felt the CIT Bank's CD rates were competitive enough, and would still lend me peace of mind that all of my money is not allocated in risky investment vehicles. I've only called customer service once and the woman I spoke with was friendly and helpful when I hit a glitch online setting up my account. My interest rate on this account is compounded daily, FDIC-insured, and allows me to manage my account online pretty easily. There were no monthly account maintenance fees or fees to open up the account at all, however, there is a minimum balance requirement that must be met and a time requirement to receive the 2.35% APY which I'm glad I was able to meet.

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

Posted by: Prakashrs | Jul 2, 2014

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.

Good overall

Posted by: rfscotland | Nov 5, 2014

my experience with CIT bank was overall very positive. The people who I dealt with on a daily basis were extremely professional, courteous, and genuinely wanted and appreciated my business. My only complaints are as follows. It felt like I was strictly a commodity and not an essential asset in growing their business. When I presented my account and my offer, I was met with a very nonchalant vibe towards my expected growth and capability. I feel that if I had been treated more fairly, I would continue to do business with this particular bank. I feel customer service should be the number one priority at ANY financial institution, and CIT Bank did not fulfill this requirement for me. Overall, I would still rank this bank a 3 out of 5, for their excellent rate options and overall financial plan.

Poor Customer Service

Posted by: benkasy | Sep 25, 2013

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.

Generally Good Bank


Memorable banking experience

Posted by: KP | Oct 28, 2015

I joined CIT bank services and opted for savings account with them. I chose savings account which falls under tier 2 category . It was very apt for my needs as it provided good interest rates as compared to other competitors. Its website is very user friendly to use and also their replies are prompt . They take time to resolve your queries to your satisfaction . I observed it in the beginning when I had some problems setting up my account . I was always updated of the proceedings and everything got resolved in a timely manner .Their is no maintenance fee which is a highlight . This is highly useful as I run a small scale business with high sales volumes at times . During those days it gives me good returns which I use during non sales season. I was very delighted by their services. Its worth recommending to family and friends. I have had no complaints with them what so ever . They have always helped me during any issues and made me feel valued as a customer.

Citbank Internet Site

Posted by: Anonymous | Aug 31, 2012

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.

Good Savings Bank

Posted by: VanessaO | Oct 2, 2015

When I first opened the account, they had the best rate available. I did pretty extensive research, and they were far and away the best for my needs. I liked the history of the bank, and it sounded like they even supported good causes. But mostly it came down to the high rate. I didn't have to pay any fees, and could withdraw as much as I needed at any given time without penalty. The website is very secure (almost too secure at times!) They require several safeguards, and if you do anything their algorithms consider out of the ordinary, it might even kick you off! I had that happen once or twice. But I considered it a blessing because it decreased the likelihood someone would be able to hack my account. For an online experience, the customer service was also great. Though the interest rates have dropped significantly since the golden days, it's still a competitive choice. I highly recommend this bank.

Horrendous Customer Service

made a mistake w wire transfer, they charged me $40 to return the money to my account! unbelievable! Tried to see if they would refund the fee as courtesy, but to no avail. Will not be ding business w this bank ever again... Account closed immediately! PS If I could give 1/4 star I would!

Savings Account

Posted by: Anonymous | Oct 4, 2012

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.

Best Bank Ever

Posted by: Anonymous | Jul 7, 2012

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!

Really good so far

Posted by: JulieJews | Aug 22, 2015

Recently opened a savings account with CIT and it was pretty painless. Their interest rate is competitive, not the best but far from the worst. They are very nice over the phone and really didn't come off as to busy or at all impolite. This is a real selling point for me because usually in today's market customer service is one separates the good from the bad. It also makes issues a lot easier to understand when you aren't blamed for them. Luckily I have yet to have any issue to really need customer service, which is a good thing also. Of course I haven't been with them long so hopefully I can report back later if this changes. The online website is very nice on a desktop computer or laptop. I haven not used it on a smartphone as of yet but I would suspect that the quality would remain there also.

Website Difficult To Deal With

Posted by: ymnpggx | Oct 10, 2014

As has been noted, the website is not at all user friendly, unless, perhaps, you build databases or do data queries in SQL for a living. On top of that, you must have pop-ups unblocked and there are some aspects of the site that don't seem to work on Chrome. Now, the people I've talked to have been very courteous - although, I've gotten different answers to the same questions from different reps. The good news is that their rates are a tad higher than other places and they're FDIC insured. Maybe they take what they save on web design and devote it to paying interest - although, I think they lose any savings due to customers having to call their help line. Is it worth it? That's your call.

Great Bank & Awesome Service

Posted by: seb9406 | Aug 4, 2015

Customer service is super helpful and never a wait time when you call. Great rates and am perfectly happy with this bank. Recommend to anyone looking for high rates on CD and Savings accounts. I find their IOS app to be completely straight-up and easy to use. I've integrated CIT Bank's information to my mint.com and other personal PC software. I do not expect any issues there. I give them a 10 out of 10 so far!

CIT Is A Good Online Banking Option

I was initially reluctant about this institution. A colleague recommended this bank while I was searching for institutions that provide personal banking service and opened an account. Currently I am also using their term CD service and also have a personal saving account in this bank. Having been a Bank of America customer for many years, I found CIT's customer service superb compared to BOFA, they provide a truly amazing customer experience and I would highly recommend them to everyone.

On the other hand I do have certain issues with CIT's online services. Many other banks provide much better online experience compared to CIT. I do not understand why they are lacking on this issue. Both their website and the mobile app feel like it need an overhaul and brought up to date. Bank of America was superior to CIT in comparison. This is particularly important for me considering I use these services quite a bit.

Just what I was looking for

I was looking for a CD account to put some money in for my son. I've heard of programs that offer the college fund accounts, but I wanted to have the option to use the money for whatever I wanted whether it be college, a school trip, school clothes whatever. I also wanted to sit on it and have it grow interest. My child is 4 years old so I don't plan on the money being used for a while. I did some research and found that CIT Bank had one of the best rates for CD accounts at about 2% at the time. So I went through their enrollment form and transferred the money from a different credit union bank to the CIT Bank. It literally took less than 48 hrs to have the money transferred and I setup the account for 5 years. I have already earned more money per interest than I have with my own personal Money Market account and a CD account I had years ago. I'm happy with my decision and may look into doing the same for myself with some money I don't want to touch for a while.

Better than the others

I was looking for an online bank due to the fees at my bank. I did a lot of research and read several reviews before settling here. What won me over was the customer service. When you call, you get to talk to a real live person who was able to answer all of my questions. Navigating the online banking was easy. A concern I had after becoming used to my bank's way of doing things. So far, I have nothing go wrong and I am sure that if I did, I will be able to reach a real person to help me.

Best Rates, Learning The On-Line Banking Business

Posted by: Anonymous | Jun 30, 2012

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.

Excellent Services

Posted by: Anonymous | Apr 30, 2012

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

Posted by: Anonymous | Oct 17, 2012

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.

Excellent customer service!

Posted by: Billynlex | Mar 18, 2015

I've been really excited to have been a member for over a year now. I honestly have to say the customer service experience I have received has been of top notch quality. In specific, a few weeks ago I had a problem with a potential overdraft that came up. Luckily for me, they had their best representatives on the line when I called who assisted me in sorting out the problem nearly immediately. In addition to the polite, quick help I received, I was allowed a waiver as this was my first time with the problem and had maintained a good relationship moving up to this point. To me, customer service and a willingness to throw in a hand and help out when possible on the banks part is very important- and in all of these areas, they have exceeded my expectations. I'll be a customer for a long, long time.

Online Service

Posted by: Anonymous | Sep 8, 2012

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.

Don't be afraid of an on-line only bank

Posted by: Valgal | Feb 24, 2015

CIT Bank popped up in a search of best on-line CD rates back in 2008, before the economy tanked, and I invested in one CD with them and have been happily reinvesting in bigger CD's at CIT Bank ever since. When the feds were foreclosing on some banks back then, CIT got taken over for a short time and I feared losing my investment - but everything was fine and completely intact. They have great CD rates - so competitive perhaps because they are on-line only, with no bricks and mortar banks to pay for and staff - so sometimes less really is more for the consumer. You'll be hard-pressed to find better interest rates. Equally important, the customer service is good and they respond to requests quickly. They've hung in with me through moves to several states. Once they let me switch to a 2-year CD to get a higher rate even though I'd already locked it in as a 1-year. They even helped me out last year when I bought a house and needed a special document from CIT for the mortgage approval - they went above and beyond. One tiny matter: their Web site, once you're inside your account, is a bit slow and clunky and not as slick as those of big retail banks - but it's secure and reliable. Overall I heartily recommend CIT Bank and give it a thumbs-up.

Competitive CDs at CIT Bank

I have been with CIT bank for nearly three years now and I have really enjoyed their Jumbo CDs. They have a pretty full offer from Term CDs which are generally for short term but offer a good rate of return even for the quick turnaround of 6 months. I prefer their jumbo CDs however, while they have a higher minimum limit they pay more over the short and mid-term than anything else. However I have also got a Term CD for 5 years with them which requires just 1% of the minimum balance to open an account as a Jumbo CD but only a tenth of a percent less over the 5 year period in earnings.

CIT's customer service is really quite good too; several times I had questions that most banks would have referred me to a FAQ or site. As a new investor and more importantly as a first time banker with CIT I was given exceptional service and information that went far above and beyond what I have come to accept as normal with most other banks.

Great bank for someone new

Posted by: VDiltz16 | Jan 13, 2015

When I started my account at CIT I was very excited namely because it was my first checking account and I was so ready to start my new chapter with them. The only issue I had was when I had overdrawn my account by only a few cents and my transfer was a day late to reach the account in time to cover it. The first person I talked to was extremely nice and very frank but said she could do nothing about the huge thirty five dollar fee for me only going over by about twenty cents. I was very angry because I had sent thirty minutes on the phone only to be talked to for about three and flat out told there was nothing they could do for me. I called back and was thankfully able to have the charge taken off with the second call. Otherwise I do love the bank and they have a great mobile app. I have had them going on two years now and am still excited when they contact me with new information about services. The fees are a bit blown out of proportion and so are phone wait times however, I am always able to overlook this. I would definitely recommend this bank to others.

Inconsistent+Unhelpful customer service

Posted by: Faith2390 | Dec 16, 2014

I recently opened a CIT savings account because they boasted really great interest rates. However, within two weeks they changed the policy and the rates dropped. That was disappointing but not completely surprising. I didn't have any problems for several weeks after that, but then one day I tried to transfer funds into my account and was unable to. I decided to call customer service, figuring this would be an easy problem to fix.

I was on hold for 20 solid minutes before I gave up and decided to just send an email inquiry. I didn't hear back for three days, and when I did, they just said I needed to contact the other bank where I was trying to wire from. Shouldn't they have some lines of communication set up already? I thought that was very strange. I did follow through and call my other bank, who reported that they've had frequent issues in transferring funds to CIT and other online banks.

I'm contemplating just closing my account and transferring all funds back to original bank. CIT is okay at face value, but they really don't seem to have themselves together.