| 5 star: | (69) | |
| 4 star: | (96) | |
| 3 star: | (46) | |
| 2 star: | (36) | |
| 1 star: | (156) |
I opened an account the other day and had money transferred from my main bank My CIT account now shows DOUBLE the amount it was supposed to have. There are 2 transactions listed - one transfer that resulted in a $0 balance and one transfer that resulted in the amount the account is suposed to start off with, but the total balance says twice what the amount should be.
The Cit Bank representative and bankers are all lack of experience , communication and knowledge. I called them since April for a refund, and they didn’t know the right way of how to proceed it. Every time they told you something different and tell you , you missed some info, after months and years, they tell you, you will get a refund in 3 days. Then later, oh you needed everything in hand writing, oh you missed a signature, oh the amount was incorrect. Oh you needed to re-upload documents. Come on, why you cannot tell everything what you needed all at once, now it’s September, you tell me I need to restart everything again when you told me I was going to get a refund in 3 days in May. Please train your staff to be professional don’t put your customers in a miserable life. If you can not help your customers, what are you doing all day at work? No purpose???
I am complaining about the lack of knowledge and communication of your employees, don’t tell me to call them, sounds very ironic.
Takes longer to initiate and complete a transfer and to post the funds than any bank I have used.
Very pleased with my call, I made a test call to see how long it takes to reach an actual person and to my surprise 2minutes exact. I spoke with Elizabeth, and she informed me about cit banks platinum savings account answered all my questions and concerns. I’m big on energy I can feel when someone doesn’t want to help me by the tone of their voice but she was amazing her tone did not change she guided me step by step through opening my new account. I’m excited for my first online bank. Only complaint is my bank was not listed on instant verification please add more banks
I applied for a platinum savings account. I was denied and was not given a reason as to why. I have never been denied when opening up a bank account. It concerns me that I gave them personal information that they asked for and then they denied me without a reasonable reason of as to why. It makes me wonder if they are legitimate. Use caution when sharing your information with this company. Don't make the same mistake I did.
Please check FDIC website as this bank shows institution closed when you look up if this bank is FDIC member. I don't think this is a trustable institution as they are advertising themself as FDIC member.
I just opened a new account and everything went very smoothly. I have no complaints. I suspect some of the negative reviews here might be the result of not having looked over the legal agreements that explain how things work at the bank. There are some delays in accessing deposited funds, but all the details are spelled out in the legal agreements.
I noticed a lot of the negative reviews are due to not being able to open an account or because people had a connect account and didn't automatically get upgraded to Platinum, they had to create a new account to get the higher rate. I didn't have any trouble at all. Everything has worked great for me, and even though I opened my account at 4.75% they have raised the rates twice since then... first to 4.85% and then 4.95% and my account was upgraded each time.
I am in a similar situation as another commenter I read: 800+ credit, etc, not that anything should really matter for opening a savings account. This alleged bank requires all your personal, SSN, mothers maiden name, etc, not exaggerating, everything someone needs to steal your identity and/or gain access to any of your other online accounts or other information…only to tell you after a few brief seconds that “after a THOROUGH review of your application we have elected not to open a bank account for you.” Wow. This is an incredibly shady business practice. In fact, one has to wonder if this place is even legitimate. I certainly regret submitting an application. Now I have to worry about my identity being stolen and having my accounts hacked. Beware, people. Don’t waste your time. THE ATTRACTIVE RATE IS ONLY GOOD IF YOU CAN ACTUALLY OPEN AN ACCOUNT. AND YOU CAN’T. Now I can’t help but wonder if this website is just a front and whoever is behind it is gathering and selling these identities they collect. What other reason to reject a simple savings account? How else are they making money? This place can’t be real.
I’ll just stick with Capital One online. We know they’re real.
Opened an account and it has been over 13 days and the 2 small deposits have still not showing up in my account. Contacted them 3 times, no response.
I am glad I know up front this is bank cannot be trusted. Imagine trying to withdraw funds? Is this even a real bank? Never experienced this before with a bank. Thank you for letting me know you are garbage wasting peoples time.
I moved 6 figure accounts over early this year. The customer service has been great! A bit of a lag on pulling in funds, but not a problem.
Website could use some updating, like listing the date transfers in will be available.
I opened an account towards the end of May with the goals of building and emergency savings account. The first two transfers I made processed quickly. The last transfer I made has been on hold for 9 calendar days. I am so stressed out about it. I have never experienced this king of wait before. I want to love this bank but this wait to see my money available has me so stressed out that I don't think that the interest rate is worth it. I hope that my money becomes available ASAP so I can transfer my money back and close the account. Earning half a percent of interest rate is worth more than the stress this is causing me.
I created an account for its Platinum Savings account with assorted problems. First, the site tells you it will send you an email when your account is established. I did not receive an email. Once you enter you detailed personal information the site will ask you to fund your account, either direct Or with two small transactions. Never had a bank that will do an immediate transfer without verification by two small deposits.
I decided to hold off on transferring any funds for the moment and glad I did given the problems opening an account and reviews here! Well, I then attempted to access my account with my established user ID only for the site to not recognize my account despite entering accurate information.
The site then gives you link if you have trouble signing in. I clicked the link and entered my user ID, it came back with three cell phone numbers to obtain a one-time pass code; however, none of the cell numbers were mine. The site says that I might have entered an incorrect user ID, which I did not. It then gives you an option to obtain the one-time pass code via your email address. It came back with three entirely different cell numbers, none of which were mine again!
To show you how bad this system is, try this: despite a requirement for your user ID to be at least eight characters, you can enter just ONE; e.g., 7, amd rather than telling saying you entered an invalid USER ID, it will display three cell phone numbers to verify your account! Try it!
I tried callimg custmer service but closed. With no physical location, it should have 24/7 access.
I never received a single email from the bank.
Glad did not transfer any funds, but it still has my personal information. Secure?
Stay away from this “bank!”
The interest rate is fantastic! However, my main concern revolves around the difficulty I face in locating CIT Bank among the list of available banks on various platforms. This poses challenges when I want to share my account information, transaction history, or transfer funds. Additionally, the frustrating waiting time for deposits to become available, coupled with a simplistic and slow app, has led me to consider exploring other banks such as Amex or others that offer lower rates. These alternative banks provide a well-designed, user-friendly app, along with fast transaction times and responsive customer service.
I have 4 accounts with this bank since many years.
On 5/15/23 the bank stop access to my accounts without giving me any reason, after repeated phone calls the customer service said they are in process of closing all my account and mail the funds soon. I am stil waiting for the funds. in the mean time i have filied the complaint with fdic and consumer financial assistant Bureau. I am senior citizen and neds access to my funds.
I applied for a savings connect account at cit bank on may 05th. After completing and submitting the application, I received a response with a message saying that my account opening was on hold and an agent would contact me within 3- 5 business days, through email or phone number and the same message had a request to send out more identity information. I uploaded my DL and a utility bill. Today is may 18th (2 weeks later) and I have not yet, received an email or phone call, nor my account has been opened. This is ridiculous! When you call the contact center, simply no one can give updates or do anything about the delay! I contacted a few times and they kept saying: “oh they are a little behind and you should get the email in the next 3 days” btw, that was last week! I’m not trusting this bank anymore and I find very sketchy and not to mention unprofessional that they can comply with the agreement and time frame promised. I will be canceling my application and go one of the other banks I had my interest in!
first, I have excellent credit, 830+ fico from all 3 major credit agencies. very low credit utilizaztion. when I try to open an account, it tells me they wont be opening an account for me. i called them and they say they dont have any info as to why i cant open an account. I asked if a letter of denial would be sent to me, which they said yes, but its been a month and no letter so far. I tried with my info and my wife's info, no luck on either.
I have decided NOT to open an account; too many bad or negative reviews
Bill
I had a high interest savings account at CIT bank for a couple of years. Then, last year, I had a series of problems trying to reach anyone at CIT either by phone or via their website. The phone hold times were OUTRAGEOUS and emails or inquires summitted on their website often took many days before a reply would be received. Complaints about these issues were largely ignored by the bank. Ultimately, I chose to move my hard earned cash elsewhere. As it turned out, I had been receiving a sub par interest rate on my savings as well, as the new institution paid a full 2 percentage pints more than what I was receiving at CIT. They also offered better service!
Opened an account last week. I verfied an external bank to make my deposits last week as well. Still haven't been able to make a transfer on the app, website, or over phone. I was told my wait was 13 mins and encouraged to use call back feature. When they called me back 15 mins later I was told my wait was now 15 minutes. I was on hold for 10 mins and then hung up on. I've called back on and been on hold for 10 minutes. Hopefuly I can get through.
Online application process is not secure. Information I submitted is corrupted by other people's phone numbers. I can't log in to submit additional information they need because they want to text a code to phone numbers I've never had. To fix the issue the system says they sent me an email so I can login but I didn't receive it. Now I don't know if someone else can access my application to see my social, and other confidential information on the application.
CIT offered a 4.75% rate for what they call "Platinum Savings", problem is I thought with my "Connect Savings" I would inherit the rate. This isn't the case! They literally make you create a new account to obtain the rate.
Hi
Does anyone know the limitations they impose on external transfers? I am asking for CIT Bank
They made sure not to talk about this at all on their website.
Thanks
My father has too much money in one savings account and is looking to move his savings to several different banks, so that he can stay at the FDIC 250K limit, at each.
Just tried to set up an account with CIT, and received this screen message "Thank you for your recent application for a CIT Bank account. We regret to inform you that after a thorough review of your application, we have elected to not open a bank account for you at this time. Thank you for considering CIT Bank."
Thorough review? We only entered his name, birthday and address. His credit is great....so, it seems like their big issue is age. Not a great way to treat people
Company can’t hire professional web designer . Website is not working on safari … called customer service : they said use cellphone ( iPhone has same safari browser )
Downloaded chrome , still not working . It says your name is not valid !!! LOL
After clearing cash - it says last name is not valid !!!!
Email is not valid !!!!!!
Finally after applying for platinum savings - declined to open account .LOL
This is fishy bank .
I should trust all negative reviews online.
Just don’t waste your time .
Pick serious bank.
Worst account opening experience ever. Applied for a saving account online, entered all my info. Next day I got a denial email. No information provided, no info how to find out. Very sketchy ... I called their call center to find out more. No info provided.. asked me to send paper letter to an address in California to request the info. I do have a perfect credit all my life... Very frustrating... possible a HOAX to collect user info and SSN's .. stay away from this place.
I own and have lived in my home for 20 years. Have a doctorate degree and earn a good income. My home is my only indebtedness and payments are paid in advance. My credit score is 860+. Tried to open a CIT Bank savings account from my home today. CIT bank refused my application. When I called to enquire why, I was informed CIT Bank cannot verify my identity and they consider my application fraudulent. The refusal came the instant I hit send, so they obviously did not try to verify identity. Sorry Cit bank. I opened an account elsewhere. You have the right to refuse service and I will be sure to tell friends, relatives and colleagues about my experience. I have never posted a review of any service, positive or negative, but this was needlessly insulting.
This is WARNING for all current and potential customers!!!!!
1. Since February 17, 2023 CIT Bank has locked my account and holding my funds without any communication, no email, etc.
2. I will update on a daily basis how they compensate their terrible ways of conducting business as it happens.
I hoped to use my new CIT e*Checking account for all of my automatic deposits as well as autopayments for bills, etc but unlike my other online checking account at another bank, I just noticed that the "Transactions" only show "ACH Withdrawal" and not what it was for unless you click on it , which is time consuming. Snap! (example at CIT it just says "ACH WITHDRAWL" whereas my statement and online transactions list at the other bank shows who the vendor is. For example: " First Union Credit Card Payment" . I'm hoping that CIT will respond here, not with their usual form response but let me know if they will be reprogramming their online systems so it shows immediately what the transaction is for. It does show up if you click on it but I will have many transactions and don't have the time to make a list of them by clicking. So please fix it so it shows, just like First National Bank and other banks do. Please respond here or give me how to contact the department I need to reach (not just regular Customer Service- have done that alrea ASAP (before March 1) as I will be transferring all my all my auto pays back to my other bank if I don't hear from you as to who to reach and/or if they will implement this suggestion. Thanks in advance. I'm putting all One Stars to get your attention and will change them if I get a personalized response.
You fill out the application online, they get your personal information (SS, Etc) and they don't approve the account, for no reason.
after several "unable to verify identity" with other banks like BASK and UFB (even with credit freeze removed,) I went with a slightly lower apr with CIT and had no issues. Deposit was in within 48 hours and an External withdrawal transfer took 24 hours.
I have had a CIT savings account twice now in the last 2 years. First time was mostly to get an introductory bonus, then I closed it. Re-opened again a few months ago when interest rates started rising. I have never had any problems making ACH transfers in or out. I have moved up to 100k a couple of times without any issues. I haven't had to talk to anyone at the bank, so can't comment on customer service. Online stuff seems to work fine though.
I set up a CD account. Information was hard to find on how to fund it so I used the micro deposit verification of my personal checking account. Once I had done that, no further information was given to me about what was going to happen next and I couldn't find any online. I lost all faith, so I called and closed my account. A few days later a significant amount (the amount I had originally set up to fund the CD) had been debited from my personal checking account and deposited into my closed CIT bank CD account. I called customer service and was told it was my fault that they had deposited my money into a CLOSED CIT bank account. The ACH transfer was scheduled even though my account was closed. Furthermore, I would have to wait seven days to withdraw my money because of the terms of the CD account. The banker who closed the account apparently didn't check if there was an ACH transfer scheduled. I don't quite know how much clearer I could have been that I wanted to close the account and I did not want to have any money deposited into my CLOSED account. Seems like that is common sense.
Not worth the competitive rates to get no clear information and get blamed for their incompetency and abysmal support. We will now see if they will manage to wire my money back or will drag that process out somehow.
I opened an account online but the money was not withdrawn from orginating bank. Did talk to customer service but they were of no help. There are too many other banks with great rates. Pass this one by. Just dropped 18 month rate from 4.75 to 4.60.
I've had accounts at CIT for years and never had a major problem. Currently their Platinum Savings account is paying 4.75% APY which is one of the highest. I ACH transfer all the time and never have issues. It is true Customer Service is very slow in responding, but eventually they do. And I happened to notice my Savings Builder account wasn't getting rate increases and then discovered the "new" Savings Connect had the high rate, so I had to transfer $ into the new account and closed the old -- a minor pain and I did miss out on the good rate for a short time. They'd get 5 stars if they had simply raised the rate on my original account and would respond to messages within 72 hours.
On February 11, 1908, Henry Ittleson founded the Commercial Credit and Investment Company in St. Louis, Missouri to finance accounts receivable at small companies.
On July 15, 2009, CIT's request for Federal Deposit Insurance Corporation loan guarantees was rejected.
On July 19, 2009, the company received $3 billion from its bondholders including Pacific Investment Management Company (PIMCO) to delay bankruptcy.
On November 1, 2009, CIT filed a prepackaged bankruptcy under Chapter 11.
In January 2022, CIT was acquired by First Citizens BancShares.
It's not as bad as all the rest of the online banks. Such is life, when chasing around high interest rates I suppose
The worst part is the savings account switcheroo. They only give the high rates on the "new & shiny" accounts and leave previous ones stagnant. Annoying, but pretty easy to open a new account and transfer over the money. Just sucks they give you an annoying and unnecessary hoop to jump through
I initiated a request for an early IRA CD transfer 5 WEEKS ago & the money has still not been transferred! The form I filled out included the words "I understand that penalties for early withdrawal may apply" Citbank just sent me a form to sign which says "I understand the funds will be subject to an early withdrawal penalty". Do these 2 sentences not mean the same thing???
When will this end? When will I get my money???
A street thug will illegally rob you with a gun and leave
Cit ( First Citizens Bank) will rob you with a contract ,beat you up, put you in the hospital and shoot your dog.
Cit is the place to go when the Godfather is unavailable.
Borrowed money for a used Penske truck.
Honestly, it's been a really great bank so far. They have a policy where if you're planning on taking money and switching banks due to a higher rate you call them, and they usually offer a better rate or some type of reward- a huge plus. When speaking with customer service they were super quick and helpful, I never had to wait longer than 3 minutes. The app is really nice as well, but you can't check your APY, only on the website you're able to. Overall, I love CIT and the rates they offer!
I just opened 3 accounts with Cit and and the process was extremely good. Customer service was very clear minded and helpful. I have accounts with quite a few other banks and my experience with this one was right at the top. Glad I made the decision to open with them.
I have my Savings Econnect and I'm totally satisfied with it. First ,lets on earnings, my Bank of America savings account pay .000000000000000000001%. CIT Savings earns close to 3.85% and rising. No comparison. I use my BoA for my day to day transaction and use my CIT Bank to earn money. Second Customer Service, Bank of America is better not by far than CIT Bank but that's where your money is going. The wait time is more at CIT Bank but they do call and take care of business. Third the Web/ Mobile experience- its easier to access the web than mobile device. The mobile device is a bit flaky, so i do all my business on my computer. Last Reasonable fees- the fees are almost the same as your brick and mortar bank. As far transferring your money, the easiest way is from Bank to Bank and it takes about 3 to 5 days to clear. All in all, my object is to earn money better than your local bank. CIT Bank is the way to go. Can CIT bank do more improvement? Absolutely, its up CIT bank. As for me, I'm happy with it....
An online bank with these rates? Today is 12/20/22
I think they are a few years out of date.
Saving builder .25 up to 1%
Most banks including walk in brick and morter today have atleast 1 promo product short term.
Took it up a star as this review is based mostly on rates for an online top tier bank.
Cit Rates 12/22
0.50% $1k - 5-Year Term CD
0.50% $100k - 5-Year Jumbo CD
0.50% $1k - 4-Year Term CD
0.50% $100k - 4-Year Jumbo CD
0.40% $1k - 2-Year Term CD
0.40% $1k - 3-Year Term CD
0.40% $100k - 2-Year Jumbo CD
0.40% $100k - 3-Year Jumbo CD
0.30% $1k - 1-Year Term CD
They just to be very competitive but that's no longer the case, the last 10 months the Rates are lagging behind, paying hundreds less than other online banks. basically forcing you move ur money. you be loosing hundreds a month. look elsewhere if you want top rates continuously.
In order to close my No Penalty CD, I found out that I needed to call. When I called I got a message to leave my phone number for a call-back if I didn't want to stay on the line, which is what I did. When I received the call-back the person contacting me said she'd have to transfer me to the correct department. I was then put on hold for approximately 45 minutes. When someone finally helped me they told me I'd need to sent a secure email with the last 4 digits of my account number and include the routing number and account number of the bank that I wanted my funds transferred to. I did that. It's now been a week and my account with CIT is still active, meaning that nothing has yet been done to handle my request. I seriously doubt I'll ever again do business with this bank!!!
Today 11/4/2022, CiT Bank has raised its Savings Connect APY to 3.25% from 3.0%.
I made 3 deposits from two banks into CIT. a couple weeks later, they're still holding funds from one of the banks, even though they processed the other transaction from same bank. I'd love to know why, but the wait times are always over 30 minutes to talk to someone. I'm moving whatever funds are available OUT of the bank, and will figure out the last thousand when I have time. I have NEVER dealt with this before. I have read horror story reviews of banks before, but this one is bad.
Since Saturday 10/29/22, for 3 days now, unable to load/logon to website. Anyone else have similar experience?
Can't access your money. Wow. Bad. I will be removing all once website works again. Don't ever put your money in this place!
I initiated an ACH PULL through the CIT Bank transfer service at 5 PM PST on 10/20/22. They dated it the 21st which is reasonable and withdrew the funds on 10/24/22 and credited my account on 10/24/22. I was told the funds would be held until 10/27/22 and be available the morning of 10/28/22. It’s the morning of 10/28/22 and the funds aren’t available and they don’t answer their phones.
Once the funds are available, I’ll be closing the account! One week or more for an ACH to be available is infuriating. Avoid this bank!
This was a terrible experience for me. I just opened this online savings account, and could not even make a transfer after verifying micro deposits.. Also the wait times to find out what was going on with my account were unreasonably long and was disconnected after waiting several times... Connections were muffled and customer service was terrible. I had to close my account after all of this wasted time...
I will never bank with them.
Savings accounts constantly change at CIT. If Fed rates go down, savings rates go down. When Fed rates increase you have to open a new account in order to get the advertised rates. Another way of saying this is you will have to open a new savings account to get the advertised rate. If you don't watch your account closely you will miss out on a lot of interest.
I do not understand the bad reviews I have read concerning CIT. I opened an account a few years back and always had great experiences. Nowadays when you are on a fixed income and retired senior, you are looking at all options to make it right. Since the last few months, I noticed the interest rate fluctuations and tried to take advantage of the situation and CIT made it possible for me to open a new account at a better rate and the process was easy and with no human interaction. You cannot expect any better results!
CIT Connect 2.4% vs CIT Builder 1.00%
It's new online banking game. What is next? CIT Con?
Easy to sign up and transfer. Works with Mint with no additional OTP each time, it did break for a week which had me worried, but looks like that is fixed now after raising issue with Mint support. There is a 5 day hold on transfers, but I think that's for security, the transfer usually takes a day to come out of your current bank account and another day to hit theirs, where your "Current Balance" is updated to reflect this, but the "Available Balance" doesn't update until 5 days is up.
They also require OTP for any transfers, even after signed in, which I think is a good thing. They also don't seem to allow transfers outside of normal hours, which I think is probably also a good thing.
Far as I can tell the rates do appear to be getting updated, it was 2.078% yesterday, which kind of freaked me out due to other reviews, I did put in secure ticket, but didn't hear anything, however it says the account is now 2.378% (2.4%), so hopefully that remains fixed.
I just don't think this is a go. As a potential returning customer, seems like things have gotten a bit worse. No welcome back attitude from them on the phone, not particularly friendly reps, confusing info on the different savings plans, long hold times. So I'll probably put my money elsewhere.
I admit that we like CIT bank but there is one thing that really irks me. I initiate an ACH transfer at CIT to pull money from my Credit Union. They quickly pull the money but then hold it for 5 business days which is actually 7 days. It’s not like it’s a check that might bounce its cash from my credit union. Don’t understand holding a cash deposit for any length of time which that is.
I fell for the great rate… like a sucker. Hold time for customer service is longer than two hours. My initial $50k deposit has been on hold over a week and no clear answers from CIT.
I have a account with them since 2018. High Yield saving account. I have been getting only 0.25% interest FOREVER !!!! Tried calling them and on hold for 95 minutes so gave up !! They advertise 1.95% rate for the high yield savings but I have been getting 0.25% so moving my money to MARCUS
It's unfortunate because I have been a customer with 3 accounts for probably 3+ years with CIT that I found satisfactory.
1) While their habit of extending their competitive rates to ONLY a NEW account style/name, is well documented below, and a PIA to monitor, and to establish a new account with new beneficiaries and new ACH references, their rates were decently competitive.
While that MO/business-style is in my book a tell-tale sign, please be aware of my recent experience.
2) My notes from my original accounts show they have a $2 million daily limit for ACH transfers. Several days ago, I went to transfer less than 20% of that amount, and my transfer was rejected as "being over their ACH limit"
There was NO indication of just what their ACH limit was. Their was a button directing me to information, which took me to a 59 page, (small print) Account Agreement.
Reading thru that 59 page agreement, I found ONLY a VAGUE reference on page 32-33 that they had a right to set and change their ACH limits.
They additionally offered a phone number to call, which I tried and was informed my ESTIMATED hold time was 112 minutes.
Had I required that "push" transfer timely for a RE purchase, I'd been in trouble. I have an alternative to "pull" that money, which I employed... but that will take 4-5 business days and including a weekend will tale 6-7 days.
That time period, created/imposed by CIT, will cost me approximately $65+ INTEREST.
3) Additionally I'll point out another small concern. In establishing my estate files for my children, I requested CIT's "TRUTH IN SAVINGS DISCLOSURE". My other banking relations offer this concise disclosure that I thought was a Fed Reserve requirement...not sure though.
They forwarded me their 59 small print page Account Agreement and told me that suffices for their "Truth in Savings" disclosure.?????
All right its not the end of the world, CIT cost me only $65+ of interest...but I still do not know their ACH limits.
It's a shame, as I like their Web Site in general and they do offer decent (not highest) competitive rates. But if you need timely customer phone service, you can expect none...and it makes me think I'd better go study the fine print of a 59 page account agreement...not the best way to establish and have good banking relationships.
Currently have very good savings rates but phone customer support is abysmal. Wait time message has ranged from 2 hours to a record setting 3 hours wait. So if you need to get something accomplished quickly or can't sit by a phone pending a call back 3 hours later, forget it.
In case it needs to be stated -- when any company's CS recording states "due to unexpected high call volumes you may experience longer than usual call wait times", it really means: this company has chosen not to pay CS reps enough to attract a reasonable number of employees. So customers will have to put up with unreasonable hold times.
"We regret to inform you that after a thorough review of your application, we have elected to not open a bank account for you at this time." I received this email message without further explanation, requests for confirmation, or a way to appeal or question as to why this occurred. I was able to bank elsewhere with more ease so this baffles and offends me. Don't bother applying, take your money elsewhere it's an exclusive elitist club.
CIT now has a savings account (called Savings Connect) with a 1.65% interest rate which is pretty good right now.
I have had saving account with them since 2016 and generally they have done the basics well.
HOWEVER, at least twice in the past when rates have gone up, they create a new type of savings account with a new name that has the good rate.
Existing accounts DID NOT GET the new rate. I had a "Savings Builder" account and another one (don't remember the name) before that. So many people will miss this.
Live Oak Bank is my favorite and they have never done this. They also email me when the rate does down which I don't think anyone else does.
CIT was never stellar but now has become impossible to deal with. I have two secure messages that are over two weeks old with no response!! Further, if you call, you will be greeted with a 120 minute wait time!!! When you're trying to move your money, that's totally unacceptable!
To top it off, their rates are garbage.
Never had an experience with a financial institution like I have had with CIT. Trying to get CIT to return CD funds after a CD matured. Have called twice. First time, had to hold for 45 minutes. Second time 1 hour and 5 minutes. Customer service representative claims that she cannot implement return despite the fact that I simply asked that CIT return funds to the same account that was used to fund the account which CIT has on file. Most every bank I have dealt with will honor the request by phone. Also, CIT, despite being on on-line bank, will NOT permit the customer to effect the transfer on-line. Instead, I was directed to the secured messaging portal. That is the only way that CIT will return money. I made a request twice via the secured messaging portal and was told each time (after a 1-2 day delay) that my request could not be honored because "the account number was not on file". Do not bank with CIT. Not an honorable institution.
I have the online account and also had previous CD account at CIT and overall have not had many gripes about it. At first I was mad because I saw they make you create new accounts to get a higher savings rate every year or so. I think that is so on paper it looks like they have double the number of accounts. But since all you do is create the new account and immediately transfer the money from the lower interest account into and in five minutes the new rate is effective. I go along with their scammy tactic because 1.35% is still higher than allot of other banks and they have greater than 50 billion in assets. Plus the beneficiary info is part of the website menu which is big deal to me.
I completed an on line application for Savings Connect account and submitted it. Two days later I received an email that said they had elected not to open an account for me. No explanation given. I have no previous banking issues, haven't ever had a overdraft charge, low debt to income ratio and exceptional FICO rating so I was very puzzled. I called twice, first time held for 71 minutes and was then disconnected. Second time after holding for 74 minutes Hector said he would transfer me to the "Applications Department" but instead transferred me to the "Fraud Department" and the only option was to leave a message, which I did. But I don't expect to hear back from them!
I have been a customer for several years, in the past I would be put on hold for 5 to 10 minutes, recently every time I called there has been a 45 to 53 minute wait. If you have a problem, this hold time makes it a very bad situation. I took most of my money out because of this problem.
If I could give zero stars I would stay away!!! They totally screwed me charged me for insurance I had insurance and I could not get them to correct it until I paid for it so they could refund me !
Agree with JeanMarc.
I have been trying to close my CIT account and unable to do so. Have tried calling "customer service" twice now - long hold times of 45 minutes or more, followed by a very abrupt hang up. I have now resorted to sending them a secure message - where a response is promised in 1-2 business days.
No other online bank treats its customers like this. You'd think that having the means to open/close accounts swiftly would be a fundamental matter for an online bank.
I was closing my CIT account because of poor, subpar interest rates offered by CIT, but now am adding on the factor of non-existent customer service. Stay far away from this bank. You have been warned.
Went to sign up for the 0.90% advertised saving account, and got declined, no reason given, after they took all my personal information.
Since I have an excellent credit (800+) and wanted to deposit a bunch of money, I wonder why this bank would not honor their ad. Not a huge loss I guess upon further review of the bank's own rating and its affiliates (OneWest Bank, First Citizens Bank...).
my account is locked & i’ve been trying for 3 days to get through to a human. i’ve been on hold for nearly an hour twice only to be disconnected once it sounded like it was ringing through. i’ve left my phone number 4 or more times for a call back and have not heard from a soul. this is ridiculous & completely unacceptable. seems the only other option is to attempt communication by snail mail which pretty much defeats the purpose of an online account. ANGRY AF!
As often noted here, CITBank doesn't automatically increase the interest rate of your current account. Instead, they start a new higher-rate account under a different name, and expect you to discover it somehow. Then, you had to first close your current account with them and then open the new account from scratch, which was very cumbersome to say the least.
Their top-earning "Savings Connect" account (.60% APY at this writing) is a combination saving and checking account. The checking account required at least one monthly automatic deposit, a deal breaker for me. It made no sense for me to stick with CITBank.
Switching banks is a pain in the neck, so before moving on, I logged-in to CITBank again, and double checked their requirements for their "Savings Connect." This time, I didn't see anything about automatic deposits, so I emailed customer service to make sure it wasn't in small print somewhere. Nope! The automatic deposits are no longer required. Okay, then! I figured I'd delve into their close /open deposit accounts rigmarole again and see if that had changed too.
Wuddiya know, that nonsense has stopped too! Today, I was able to open the new, higher interest accounts (savings and checking), just by funding them with the old account.
Recently, CITBank was taken over by First Citizens BancShares, and it looks like things may be changing for the better. So far, so good. I'll let you know if there's a "gotcha!" or not.
Acquired by First Citizens group of Raleigh NC. Your good rates and service imploded. My attempts to access longstanding accounts online today were met by repeated denials of written down passcodes that had always worked and always demands for new passcodes provided over the phone, duly entered and the same things again several times. Wrote last month asking to close small balances in 2 accounts using my tax form of 2022 to identify and First Citizens claimed could not find either of the 2 accounts.
Originally I had no complaint with CIT. Within the past few months, however, customer service has become non-existent. Example: Yesterday I called to inquire about an account. I was given a recorded list of departments. I selected one but no one answered. I went through the process again. I selected another department. Again, no answer but got a message to leave a brief description (with name and number) for a return call. No call was ever received.
I don't buy any of the excuses that CIT has provided to other posts. I have other on-line bank accounts and CIT has the worst customer service of any of them. Their website needs work as well.
I switch to CIT bank for the high-interest savings they offer, but since then, that savings interest has gone down to around what many other banks are offering. That alone isn't enough for me to leave as it's still a very competitive interest. What makes me want to leave this bank is that any time I try to purchase anything over $1500, it comes back declined. After about the 3rd time this happened, I called to see what was going on and was informed that I'm limited to $1500 card use a day. What??? This is my money to do what I like. I have never had restrictions like this on any other bank account before.
Next, their App is sub-par. I have used worse apps before, and theirs does get the job done, but it isn't good. Every time I log in, I get this card control pop up that says to set up a pin or face recognition. I already have face recognition set up... The options on the pop up are either set it up now, skip, or later. This pops up every time, no way around it.
It's my money. I will spend it how I like. A bank shouldn't cap what I can buy. Just ridiculous!
CIT took over another bank, which was a great bank. I found CIT website terrible and when I called for support, I got a recording --- every time I called. I left a number, every time. No response. Finally, after constantly calling, I got through and a rude lady reluctantly walked me through their senselessly complicated website to get my monthly statement. I wrote all of that down to repeat the next month.
The next month the process did not work. Same routine, called, was told it was outside of business hours (it was 10:30 am on a weekday), to leave a number. I did. Many hours later got a call back.
SOMEONE AT THIS BANK ENTERED INCORRECT INFO ABOUT MY ACCOUNT WHICH MEANT THAT THEY COULD NOT FIND MY ACCOUNT FOR A NUMBER OF DAYS. IT WAS ALMOST IMPOSSIBLE TO GET A HUMAN WHO WOULD HELP.
I deposited a check via mobile deposit on Monday and set up a transfer from an external account on the same day. 4 business days later, I was concerned about why neither the deposit nor the transfer was showing up in my available balance, so I called. Apparently it is normal for them to place a 5 business day hold on external transfers and a 7 business day hold on check deposits! So I could deposit a check on a Friday and not have access to the funds until nearly 2 weeks later. I’ve never encountered such long holds with online banking — 2 business days max with my other banks. What the heck, CIT! This is just unnecessary. I cannot recommend this bank on the basis of these bizarrely long holds. And I see that others have complained about this but the problem continues. This does not fill me with confidence that the bank is listening and learning from customer feedback.
Apologies in advance for the length of this review and any stilted language. I want to share a cautionary tale without exploitable personal details. We've tried quite a few online banks and thought we'd found a good match with CIT, which was great until a family member passed away. As the executor / personal representative it took me THREE MONTHS to get the account fully claimed and closed. All other banks I worked with had much less onerous requirements and it took only days. CIT required an original death certificate via mail (pretty standard), copies of all beneficiaries' IDs, as well as snail-mailed NOTARIZED requests for what to do with the funds - the only one that required this. Speaking of beneficiaries, don't designate them unless you have good reason to. The bank couldn't tell me who they were but also didn't notify them, so if I had not had an Aha! moment and figured it out I'm not sure how long they would have kept money that wasn't theirs, continuing to profit from it and roadblock the heirs. If it had just gone to the estate the executor would have been the only one having to jump through their hoops. On top of all this, of the dozen or so customer service reps and supervisors I dealt with only one, Sonja, gave me the impression that she actually wanted to help me. The rest could only seem to read from their scripts, or in the supervisors' cases act like I was terribly inconveniencing them. So, questions I've learned to ask when shopping for an online bank. One, check into their requirements to claim an account if the owner should pass away. Two, what are the daily & cumulative transfer limits in and out of the account (this was one thing we liked about CIT.) Three, check into their communication avenues. CIT had both phone and email support but no chat option, and it took them about 5 days to respond to every email. Others only have phone, and personally I prefer email for both expediency and having a written trail. I hope this helps someone else avoid extra stress. Settling the estate of a loved one is hard enough without bureaucratic aggravations.
Needed an online Savings/Money Market account with NO dollar limits (daily or monthly xfers in/out) for online savings. I chose the Money Market for simplicity. Compared to it's 2 other savings accounts options, the rate was better and the account facts were far easier to understand. The webpage was EASY to understand and well written. MANY other banks have limits on dollar amounts you can deposit/withdraw daily/monthly. (VIO comes to mind first among others). Not CIT! CIT MM account was easy to open online, has worked as advertised, even with 6 digit online xfers in/out of account. Fast, effective and easy. Slightly below the top tier of rates of other online savings accounts (that have xfer limits, long holds, etc.,) BUT, when you need/want your $$, especially 6 digit xfers, it works, flawlessly so far after 3+months, NO problems. So far, CIT! has been typically a "slight bip above" going APY rates of the "bigger guys" which is a positive in a low rate environment. Statements arrive on time and are easy to read. A decent, simple account for emergency/liquid funds and good service. 4+ stars so far! (C+ safety rating means I continue to watch for a possible decline into troublesome status)
We transferred proceeds from our house sale to CIT Jan 2019 to get a better rate. Rates have gone down but that has been the case across the board especially since covid 19. After not being able to find a similar size house we made an offer on a small house. Sellers are requiring proof of CASH funds. I don’t want to give them my total balance just proof we have enough. I Faxed CIT and they emailed me a personalized letter to give sellers, a couple hours later. Wow. Great service!! Plus the email was super secure requiring a few steps to open up. It did however, take a few phone calls to get the FAX number but hey, they delivered fast.
I had pretty unusual bad experience with CIT bank. I opened an online account with the help of my daughter. When I tried to login, they locked my account. After hours spent with them on the phone, they unlocked it. Meanwhile my money were not available for 14 days until they respectfully closed my account.
I have never experienced any problems with this bank. Always decent rates and easy to move money in and out...
When I did my taxes on Turbo Tax this year, I accidentally put the wrong account number on my return. The IRS tried to pay me my refund, but it bounced because of this. I wound up getting a hard check from Intuit (Turbo Tax) as a result. When the IRS tried to send me my government stimulus check, it bounced again for the same reason. I called CIT Bank and told them my stimulus check didn't transfer because I put the wrong account number on my return. Both accounts are with CIT. Their customer service team took care of the problem in less than 24 hours. Here I was thinking that I was going to have file a form 8888 with the IRS to change my direct deposit information and end up waiting for God knows how long before I would get my stimulus check. Kudos to their customer service team as they went above and beyond the call of duty to make sure I got my check. Would give them five stars if not for a negative experience I had with their customer service department a few months ago.
Their website will not let me log in, they never answer their phone. I've not been able to get any of my money for weeks. I complained to the FCC and I was told I had to complain to the OCC. The OCC told me to wait to hear from Cit Bank and so far, I have not heard a word.
They have a promo offering that states that if, "as an existing customer, you transfer 25K into your account they will give you $150 and if you transfer 50K into the account they will give you $300 if you keep in in there for 30 days."
I transferred 50K and they deposited $150. Their reasoning was that it had to be 50K more than what was in the account 1.5 months previously. So apparently I was 1.5K short. No where in any documentation did it mention this little loop hole.They are stating that it showed some number that I had to beat to qualify for 50K which was never seen anywhere.
Just a heads up. Someone else might pay higher interest and really give the bonus stated.
We all know how extremely difficult our coronavirus reality is, but IRA CIT team is very inconsiderate. I wanted to make an external transfer to my other accounts at a different bank. It was taking forever in the past, but this time it was more trouble with that. So I wasn’t alarm with the delay at first. So when I called them about it one day past the deposit grace period, they charged me $37 penalty fee. Well, if this is worth for them to have me talking to anyone I know how unhappy they made me let it be.
The online application couldn't verify my identity. I uploaded via their secure link my DL, Passport & Utility Bill. No response for days. I called. Had to explain how to read a utility bill (mailing address vs service address). Finally got approved. Then I wanted to input my mailing address (not possible during application process). Told it can't be done online within 60 days of opening a new acct - have to call. HOLD TIME was 29 minutes and it took the person 30 minutes to process. Ridiculous. Now I want to open a MM and transfer funds from the svgs ... can't do it as a joint acct without inputting ALL of husband's info AGAIN (he's already on the savings) ... also not given option to move money to it from savings. Called for online support and hold time is 59 minutes. Totally ridiculous. Stay away from CIT Bank. What a joke.
Have tried 4 applications...declined each time with no explanation even though given a number to call. No problems at any other bank, FICO score 840. Might want to re-think doing business with this bank.
New customer, as a proviso, but the process was as smooth as any online bank i have ever used. Long-time Deposit Accounts user, since it was a blog, and they are the best. CIT has it down PAT! Hope to have long, good relationship. If something does not go right, check what you've done. NEW CUSTOMER
I was holding phone for 90 minutes after that I press button 1 to give me a call back. I was expecting call back but never received. I called again they it says it will take about 62 minutes. Again I hold more than 80 minutes nothing. I am going to close my account next week once my money transfer to CIT bank which is more than $300K.
The bank looked attractive and I have a $100 deposit on March 31. But I figure I spend some time to see how long money is available before committing $50K. That was a good idea, 2FA security is very important to me. It worked initially so I was positive but after that it would allow me to walk right in without 2FA. We deletrd cache, cookies and even rebooted for a new IP. Still, it took my login without launching 2fa. I use 2 different browsers and the same thing happened. And after 5 minutes the rep said "Sorry sir, I am not able to help you more" Its too bad but There is no way I can move the money that I want to move over to this bank. I will probably run with Marcus Bank. The rate is about t same
Opened a savings builder account to take advantage of their 1.74% APY and the $150 opening bonus. I should of done better research first. Started the external transfer from my regular bank account on 3/14/20 and the money entered the cit bank account on 3/17/20 but was not available. Apparently they do a hold on your money for up to 5 days once it gets into your account. As of today, 3/24/20, my own money is still not available. Having to wait over 10 days to have access to your own money is ridiculous. Can't imagine how long its gonna take once I try and transfer back my money. every other online savings account I have owned takes 1-2 days for my money to enter the account and is available immediately. When I called customer service, they say this is the process on every external transfer, not just the first one. I will be removing my money from this account once I get the bonus.
Do they make it confusing to get the Savings Builder bonus by design. Thought I signed up for the bonus but apparently checked the wrong box. Funded the account. No bonus and no recourse from CIT Bank. I find it hard to believe I am the only person to make this mistake. I am a long time customer but will now become an ex-customer along with all members of my extended family. Very disappointed. And why are they always experiencing higher than normal call volume every time you need to call. Their customer service is going down hill. There are better options then CIT Bank
In the beginning CIT bank was just ok. Terrible customer service, if any. Needed to jump through a ton of hoops just to set-up an account. Now, 2 years later CIT bank has turned itself around. Great customer service and any withdrawals is in my bank within 1-2 business days. As they say, you've got to crack a few eggs to make an omelette.
I like this bank in terms of their high yields and long term benefits. If you are poor and cannot afford to dump large sum of money into savings this bank is NOT for you. This bank (along with others like it) is structured for people with money who want to invest for larger gain. The more money you invest in them the more return you will get back. I like this bank with exception of their mobile app. The app is so simple with no sophistication what so ever. Platform is so plain even my 2 year old daughter can maneuver around it. All I'm saying is, CIT is a highly reputable institution, I just want their mobile app to step up to the plate and offer some form of sophistication (fingerprint login, quality interface with modernness). Ally bank's mobile app make CIT look like something that was created in the 90's.
I see their online savings account apy is not the best anymore, they used to be the market leader.
The website and mobile app goes down very frequently. 1-2 downtimes a month I have noticed, It might be going down more often when I do not login. I am worried if this will let me withdraw when needed.
After their site caused either by design or bug a major banking error, I called customer service and after 10 minutes told me that she was unable to assist me. Never staying with a bank like that ever!!!!!!!!!!!!!
I submitted all required papers needed to support that I am the Power of Attorney for my husband. I submitted this information prior to my actually needing to exercise the POA; I felt I was being proactive and organized.
Imagine my surprise, when I needed to employ the POA seven months later, I was told by CIT Bank that I needed to again submit the Affidavit of attorney-in-fact along with Acknowledgment. In Houston, the notary charges are $12.00.
CIT Bank states that this is their requirement for any transaction more than 6 months apart which needs the POA. I was not given this information when I spoke to them about setting up the POA.
Other institutions that I am dealing with do not have CIT Bank's restraint which also entails more effort, time, and financial outlay.
I have informed them that if it were not for the related penalties for early withdrawal, that I would remove all our accounts from CIT Bank! What do you think their reaction was????
Straight forward process with no drama. They dropped their interest rate after opening but still ok. No issues since opening account.
I was able to deposit any amount of money I wished. And they paid interest on it (or at least they indicate they did).
HOWEVER, when I logged in to authorize a transfer to my checking account so I could pay my bills this (first) month -------
New rules. I called in when by login was blocked, was unable to "identify" myself to them, was instructed to FAX a copy of my drivers license ( it is illegal under federal to send copies of the new secure ID Drivers license ) OR to go and get a passport and FAX them a copy (too slow and cumbersome ). None of this was required to open the account.
So now my only option is to make 6 transfers per month (Reg D limit) of $ 2000 or less (CIT limit -- nowhere disclosed ) for the next several months to get my money out.
Because I had a balance in CIT my bank was glad to lend me the money this month to pay my bills, while I SLOWLY extract money from CIT.
Caveat Emptor
UPDATED: 2023-06-29
They did indeed update their FAQ. I am increasing the score for this institution.
I have had no other issues besides the transfer limit on occasion.
The phone customer support is very good and the wait times not bad.
The rates do vary from product to product, but almost all institutions have this situation and you often have to close one product and transfer to another. This is not unique to CIT.
We have opened a Platinum Savings account and transferred funds with no issues (4.95% APY as of the date of this writing).
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Original Review:
Claim on web site is unlimited transfers.
The limit per day is $10,000, actually.
The FAQ on the CIT website says this:
"Deposits are unlimited and can be done via funds transfer (ACH), mobile deposit via our mobile app, incoming wire (no fee), or by mailing a check to us."
--https://www.cit.com/cit-bank/resources/faqs/
So are they misrepresenting their policy?
I have been using CIT Bank for a while now and several other banks before them. Their customer service is not very friendly, make excuses, and do not help to solve any concerns or problems. Their web system is using statements that only generate with Adobe, so the statements do not download with other browsers, such as Chrome. CIT does not care about compatibility, they just respond that it is not their problem or they are not responsible. Big Bank attitude. Other issues show up with fund transfer holds from established banks and many months of transfer history. No reason to place a hold on a $1000 transfer with history. CIT doe s not raise the Rates on the account very often or by much, even though they offer introductory rates that are much higher.
Overall there is nothing special about CIT bank.
1. The rates are good and their website is user friendly.
2. I had quite a few problems with the one time security code. The phone call says the code didn't match but they're the same codes. I then had to change from phone call to text message, and the code worked by text message.
I used CIT Bank for the savings builder for a while, and then I closed the account. The entire experience for me was positive. I found it easy to sign up, found the phone app easy to use, and when I called to close the account, it was a quick and simple process. On the phone, "Ariana" helped me, and she was very professional and pleasant and really made the process easy and painless. I would definitely choose CIT bank again in the future. Thanks.
Signed up for the Savings builder and was happy with the 2.46% interest rate they offered.
However, every month the rate has dropped and is now at 2.27%.
I honestly feel like this was a bait and switch. Extremely disappointed in this bank.
I was so happy to sign up for the savings builder when it was 2.45%, but it dropped to 2.3 and now again to 2.27, so there are too many other better options out there for me to keep my money in this account. I have had no issues with CIT bank at all overall... and found the sign up easy and clear. I wish they could have kept a better interest rate, but I see many banks dropping them over the last month.
Was never able to get through by telephone to ask a few basic questions not listed in the FAQ's. Consequently, I did not fund the account. My experience has shown that chasing the highest APY often results in getting poor customer service, long wait times, limits on ACH transfer amounts, and no online access to Wire Transfers.
This is my second time around with CIT and have never had any issues. Transfers will go a little faster if you can use your external bank instead initiating it from CIT.
Been dealing with CIT for a while now. Had multiple accounts, MM, SAV, and a CD. I called on the day of maturity and had the full CD funds transferred to my internal CIT MM account within an hour with no holds. Easy as can be. If their rates were more competitive, I would have no hesitation to renew my CD and keep my business at CIT.
1Year CD maturing in a week, I requested it to be close due to non competitive rate. I request the CD balance to be transfer to my CIT saving account.
I was told 1-3 business days for the transfer and 5 business day hold on the balance. Worst case, 8 business days or 1.5 week. CIT really wants interest free money. My deposits $250+K. Never again!
I opened a CD with CIT a year ago and it is coming due soon. I used online messaging to request the easiest method for transferring when it comes due. Their instructions for an online transfer were clear and easy to follow and the setup was easy with the verified small deposits and withdrawals. As they requested I followed up by providing a message verifying the routing number and account information and CIT says they will handle it from there. Unless something unforeseen occurs, I expect to see those funds post to my other account shortly after maturity. Many folks seem to want better online rates but don't want to deal with online transfers. Part of the trick is to be prepared and have your game plan for transfer in place a week or two before your CD maturity date. (My only request for CIT would be to send an e-mail letting me know to log in when there's an online message to view). Thank you CIT for making it EASY PEASY.
If you get a CD, there’s no simple, automatic or reasonably timely way to get your money out of the clutches of CIT Bank at maturity. There’s no online option to schedule the transaction either in advance or at maturity. And when you call, you have to first transfer the funds to a non-CD internal account - which takes 1-3 business days! - and then transfer out - another 1-3 business days. Meaning your money is tied up 2-6 business days AFTER it matures. No other repository that I’ve worked with, online or Brick&mortar, works this way. Unacceptable for my purposes and suggests to me that perhaps this institution is more of a commercial banking operation than a consumer bank. Rates are B+/A-, but that matters little when you can’t get your money out when you need it!
they are paying for a 5 year no differene than 5 years ago what a joke
This is my first time banking with CIT. I’ve deposited several thousand dollars into a savings account with them over the last 2-3 months. Now, it’s time to get my money and IT HAS BEEN SO DIFFICULT. It takes SEVERAL days to get your money from them (been trying for 6 days now). I’m used to banking where when I submit a wire transfer request, I get a call within a few minutes verifying the request. Then the bank sends my money where I need it to go *within the hour*.
Here, they take DAYS. There was a problem with a wire and I called them first thing in the morning to check on it. The guy was like “oh our wire department has only been open for an hour but I’m sure everything is fine and they will be in touch with you soon.” OK-- BUT THEN I DIDN'T GET A CALL BACK UNTIL IT WAS “TOO LATE TO SEND MY WIRE THAT DAY”. Are you kidding me?? You can’t do business like this. They only accept wire transfer requests from 8:30am until 10:30am. After that you have to wait until the next day. These operating hours are a joke! Most banks have a wire cut off time of 2:30 or 3:00pm.
If you’re going to have terrible operating hours, CALL ME TO SORT OUT THE PROBLEM BEFORE ITS TOO LATE! I’m used to moving millions through banks each month and NEVER have they pushed something off until it was “too late” to handle it that day. I’M PAYING WITH A WIRE TRANSFER BECAUSE *OBVIOUSLY* IT’S URGENT. Why would you push it off like it’s unimportant??
Also the mobile app has very limited options. Most things must be done through the full website which is stupid considering the company prides itself on it’s mobile banking abilities that supposedly set it apart from traditional banks.
In sum: Go to a brick and mortar bank with a banker you can form a relationship with. This online crap where you speak to someone different every time you call or need help is a joke. Also, those people don’t care about you at all. They don’t know you. They don’t want to know you. Once you hang up the phone, you’re no longer their problem because they don't require their employees resolve issues themselves and they don't send out a survey afterwards where you can grade the employee who helped you. This leads to extremely poor service because no one is held accountable.
I urge you, *urge you* to go to a bank where you can form a real relationship with them. Then people will help you when you need it. CIT BANK is a joke. Your financial life is important. Having access to your money can mean the difference between closing a deal or losing a deal, or getting hit with late fees, or finance charges, or you might even default on a loan if you bank with CIT Bank... and it’s all because they decided they didn’t care enough to release *your* money that *you* worked hard for on the day you requested it.
https://medium.com/@mvines/cit-bank-seems-great-until-something-goes-wrong-5b1821f4a766
STAY AWAY unless you like to be jerked around, I have several accounts there and they have denied me access to over 73,000 for going on 6 weeks and now they want me to send more forms.
My rate went from 2.45% to 2.37%. I'm not sure why my rate isn't showing 2.40% as another post reports as the new rate. I have in excess of $50,000 in my account.
I applied to open a money market account with the intention to deposit about $45,000, hoping to get their advertised 2.45% APY. After filling out their application online, they emailed me a couple of days later saying they can't verify that I'm who I claim to be. Rather than asking for proof, they just turned down my application.
But it all turned out okay. I went to my bank and asked if they had anything comparable. They showed me an 18-month CD with 2.75%, so I put all my money there. CIT's loss. You guys aren't too big to fail.
Can’t recommend CIT Bank anymore. Got a letter in the mail on Monday that a CD I had with them had been renewed. The term and rate of the renewal were not what I would want to maximize my money. I then contacted CIT Bank and was informed that since I didn’t have Account Alerts - Certificate of Deposit Maturing turned on I would not get a notification of my CD maturing. I have never had this happen with a bank before – always got a notification that the CD is maturing by mail or email. They said there was nothing they could do about it and I should have know when my CD was maturing. I understand it is my responsibility to track the CD maturity dates, but having the notification of CD renewal default of OFF is not right. So please do not do business with CIT Bank unless you want to be ripped off.
I attempted to set up an account while my family is being stationed overseas with the US Military. We do not have a US phone number where we are currently stationed and that stopped the online application (even after they took all my transfer information from my current bank). I contacted their customer service and was told that I should "wait until I get back to the US to open an account" and "every service member overseas has a US phone number" I have a US address, an APO for a military base but there was no additional help just "oh well". Fortunately, Ally bank had courteous service and a paper application to help with our needs. It is unacceptable to throw your hands in the air when presented with a problem. I am willing to lose the .001 percent interest to go with a bank who can find a stamp and professional staff members.
Just spent 40 minutes on phone with customer service rep, then elevated to supervisor. Issue NOT resolved. Just read many online reviews of similar situations and am discouraged. We have a five year jumbo cd with CIT that expired two weeks ago. I have been waiting for the check of $111,000 approx to be received. We are currently in FL for the winter, until next week. I phoned CIT prior to coming to FL the end of Dec to assure CD was squared away. Was given options of roll over, wire transfer, mail check etc upon due date. I said I wanted MAIL CHECK. customer service said no record of me calling and made me feel like I was lying. I have no email at xxxxxxxx except MONTHLY STATEMENTS, I was told by customer service rep that our mail from CIT has been returned since FEB. our mail was to be transferred to winter FL address but apparently CIT mail was returned to CIT. Thus any mail letters From CIT regarding the CD, or the check, were returned. CIT told me this. Now CIT wants to charge us $1950 to early terminate the NEW 5 YEAR CD we did not authorize or want. I have asked to please send our money back explaining that I had set up this NON RENEWAL CASH OUT when I called in Dec but they say I did not call. They now have our money in a low rate 5 year cd and are holding it hostage unless WE pay a penalty of $1900ish when clearly they see we did not get mail in recent months regarding anything from CIT, and they suspiciously say we did not call in Dec which I did to assure this financial issue was taken care of while we were out of state for winter. I called today because we hadn't received the check yet, and knew the CD came due by mid March. Very disappointing. I would like this elevated and resolved asap. We specifically said DO NOT RENEW, and they said it would be noted to mail a check upon term expiration a week ago.
After seeing their great rate advertised on this site, I was hopeful this would be a great way to save money. However, after reading several bad reviews on this site, I decided to test it before making a large deposit (thankfully). So I opened a savings builder at 2.45% with the minimum $100 and made 2 more $100 deposits in 1 months time. Yet they held my 3rd payment until it was past the monthly cut off, and instead, it was deposited 1 day after their supposed cut off, therefore pushing my account down to the lower rate of a mere 1%. I called twice and the woman I spoke to first said they would honor the higher rate and it would be shown on my account effective immediately. I checked online later that day and it was still showing the lower 1% rate. I called again and they had no recollection of this. In fact, they tried to pretend they didn't know anything about the first call, then admitted there was a note on the account, but nothing about honoring the higher rate. The agent and his manager straight up told me that they would not honor the rate. I closed the account, and I am worried my money will disappear (thankfully it's only $300 but still). This proves that they never intended to honor the higher rate and it's just a scam, hoping people don't notice, designed to steal money. They need to be forced to run an ethical business or be completely shut down from Banking.
I would like to comment on my experience with this bank, as it matches up with some other comments that I have read. First off, the account opening procedure was very easy. Some banks make you jump through hoops to join them, but not this bank. The problem started for me when I didn't completely understand the "available balance" number in the App and also why I couldn't verify what I had done online. CIT basically locked me out online, giving out bogus choices to send "security codes " but i'm now reading they pretty much do this to everyone. I had to call and request a call back so that I could access my account online (other than the weak app). The "available balance" bothers me, but I have proved (and they confirm as well) that interest does indeed start accruing when the deposit is posted, not when it becomes available. Its a very strange setup, should be available the next day. Oh well. Finally I tested my first withdrawal 2 days ago, and the money was in my other bank the next day! So that's definitely a positive. In summary, this bank is definitely quirky, and may not be for the feint of heart. But as long as they continue to be an interest leader, i'll deal!
I submitted a wire request before 1:30pm EST, and their policy says it will be initiated the same day. It wasn't. I called later that evening and asked about it, they said they were very busy with many wire requests, and would send it through first thing in the morning. That didn't happen either. I had to call back a 3rd time and keep pushing through their BS before a manager would expedite the request for me. So don't put your money here if you plan on actually using it. Ally gets stuff done the same day, no problems.
Closed my last CD with this bank due to 30 minute + waits for phone service. In closing the account, I faxed a wire transfer request to them which they claim they never received. Ended up emailing the request to them. On the plus side, their internal (one must set up a login account) email response time was consistently within the 24 hours they promised.
I am a big fan of high yield savings accounts. I have used many of the big names including Capital One 360 which overall I was happy with. I saw that CIT Bank was offering 2.45% on balances over $25,000 or if you make one transfer a month into the account of $100 or more. I opened an account and got started and transferred my money in. The web interface is a bit dated, reminds me of the old American Express personal savings interface and some others as it's through i-bankingservices (which apparently hosts many banking interfaces for various banks). The website is very clunky. To locate my account number, I had to go retrieve a document that was posted to my account when I opened it. There's no place else to retrieve the account number. I also noticed no place that had the routing number either.
Since I initiated my transfer via CIT Bank (and didn't push it from an external bank) the money shows on my account but would not be available for up to five business days. This was made clear on the website, however, I have been attempting to contact customer service for the last three days to find out when my funds will be available and it's IMPOSSIBLE to get ahold of anyone. There is no online chat feature, I sent a message on the online portal but this takes multiple days to receive a response and waiting on hold for 1+ hours is unacceptable to me. This isn't worth the aggravation for a measly ~0.2% APY. I had high hopes for CIT Bank but this experience has been very disappointing. They claim their customer service is like this because of the interest in the savings builder account yet many reviews speak very badly about their customer service. It also seems like CIT Bank is known to create "new" savings accounts every so often with better rates and not update the interest rates for existing account holders.
I have decided to leave CIT Bank for Ally bank as my experiences with them in the past have been excellent, they're very easy to get ahold of and their online interface is one of the best I have seen. Proceed at your own risk when signing up for a CIT Bank account.
I have dealt with a number of banks. Most, I have to go thru a gauntlet of which numbers to press and so forth. Very frustrating. But with CIT I get to an operator quickly and one who has the answers and can help me the first time in an outstanding manner. I have received quick courteous service a number of times. If they had a local branch I would do ALL my banking business here.
Opened account recently, had best savings rate, account opening was a breeze, online banking is average. Website navigation is average however best rate in town!! Call center access is not 24/7 as other banks.
I have multiple CDs and the Savings account with the 2.45% rate. For the most part, I have had a positive experience. I can recommend CIT easily.
My constructive critique would include: 1) Please add the capability to title an account with a revocable Trust name. Most people with substantial size accounts need to keep these accounts inside of a personal Living (Revocable) Trust. Note: a number of competitors do permit Trust accounts. 2) I could not rate the web experience with more than 2 stars because there are a few software glitches in the web product that make navigation on the website difficult. I almost gave up when first using the site.
I have been a customer for about five years. They always have great rates, been good on phones or website. Currently their Savings is at 2.45% I think highest in the nation. You have to make sure to follow closely, but normally will be able to find a great rate!
My wife and I set up a joint account to contine aggressively saving toward a down payment on a home. We linked our savings accounts from our other two financial institutions. It took several days to get them up and running because you have to verify two separate micro deposit/withdrawals. Every time you log into your account, you have to verify your identity with a code that is either delivered by text or by phone call. It was a little annoying that the codes could only be sent to me even though it was a joint account (or at least that’s what customer service told us). My wife wanted to get everything up and running ASAP and I would get texts at work knowing my wife was attempting to get the accounts linked. The problems started occurring when we tried to link our checking accounts so we could automatically send money over to CIT after every paycheck. Even though we had no problem verifying the micro deposits for our old savings accounts, CIT kept saying the amounts we were entering when attempting to link our checking accounts were incorrect. An error message would pop up with a phone number to call. We called this number 3 times over the course of 3 weeks. Every time we were on hold for 45 minutes to an hour before speaking to anyone. The first time, the agent said my wife had to create her own online banking profile that is also linked to the account. Not quite sure why. They still text my phone with a verification code every time a transaction is attempted. On the second call, they told her to delete the profile the first agent told her to create. Still unable to verify our checking accounts. Finally, we called them a third time and the agent told her to try again since the only possibility was that we were putting in the wrong numbers. I hope the two of us aren’t dumb enough to plug in the wrong numbers multiple times after acing it on our first two savings accounts. We said this was the third time we were told to try it again and were wondering if there was another way to link the accounts. Even a paper form requiring a notary would’ve been a better option at this point. The agent told us there was no other way to link the accounts. It’s unsettling to have large amounts of cash tied up in an online bank that has such a poor user experience. My wife was upset that the website said to call customer service to aid in verifying the accounts and they apparently can’t actually do that. We were so annoyed that we immediately set up an order to empty the CIT account back into our old accounts. We set up a Goldman Sachs Marcus account and linked all our bank accounts in 5 minutes. 5 minutes vs 3 weeks. This was our original plan but CIT lured us in with the marginally higher APR. The agent on the last call said if we couldn’t figure out how to link our checking accounts, we could make deposits by mailing checks.
I'm giving CIT Bank a rare second change after their initial horrid first impression. However my guard is up and I'm incredibly wary as they have concocted intentionally complex and confusing terms (see: https://www.cit.com/cit-bank/tiered-savings-account-savings-builder-direct/).
Their Savings Builder account is a rate leader if you qualify for the 2.45% APY. Unlike their disastrous No Penalty CDs, this account remains liquid and I can transfer the money out at the drop of a hat. Here is where you must be careful though as they may "steal" your interest from you if your timing is off
From my understanding, if you transfer your money out before the 25th of the current month you'd still earn 2.45% APY at the end of the current month provided you had a deposit of $100 or balance of $25k on the 25th of the PREVIOUS month. However, any money that comes back into the account will be at the lower rate until the 25th of the next month when it will be re-evaluated.
Their ACH pull service seems to be decent with money appearing in my current balance the next day regardless of source but I'm watching carefully.
Here's what I wrote to this bank in their message center, on their FaceBook page, and in a tweet (impossible to get through by phone). It says it all.
You have made an egregious error in attempting to transfer two deposits from my external account. I AUTHORIZED ONE withdrawal from that account. Now, since you have attempted to withdraw TWO deposits the bank has notified my that my account is overdrawn: "Your account is overdrawn... If you do not make a deposit on time, any checks, transfers or bill payments from your account will be returned unpaid. One Insufficient Funds Fee is assessed each day items are returned unpaid."
You MUST correct your error, DO NOT attempt to withdraw the second amount -- that is UNAUTHORIZED. I will also expect CIT Bank to pay any penalties and fees associated with your error.
I expect resolution tomorrow, January 17. How completely and quickly you fix this mess you created will determine whether I stay with the bank.
As you can imagine, I could not be more disappointed, and I cannot believe you have behaved in such an incompetent manner.
I've never experienced customer service this poor--even from the cable company! Two days of trying to get through on the phone to verify my new account with no success. Recording says if you leave a number they'll call you back, but they don't. I've e-mailed customer service and gotten a reply that it'll take 2-3 business days to respond. All I want to do now is cancel my account application. No matter what interest rate they offer, it's simply not worth the time or aggravation of dealing with second-rate customer service.
I'm looking at the website and it clearly states the 2.45,% is "introductory". I'm concerned about opening up an account and having the rate reduced shortly thereafter. Should I be?
I opened the account and made the two mini deposits to make sure it worked. All was well. I then transferred a significant deposit from my home bank and instead of taking it once that took it TWICE. Needless to say, I didn't have enough money to cover this mistake. My checking account was at a negative balance for thousands of dollars. My local banker tried to contact CIT and they told him they had some problems which allowed this to happen. They at no time offered to return the second deposit. I have been on hold for HOURS trying to get in contact with CIT. They do not return the phone call or have they responded to a text message I made 24 hours ago.
I don't care what their rate is, I have spent more time on this than any interest I would have made in a year.
After 24 hours I now have $74 in overdraft charges. Totally mindboggling.
How can they stay in business with this kind of total indifference after taking TWICE as much money as I transferred?
Opened an account on their website and received confirmation that it was open. When I try to sign in it requests a "one-time security" code that I need to enter once they call me. Tried 6-7 times to get them to call my number with no success. When I call them to resolve the issue I get the dreaded " we are experiencing very heavy call volume" so I request a call back. When a company gives you a recorded message that says this, what they are actually saying is we don't care enough about our customers to respond to you in a timely manner. That was 5 hours ago and no return call. I REFUSE TO DO BUSINESS WITH COMPANIES WHO HAVE LOUSY CUSTOMER SERVICE.....ACCOUNT CANCELLED.
High rate is only introductory for 1 month then it goes down to 1% they are tricky. Read the disclosures first. Don’t deal with them.
Rather than increasing Money Market rates for existing customers CIT advertises higher rates and requires existing customers to sign up for a new account to receive the higher interest rates. I have had an account since 2015 and assumed each time I saw a higher interest rate advertised that I was getting the benefit of the higher rate. NOT SO!
They are currently advertising 2.25% for money market accounts.....yet my account is only receiving 1.05%. When I confronted them they advised that I had to sign up for the new 2.25% account to receive that interest rate. Of course they had not bothered to communicate that. I also have accounts at Barclays and Marcus and they automatically increased my interest rate to their advertised rate when they raised rates.
This Bank does not value existing customers!
The rate are great.
Access is horrible.
1. Phone queues run upwards of 10.”
2. Mobile app is worthless - it lets you see your accounts, but won’t let you do anything, such as transfer funds, or even access customer service
3. Documentation of accounts is substandard - better hope you never have to make a claim - because you’ll have only piecemeal data that won’t hold up to any scrutiny.
4. You can put your funds in a CD, but getting them out, even at maturity, is a virtual minefield of obstacles. There is no online option. There is no call in
option. Send them a “secured message” but even that won’t work.
Management is responsive, but that takes way too much effort - customer service and access are just poorly designed, and until it gets completely overhauled, look for competitive rates and much user-friendlier banking at other institutions.
I had a penalty free CD and a high yield savings account. On Tuesday, I asked for my CD to be closed and the money put into my high yield savings account. It is Friday, and the money is still not in my high yield account. I called customer service and was told it takes 24 to 72 hours! To transfer money within CIT bank! In my other online banks, money moves immediately when I make an internal transfer. Ridiculous!
I've been very pleased with CIT Bank. It is one of the 6 different online banks I've banked with for the last 2.5 years. I have a pretty good feel now for what I can expect with some online banks. PurePoint Bank and CIT Bank are pretty much now the only banks I deal with online and I have since dropped the other 4 banks. PurePoint and CIT Bank offer among the highest available interest rates from banks that are sizable enough for me to feel safe with, and who has a good track record with customer service, as I don't want my money at a bank that I have to fear getting hacked, or having trouble accessing my money. Nor do I want to bank with an institution that is financially on shaky ground. I have once before transferred $75K out of CIT Bank via ACH, and the process was complete in 18 hours without a hitch and left me feeling very comfortable about doing business with them. With comparing the 2 banks, Pure Point is proactive and usually among the fastest of the large banks to increase their rates to 2.15%, and they do it for you voluntarily, while CIT Bank on the other hand took only a few days longer to increase their rates, and they might make you call them so that you have to jump through small hoops to get it. While CIT Bank did automatically raise my rates for me the last time around some months back to 1.85%, I had to call them this week to get their new higher 2.15% rate. Don't be surprised when CIT Bank (or any other bank) raises their rates substantially, and you find that their phone lines are tied up for over an hour. I had to call and leave my tel number twice with them. On the 2nd attempt the next day, they did call me back within 7 minutes. They are always very friendly and patient. They instructed me to open the new "Saving Builder" account with them to get the higher 2.15% rate. Because I already have an account with them, the process was very fast and easy. You merely go into your existing account and click on the green box to request a new account. You don't change your user name or password. The website page guides you along so that the process is simple, and once you are already a client with this bank the process should remain just as easy for you with any other future rate increases they may have.
Let me explain this. Normally, when banks raise their interest rates, you automatically get the benefit of that new rate. This is not true with CIT Bank. Whatever rate you had when you opened your account is still the same. In order to get the new rate, you have to close your old account and open a new one, the one with the new rate. Then you have to transfer the money from the old to the new. To be fair, they make the process easy. But, if you don't pay attention or do not realize this, you could easily miss out in rate increases. So watch this bank and rate increase closely, otherwise your rate will stay the same.
I have been a customer of CIT bank for almost a year now. I was drawn to their competitive savings rate, and no penalty CD rate. I also have accounts with several other online banks, including Ally so I am able to compare each for myself. Let me first start off by saying the customer service at CIT bank is outstanding. Every representative I have talked to is very polite and helpful. Each time I have had to close, or fund a new account, it has been a smooth process. *Knock on wood* However, the process of having to pick up the phone each time I want do this is the part I don't like. I rather do this myself with the ease of my computer or phone. For example, Ally has that option where I can personally close my no penalty CDs and immediately fund the new one. With CIT, I cannot close anything, hence a phone call. Also with the CIT mobile app, it is very basic and doesn't offer much other than a snapshot of my accounts. Ally offers a detailed app with several other features. I can also track the up to date interest on my no penalty accounts. CIT only gives me the interest information by the month. I also noticed CIT has a longer hold on incoming funds from outside banks, than with any other online bank I used. This why I choose not to add any additional funds into CIT. If CIT were to make the necessary changes, I would probably do so. However, their rates are competitive so I'll keep what I have with them for now.
I requested to transfer my money out from CIT Bank this year. CIT rejected it, claiming that my signature did not match. CIT could not provide any evidence to support the signature mismatch
CIT said that they need notary. I sent new transfer request with notary. CIT rejected it again, claiming that they need All Purpose Acknowledge. CIT did not ask for it in the first place. CIT could not provide me with the policy that defines the requirement for All Purpose Acknowledge, though I asked for it.
I'll never do business with this bank again.
Please think twice when you try to deposit your money to CIT Bank.
Access to money in the accounts are attrocious at best. ie: funds immediate clear your source bank (wire or ACH) for deposit into CIT. Though it may show a couple of days later as transferred in your CIT account, funds are not made available in CIT till up till a week later. So you are dead in the water if you need access to YOUR money during these periods. There is no check writing also and electronic transfers out can take a few days. These holds make zero sense and until they fix this I will not be depositing any more funds into CIT. Not worth the extra .05%... In summary, if you need quick or easy access to YOUR money stay away.
Everything designed on Cit Online banking is counter-intuitive. It's looping you around to find simple information like your account #. Once you dug in deep to find account #, you had to go to their main Cit website's FAQs to find their Routing #. If you're a frequent online / mobile banking user, with experiences with Discover etc, these inconveniences at Cit takes your each step back. Also, their message center doesn't work. They wouldn't reply me timely, and I couldn't write more message on their msg center, simply couldn't find the write new button anymore. I had to call back to see whether this bank legit or not, and here came to the worst: An easily frustrated representative - question your questions and robotic, put you on hold when she got frustrated. The rate appears good right now, but you can find competitive rates easily this month at other institutions. Keep in mind, Cit claims 5 days hold for any types of accounts, unlike Discover that your fund gets interest compounded soon after you deposit, you lose 5 days and it doesn't include weekends.
CIT ban has great advertising and very attractive rates for their Money Market and CD accounts. However they do not have robust system that supports opening these accounts, transfer money between accounts and fund these accounts. Their IT department is way behind with the online and mobile application. They are simply not ready for it. For example, the online application does not allow to fund CD account(s) from your Money Market account. You have to add your MM account as an external account, go through the verification process and then transfer the funds as from an external bank (even though it is happening within the same bank). Obviously this is serious logical flaw. The other work around process is to call customer support and ask for “issue a physical check” from your MM account to your CD. This so ridiculous to me. On top of it, the application puts 5 business hold on the funds even though the money comes from an account within the same bank. Customer service people are quite friendly. But, on few occasions provide confusing and inaccurate information. Personally, I think they have a long way to go if they wish to become a normal user friendly online bank.
I was lured in by the 1.85% percent like everyone else and even locked it in just in case with a No Penalty CD. I thought they'd be like Ally where I can easily manage my CDs and close a No Penalty in under a minute with a few clicks. I couldn't have been more wrong. No only is the online banking software lightyears BEHIND Ally's, I've now been waiting a week for my CD to be closed.
When it finally does close I will reevaluate my CIT accounts and see if there's another place for my money. I don't feel it should be my job to check the rates and status everyday and I'd really be in a horrible spot if I needed the money quickly. I originally was closing the NP CD to move my 1 year CD ladder over to CIT bank since they're offering a decent rate there. However if this service is indicative what I should expect in the future, I'm going to see what other banks DepositAccounts can recommend.
Easy to deposit nightmare to withdrawal!! requested transfer of 29k to my checking ..on July2 ..no good so I then requested a check to be mailed to me for 29k on July 9th. Supposedly check was mailed on the 13th and I was told yesterday not to expect it to arrive until around the 27th of July. So if it comes then... that means it took from July 2nd to July 27th. to get my money. I am closing out this account!
Trying to set up a transfer connection with Citizens Access FAILS! After a long excruciating encounter with customer service it turns out that CIT does not recognize Citizens Access routing number!!! Guess their IT department FORGOT to add CA to the routing number table!!!!! Amateur hour! STILL WAITING for a resolution!!!!!
I contacted CIT to ask if a money market account with $250k and a IRA with $250k would both be FDIC insured if I opened both with CIT. I was told "no," it exceeded the limited. The answer was wrong so I took my money market funds elsewhere.
At another time, I sent a secure message to CIT to close my IRA money market account. The response was to call customer service. When I called customer service, they told me send a secure message requesting the account be closed. When I asked to talk to someone in the IRA department, I was told that the wait would be very long. It was suggested I complete an online form. Unfortunately, I don't know which form or how to complete the form properly. Nor did it provide any information as to where to return it by fax or email.
I've now been waiting an hour for customer service to return my call. No telling how much longer I will have to wait before I speak to someone in the IRA department.
Very disappointed as they are always very friendly and accommodative verbally and provide competitive rates. I have been a customer for years with a substantial deposit amount. They seem to work very hard to prevent there customers from having anything but an instantaneous online view of your transactions. I spent hours on the phone over many attempts and months of trying to get paper statements for all of my accounts. They were either deliberately deceiving me or extremely incompetent as I was unable to make it happen. I have been hung on multiple time after being put on hole for several minutes always after I complained of some request I made not being fulfilled except in a verbal manner such as there putting the wrong amount in a CD, just seeming to ignore my actual instructions. They often correct there mistakes but it is a problem having to continually monitor them to see that they do. I have become concerned that they are making it so difficult to have anything but a short term online view of my money that I am moving away from this bank.
1 star says it all. They won't allow me to post my experience even though it is in line with their comment policy. I guess they don't want you so see what you can expect from their bank.
I'm "over the moon" with their interest rates, so what's not to love. With a very minimal deposit you get a great rate. Customer service is also good; easily accessible to get a human who can help you.
I recently moved across town and rceived a notice from CIT, as well as an entire host of other banks and brokerages that I deal with, advising me that they had rceived a change of address notice from USPS. CIT bank requested that I telephone them. Welll...it took about a full hour just to get them to register my new mobile number and to change my address. I never had to jump through these hoops with the other banks and brokerages I work with, sich as Schwab, Fidelity, and Vanguard, and I could handle all those changes online.
The interest rate is very good (although it is currently not the highest available), but the terrible customer service is one reason to choose the other bank. That info is available online.
I read about CIT bank in a magazine and I also saw a flyer. I am a conservative investor and saver. I am comfortable having CDs with principal safe than playing with Stock market. I heard about their product "No Penalty" CD. This is what I was looking for. I wanted to invest in CD but with the possibility of early withdrawal to use for down payment. I got the product here. I called the bank and withing few minutes they opened the account and I receive the confirmation. Thanks to the wonderful bank
I actively use a "Money Market" account with CIT. I was allured to this account due to their 1.75% APR offered for this style account. When I heard about this I instantly made an account and transferred my savings over. Creating and activating the account was seamless. Linking my numerous other accounts to transfer my savings was also quite simple. All-in-all I had everything up and running in about an hour's worth of work. I very rarely withdraw from this account, but on the occasion I do I typically receive my money in the same week. Depositing is quicker, typically taking a few business days. I regularly receive payments for accruing interest, which is automatically placed back into the account. In conclusion, the 1.75%APR is the highest I have seen for any savings style account. It would be great financial practice for one to take their money and store it in this account and watch it grow.
Two years ago, I knew interest rates had nowhere to go but up, so I bought several of the Ramp-Up and Ramp-Up Plus CDs. The "ramp-up" refers to potential beneficial rate increases, if they occur, and the stated rate cap cleverly makes you believe you've considered all of the risks (it's double the original rate minus a nominal amount like .05%). Now, while many other banks are offering rates at least 1% higher than the 1.67% rate I locked in, my rates are going nowhere. In fact the rate for new investors is actually going down! This sneeky marketing come-on requires you to ask, "What index are the variable rates based on," and the answer to that is, "nothing" but what the bank views as the "market." So in other words, even if the Fed Funds or LIBOR rate goes up or mortgage rates or Treasury yields go up, this bank is under no obligation to increase their rates on the Ramp-up products because their criteria is something only they are privy to. Additionally, the 1-year early withdrawal penalty on 3+ year maturities is substantial, and although I must have accepted it when completing the forms, the customer service rep I called today said the bank isn't required to disclose it over the phone unless asked--only in the agreement you accept when purchasing the CD. Avoid this bank and their Ramp-up, let-down CDs!
Overall the experience with CIT was ok. Their savings and checkings accounts didnt offer much in interest but was on par with many other financial institutions. Dealing with people in person was a good experience with few if any issues. But customer service over the phone was lacking. I found the customer service representatives were no as helpful as what was expected of me and were not fully knowledgeable in the way i expected.
The Cit Bank saving is a great product. It was giving a 1.55 percent interest rate which is one of the best for a saving account. I wish it had a checking account also but the saving account is great for an emergency account. It's website is easy to go to. Joining was not hard neither was funding the account. The only bad thing is I can only withdraw from my account 6 times a month, but as I am using it as an emergency account that limit helps keep the money in the bank and not spending it.
I am an online banker and hate having to go to branches.
I opened this account with no issues in 3 minutes. I called customer service before that to test response time and made a view complicated questions related to wire and funding the account. I spoke with a person in less than 2 minutes. In 3 different calls I received info I needed in less than 3 minutes. That's a 5 star already.
The safety features on the account are better than Chase Bank and to safe on wire transfer fees to fund your account just set up external account on Cit Bank , wait once it is confirmed and request to wire money from CIT to your bank. If over $25000 its free or $9 per wire. You wire 1 time!!
My Chase bank allows to wire out max $25000 x day. Thats insane and cashing in $25 x wire. Cit bank allows you to wire max 2 Million x day and free. Plus now your money earns something while sitting there and being used by the banks. 1.75% is better than 0.01 % from Chase. And you can use the money max 6 times a month. For me this is perfect. Let's see how long this rate stays.
Opened a CIT savings a couple months ago. Just recently opened a money market to take advantage of higher rates. Most recent transfer took only one business day. I like the revamped website. Had to call customer service for a small issue, which was handled efficiently. No complaints. Will keep doing business with CIT as long as the rates remain competitive.
I opened a large account about a month ago. I have been with SallieMae Bank for years but at the time their rate was 1.50% and CIT was 1.75% with the amount in my account that made a real difference. Some features I liked; as many beneficiaries that I wanted, no outgoing wire fee (if account over 25k), high limits on ACH transfers (2M) Opening was straightforward. over 25k).
Time will tell how good they are.
This bank is a sham. You notice they advertise 1.75% APY (as of April 2018), in competition with other bank rates....but what they don't make clear is this is for a money market account and their competitors are online savings interest rates. On top of this, I DID have a high yield savings account which was a full 0.7% less than adverstised. When questioned on this I was told this is because they never informed existing customers...who are expected to navigate through the promotional deceptive hooks and find the real truth. GO elsewhere, Goldman and Barclays are far better rates, more sound banks. Don't fall for the gimicks.
They'll lock your account's interest rate(even for their savings account) to the rate when you open the account. If their rate goes down, they'll lower your rate. However, when their rate goes up, they'll keep your account at lower rate until you call them to request a interest rate raise. After I figured out their tricks, I moved all my funds to Goldman Sacks Bank and Ally Bank.
I signed up for a savings account here because of the fantastic rates. I was trying to create a joint account with my spouse. Unfortunately, the web application was very confusing. I ended up having to add her after the fact and this was a bit of a hassle. They had to speak with her over the phone and it took several additional days to complete the process. Overall, we have been satisfied with the account. I do wish that we had received ATM cards in case of an emergency need to access funds.
I'm posting not to invalidate the recent bad experiences people have reported, but to share my counterexample.
I have had CIT savings, CDs, and money market accounts for over a year. I've had to call into customer service a few times -- like when rolling an existing no-penalty CD into a new no-penalty CD with a higher rate. All of those experiences have been very good for me. I did not have a very long wait on the phone. The customer service rep was knowledgable and walked me through the process very easily and quickly.
I have had no trouble getting money into or out of my CIT accounts from a couple different linked bank accounts (credit unions).
I don't know if this is all a case of good versus bad luck or what, but I've been very pleased with CIT so far.
I thought I would try CIT bank due to its relatively good interest rate. It seems like a legit bank since it has been in existence for a few years.
I can not contact CIT by phone due to being on hold for over an hour. CIT also does not respond to the message I posted 5 business days ago about the inability to transfer funds from my bank.
The initial external transfer of $1000 worked when I seeded the CIT account. The external bank is listed as "Active Ready for External Transfers" in my CIT account but when I attempt an external transfer I get the message "No transfer accounts found. Please contact us for assistance."
I no longer have confidence in the bank and want to close my account. How do I reclaim my $1,000 initial deposit when I cannot link to my external account? Hopefully money will eventually transfer back to my external account as easily it transferred into the CIT account.
My previous experience with this bank was a red flag--high come on savings rates and then a quick, huge and unannounced drop in the interest rate. Caveat emptor: You need to always be checking or you will be very unhappy.
A few weeks ago I thought I would open an account for some CDs...at least they could not pull the same stuff with a fixed rate investment. Was I wrong.
Their site said they review applications and the account would be opened in 48 hrs. Three weeks later and 2 long on hold calls, I find out my application was rejected (I have accounts at many top banks and CUs). My guess: this bank offered great rates when they need money, and then they hold applications when they get the $ needed and then try to get applicants to accept lower rates.
Whatever their strategy, their bad service and long holds make them a bank to avoid.
The folks at CIT are down eight dishonest. If you have been a loyal high yield savings depositor they quietly launch a new product money Market savings and then promote that rate to let you think it applies to you too. IT DOES NOT. The rate you get is about half. When you call to complain and wait in cue they admit to you they understand how you feel and then try to just convert your account to make you feel better. Obviously the senior folks think their customers are STUPID and really don’t deserve your business. My advice, teach them a lesson and close your account, spread the word that this bank is BAD News!!
I have recently opened MM account and CDs with CIT to-date I have found their customer service very poor. I have a few questions that I want to discuss with the bank directly however despite multiple attempts I have not been able to speak to an agents via the Contact Center at 855-462-2652. I'm put on call waiting for long periods of time before the call is then dropped. Every time I call the message says they are experiencing unusually high call volume etc..On a couple of occasions the automated service asks for a call back number which I provided but then they don't call you back. This needs to get resolved asap for me to want to continue using them....
There is always a reason, a necessity for offering those enticing rates. I always make a quick call to the bank customer service department simply to get a feel of what I might expect. I was on the music/ ad voice hold for 15 minutes before hanging up. They must be overwhelmed with the response I thought. I clicked the contact information and sent an e-mail, the response to which a message stated that I would be contacted in two business days. The only response I received was a generic "do not reply" email that said. "If you have questions or need assistance, please call our Contact Center at 855-462-2652." Seriously? For now the extra point five percent is by far not worth the anxiety of dealing with banks like this. There are currently fair to good internet banks offering 1.7% on money markets. Perhaps they will get it right some day
I have been using CIT Bank's Savings Account for the past year. The reason I chose the account is because they offered the highest savings account interest rate, currently at 1.55% APY for balances under $100,000. If I have $10,000 saved in the account. I would earn $155 if I just left it there. I have contacted the customer support service about twice for different inquiries on my account, including app setup and balance statements. Each call only lasted a few minutes and I was able to get the information I needed quickly. Most other banks with savings account offers do not come close to the high APY CIT offers, which is why I am sticking with it.
Overall I think that the bank employees are the best part of this experience. They are incredibly helpful in making things right. However, I don't think that their fees are fair. I also think that the amount of interest gained from their accounts is not reasonable for the fees they charge. When I signed up I was promised a 200 dollar signing fee of which I still have not received which I think is either false advertising or laziness on someone's part.
I opened an account with this bank one month ago and it took them almost 2 weeks to open the account. They asked a lot of information including Federal Tax Returns. I have no idea why this bank would ask for private information.
After verifying my account information, I was able to link it to an external account and transfer the minimum $100 deposit to try this bank prior to moving a much larger amount.
I was surprised that after wasting all this time to open the account, access to my account was restricted by the bank for an unknown reason and I was asked to contact customer service.
I tried to call customer service but was put on hold for more than 15 minutes and had to hang up.
I sent email to customer service asking them why they restricted access to my account. They sent me a one line reply asking me to call customer service.
I was finally able to call customer service and asked why they have restricted access to my account. The representative told me that the bank decided to end the relationship with me without providing any additional information and will be sending me the check by mail.
I do not understand how this bank expects to do business with customers when they do not treat them with courtesy.
I have another account open at Live Oak Bank, which offers a very competitive rate currently 1.7% and treat their customers with respect at the same time.
I am glad that I did not send a large transfer to this bank. I can't wait for my account to be closed and to get my money back from this bank.
I usually do not like to post comments online but wanted to share my experience with this bank so others can benefit from it.
Any reason to get the Money Market over the No Penalty CD? The CD has a higher rate...and no penalty :P
CIT bank is pretty great for making a return on your investment in a savings account. When I started banking with them, they had a high introductory rate and didn't charge any fees, so that was a great switch from Chase, with whom I was banking previously. I set up automatic deductions, with which I has no problem coming out of my previous checking account, and they always came out on time and with no issue. I has a nice feature that I liked that shows you your earned interest per day. I haven't seen that at any other banking institution that I've used in the past. It really makes you want to save more money when you see the amount of interest growing daily, so that is a feature that definitely made me like this bank. The customer service is also really good as far as I'm concerned. I lost my password once and was locked out of my account - which is kind of a positive and a negative, because though their response was good, it was a little too difficult to gain access back into my account compared to other accounts that I've has elsewhere. All in all though, I like this bank and their practices, and don't have any major complaints. I plan to continue banking with them and definitely recommend them to others.
Last year my grandma died and she left me and my cousins all $11,000. I have never received such a large sum of money at once and didn't know what to do with it. I consulted a financial advisor the company I work for uses and he advised a savings account as I have a family and we know we want to buy a house one day. We don't have any credit card debt. He recommended a three banks for me to research. I spent some time looking at the savings possibilities, customer service and online banking capabilities for all the banks and I chose CIT Bank. I am really glad I did, I have not had any problems. I forgot my password at one point and recovering my password was easy for me, but it also gave me insight to the security. I was pleased with the security and how hard it would be for someone else to take over my account. I don't do daily banking with CIT Bank, the money my grandma left me is kept there and a couple times I have had to pull from it for emergencies.
I am really happy I decided to consult the financial advisor and I am happy I picked this bank to do business with.
I currently have a savings account with CIT Bank for approx. 4 months. I signed up for a $100 promotion and have not yet received the bonus in my account.
Unfortunately, I have tried to follow up thru their customer service telephone system. During the last two attempts to call, I waited on hold for over 25 minutes, before a live person answered, which would seem to indicate a lack of suitable # of customer service reps. My situation has still not been resolved and it has become quite frustrating. I would not recommend CIT until they provide adequate and competent customer service assistance.
I opened an online savings account with CIT Bank a couple of years ago online. I wanted to find an online bank that would help me with my finances and was easily accessible if I needed money transferred to another account. I checked on the bank and read reviews before I opened the account. I found many positive things about the bank. I found that their savings accounts yielded a much higher interest rates then most banks do. CIT also had no penalty CD's which was important to me at the time. I decided to open a savings account and see how it went. My experience was excellent. I have had no issues with outages of my account and if I had any issues at all I just gave them a call and it was resolved. I would recommend CIT to everyone for their online banking needs.
I used to have a saving account with them. They weren't bad. They were pretty well average. I do not think it was a major high interest account because I have seen better ones. I chose to move some money elsewhere. I didn't have a bad experience though. I never had to call customer service so I can not really comment on that. I had a pretty ggreat experience online though. It was easy to use. I would recommend them to someone else.
I decided to move my savings account to CIT simply because of their High Yield Saving Accounts that are around 1.5% right now (at my previous institution, a physical building of a nationally know banking company, I was receiving about half that). They also have a low minimum to get started ($100) so I'm also able to move my grade-school children over who don't have a lot of savings.
Overall we have been very happy! There are no fees or limits of withdraws, and customer service was very helpful at addressing our concerns. We were initially a little concerned having never been part of an online bank, and had some questions. We spent only a minute or two on hold and the lady who we spoke to was very patient addressing our questions and concerns. We also learned they are insured through the same system and amounts as our previous bank, which really helped to ease our minds.
Overall, at this moment I feel comfortable recommending them to my friends and family. If you're going to just let your money sit and collect interest, you might as well get a decent rate on it!
I use CIT bank. I needed to open a no penalty CD and they were only one of two institutions with this option and had the higher interest rate. It was a very quick and easy online process to set up a new account and open the CD. I provided my current bank information and the amount to be transferred in the CD. Once I verified two small deposits made by them, I was good to go. Within about a week the funds were transferred with no problem and no hassle of having to go to my bank in person. I use the app and the mobile site and both are very easy to use and user friendly. So far I have had a very good overall experience with this bank.
CIT Bank was very easy to work with on terms of what it was that I wanted. I was looking for a custodial deposit CD with a OK return for 1-4 years. They were able to match what I was looking for with a minimum deposit of 50,000 which wasn't terrible. The deposit went smoothly as all I needed to do was wire the money via TD Ameritrade into the account, the process was smooth and I had support via phone to help guide me through this process. The entire process of setting up the account, have the money wired in and the deposit clear took a total of a few days. I received notification of my deposit via email and called to confirm about it going into the CD, I choose the High Yield RampUp CD as it seemed the best choice. Overall, the process was smooth and the transaction was easy to initiate from beginning to end. Customer service was helpful and I'd be willing to repeat this transaction or a similar one again in the near future as needed.
CIT Bank has been a great bank for me over the years. Any time that I have an issue, I am able to call their customer service and receive help. I have gotten things flagged as suspicious activity while making an online purchase from another country and I appreciate that because it shows that the bank is looking out for that type of activity. I feel like my money is safe with this bank. When I went oversees to Europe last summer, all I had to do was call and let them know where I would be visiting and how long so that they wouldn't flag my card and I had no issues during the duration of the trip. I have used banks in the past that have left me stranded with a card that doesn't work, but I have no experienced anything like that at CIT.
I've used CIT bank for roughly a year now, primarily for short term CD's. What originally drew me to this bank was a suggestion from a friend. I had previously held another bank for my CD's, however they contained an average interest rate (1%). After talking with my friend, I found out that CIT bank offered several different CD packages with a much higher interest return rate. While CD's are a low-risk option, I wanted to get as high of a return rate as possible, so I decided to make the switch to CIT bank. Thus far, I have had no issues with the bank, had quick access at all times to my account and am happy with the return rate I'm getting on my CD's.
The CD rates with this bank are low comparing to some other banks. I have yet to see any benefit from the ramp-up CDs which started out low. The penalty for early withdrawal is shockingly high. The website is not very user friendly. Once my CDs matures, I will go with another bank. I had a CD which matured, and it was automatically renewed... 2, 3 months into the new term I asked about the penalty for early withdrawal and the bank told me something around $2000. I can understand not getting the interest for the 2, 3 month (for the new term), but that was not the case...
I have been with this bank for about four years. This bank offers more services than the local banks in my community. I have better access to my information when I need it and they are reasonable when I need a change to my account.
When I first signed up for a CIT bank account, it was for the bonus and the apy on their savings account, which was one of the best ones out there at the time. Then they spent a few months creating new accounts that paid higher rates of interest, and you'd have to bounce your money over to those new accounts if you still wanted the best rate, which was super annoying. Recently, they seem to have finally settled on a single savings account type that they'll always pay their highest rate of interest to, so banking with them has gotten way better. The rate they pay on deposits are still pretty much the best in the market.
At your current 1.55% offering, you are situated 1/2 of 1/10 percent of interest between the top tier online banks that are offering 1.5% interest, and some other good banks offering 1.6% . It's really a silly number for you to have chosen, and is lacking any real incentive for folks to want to bother transferring funds out of their already good paying accounts.
Recently I had over a 100K of cash at Purepoint Bank parked there at 1.40% when all the top competing banks had already raised their interest rates above Purepoint to at least 1.50%. The whole time I also had some money at Live Oak Bank at 1.6% , and at GS/Marcus at 1.50% too. I was finally giving up on Purepoint with their low 1.40% . So I opened an online account at Cit Bank with the required $100 minimum, and was getting ready to transfer my Purepoint cash into Cit Bank when Lo & behold at the last minute PurePoint raised their rate from 1.4% to 1.6% !! I'm in love all over again with Purepoint bank! LOL.
Come on Cit Bank, what's with the 1.55% ?? So many banks are now offering 1.60, and the 1/2 of a 1/10 percent difference you are offering over the big name banks like Marcus and Barclays who are offering 1.50% just isn't worth it for folks to be pulling money out of those accounts they already have for your extra $50 a year on a 100K deposit.
At the suggestion of a close friend I opened three accounts at this bank. I was fed up with the constant fees at my local bank and this bank resolved that issue for me. I did not put very much money into the account in the beginning but shortly used it as my primary banking source. Being in the technology field I was impressed with features and felt it was cutting edge.
Then I forgot my password. I was hospitalized for two weeks and when I came out of the hospital my phone had not saved the password anymore (which is how I unfortunately remembered my passwords). I contacted customer service and it took five days struggling with them to get my account restored and a new password. This is a testament to the security features though.
They are a nice company to work with. My account was easily opened and although it took about 12 hours for my funds to show up in my account the first time I opened it, it over all was a nice experience. Their online site is easy to use as is their IOS app for my Iphone. So based on my experience with them I would say I have enjoyed being a customer of theirs.
Being able to use an online resource like this bank has been great. I don't feel like I have to leave the house because their resources are dedicated to the online experience exclusively. If I need to get in contact with them it is easier than what I have experienced in the past and I feel like in 2018 online banking is truly all I need and all most people need. I can deposit checks and move money around freely without any issues and I have yet to have a negative experience. Fingers crossed.
I chose to bank with CIT Bank because they had one of the highest interest rates. I am typically the type of person who moves my money around for the most competitive rate. CIT Bank preemptively raised its savings rate by 20 basis points much to my delight. Many times banks offer high teaser rates only to subsequently lower them, but CIT Bank seems committed to having one of the highest rates in the industry.
I've had a savings account with CIT bank for quite a few years. I started the account when I had $500 dollars in excess and wanted to have an account separate from the bank I usually do business with (a stash it and forget it account). I've left this account alone and gathering interest this entire time. The reason I didn't rate the bank higher, is that every few years, I have to get a notarized statement to prove that I am still alive and didn't abandon my account. Apparently, stash it and forget it accounts aren't productive to the financial institutions, and they can claim your money if you have "abandoned" it. I continue to have the account, but will not do any further business with a bank that isn't local.
Their customer service personnel are satisfactory and do an excellent job of watching/requiring proof of life for my account. In the event of my eventual death, I feel that they have earned their money several times over.
Have only been a customer of CIT Bank for a couple of years but have had fewer fees than big banks. I will probably keep them as my bank for my checking account for the next few years unless my needs change. I would be willing to open multiple accounts with them if I were to receive more incentives, like a higher interest rate for my savings account. I have never applied for a small loan with CIT and cannot comment on those practices.
I signed up for CIT Bank because of their high-yield savings account with a 0$ monthly fee, which was perfect for my daughter's savings fund. It was fairly easy to sign up with them. The customer service was great and she went above and beyond to answer my questions. Overall, the company is great and has competitive savings rates. However, there are no branches in which you can deposit your money or do any banking in person. Also, the bank's app has many glitches and often exits while I am using it. You are unable to transfer money from another bank or account from the app. I am not always by my computer and prefer the convenience of being able to use my phone. I am happy with the current savings account that I have.
I opened 10 No Penalty CD's totaling $240,000 and will never use this bank again based on the lies they told me once I attempted to close 2 of the accounts. I was told that I would have the funds in my external account within 2 business days. It has been 4 business days and I still do NOT have the funds in my external account. I am having CIT do a "trace" at this time to determine where my over $48,000 is for the 2 accounts closed. This is unacceptable and I will never subject myself to their abuse again. AVOID CIT BANK!
Edit: 1/26/18 - While I think it's important to have the original review stand as a note to others of what can go wrong, there is a happier post mortem to my experience: When I got to the right person - a bank officer embedded in their customer service center, he went to great lengths to straighten out the problem, and took significant phone time to answer all my questions in detail. Which is a good thing, as switching the main institutions you rely on for managing finances is a grand PITA. I feel reassured enough to continue with CIT as one of my main financial institutions, and hope that both their frontline customer service staff, as well as some of their former wacky marketing ideas such as forcing customers into new accounts to get the best rates are both resolved over time. I have to commend the officer - very helpful, and extended me every courtesy to resolve the problem.
My original review:
I've dealt with CIT bank for years, and regularly moved significant sums between them and another institution by ACH transfer, without a hitch. (Mostly the willingness of the 'other institution' to be of help whenever a speed bump arose.)
However, for the past 2 years I've experienced a marked decline in both competence and routine customer accomodation. At first it was small things - they raised their savings rate, but didn't update your account to the new rate automatically - you had to notice the change, call *them* to find out that in order to get the new rate, you were forced to close your old account and open a new, differently named and numbered account to qualify for the new rate. And other such annoyances.
But recently, they provided one of the worst customer experiences of my life: Since all the accounts were changed to new accounts, all the ACH and wire instructions were made obsolete - I found this out by placing an ACH transaction to deposit money *to* them, only to have it bounce back. CIT claimed they had no idea nor info why the ACH didn't go through. Investigation with the 'other institution' showed that my link was no longer valid - it was attached to the now-closed account. I had to wait almost a week to find this out, as CIT at first said it could take 3-5 business days for ACH funds to clear their clearinghouse. It was after that time expired that I began to investigate.
And then it got much worse: The 'other institution' is much more competent and timely, and it's always been a better bet to 'push' or 'pull' funds from their end. They have a time-proven document to establish new ACH links. However, one step involved uploading a voided check. That's not possible, given that the CIT account was a savings account. The document provided two alternative ways of creating and verifying the link in that case: Either a pre-printed deposit slip with the requisite information (ABA routing number, account number, etc. - nothing fancy.) Or a letter from a CIT bank officer, with the same routine information.
I spent several hours over the course of several days, only to end up with CIT saying they 'couldn't do' either of those, and suggesting that the only way to create and verify an ACH link was for the 'other institution' to send CIT a letter requesting that exact (mundane) information. I said given that the 'other institution' was huge in comparison to CIT's capitalization, I doubt they'd change their lawyer-approved form to suit CIT. And after delaying me, in my most recent conversation with CIT, mostly on hold for an hour, before I was allowed to speak with a supervisor, I finally got them to agree to put one on the line. I pointed out the obvious - 1. When they called I was in the midst of leaving a message for a bank officer in their New York operation, wanting to ask them if they really wanted to lose this much business by being customer-toxic. and 2. Did the supervisor really want to be responsible for losing an account of this size, over a problem that CIT itself had created when it forced customers to all get new accts? She promised to call me back in an hour, at closing time. 1 1/2 hours later, she called, said that they could send the letter from a bank officer. She had the requirements either wrong or vague, so I repeated them verbatim - ABA routing number, account number, etc. She said they'd send that to my email shortly. Many hours later, my mailbox has no missive from CIT.
In conclusion, I'd think twice if I were you about vesting funds with CIT. Unlike past times, their 'clearance' of ACH transactions has ballooned to as much as 5 days - and if things go wrong, they're not going to know anything about tracking that down. Same with rejected wires. People have complained about days of losing interest with Able Banking, the current savings/MM leader. If you're going to get abused, why not get the 15 extra basis points? And you've got to ask yourself this: What kind of service can you expect from a bank that only at the point of threatening to pull all funds out of a substantial account do they start to meet the most mundane standards of customer service, rather than customer torture? It's a real shame - I used to be a big fan of them. if things get better, I'll try to revise this.
At first glance , I wasn't the banking type. I wouldn't go to a bank or credit union. Years down the line I decided that I wanted to open up a banking account to start saving money. I wanted to become more organized and the main important option was to open up an account for my child, So that when he gets old enough to invest in his future, he surely can. My experience with CIT Bank is overall an awesome experience, which has put all of my fears to rest. I like the customer service . They make sure all of your needs are well taken care of. There fees are decent and the program and incentives that they offer seem to be some of the best I've seen.
What can I say about CIT Bank? I have had experiences with several banking institutions, and like many others, CIT Bank has it's ups and downs.
Many people, when opening a new bank account, don't automatically have $500 dollars or more to immediately put in to their savings account; especially newer, younger customers. So, they would unfortunately have to pay a monthly fee until they have at least $500 in their savings accounts and you know that nobody likes monthly fees for banking. Is it enough that they have FEE-FREE ATM machines to counterbalance the monthly fees for many other things with CIT Bank. For many, the answer would be no. However, if you're established and want to check out additional options for banking, CIT Bank definitely has pros for you. Take a look on their website or contact their customer service for any questions. Their customer service is very good.
I really like CIT bank they have helped me a lot. Generally when I call a bank I'm a little stressed when having to deal with customer service but every time I have contacted them about my personal banking they have been able to help me out. On one such occasion without naming names of exact details I was in a bit of trouble they where able to figure out a short term solution for a savings account which help me out of the whole I was in. I suppose all in all the thing that keeps me going back to them is loyalty and there savings account plans also the fact I feel like they care. Customer service means the world to me nobody wants to feel pressured or stressed when dealing with there money.
My personal experience with CIT is a pretty typical one when banking. I received excellent customer service from this bank whenever I would have a small issue with my account. The only problem I had banking with this company is the the overdraft fees were way too expensive. Also the minimum you must have in account is too much. I feel that if banks want to gain new customers they must make their services more accessible to people with lower income and cannot afford to keep an account open with high maintenance fees. Other than that I enjoy banking with CIT. Mainly because of their excellent friendly customer service. Every employee I would talk to while banking with them would handle my issue quickly and effectively.
On 1/5/18 at 6 am I called CIT and requested my No Penalty CD closed with all funds moved to CIT savings. I was told my funds will be available on 1/10/18. Today, 1/16/18, is the first business day my CD funds are available. This is six business days and eleven calendar days since my request.
I opened a no-penalty CD with this Bank and months later I requested to close it because I needed the funds. I requested to put the funds in my internal savings account with them. I made the request on a Monday morning (business day). Now it is Friday of that week and it still has not been done. First of all, this is a ridiculous timeframe for an internal transfer. Its 2018, what century is this bank living in? Ive called them numerous times telling them I have an emergency and need the funds. They don’t care. Their agents and even the supervisors dont have the power to do anything except make empty promises. They have to send an email to their back office who they cant talk to. This is absolutely ridiculous I dont even know how this bank functions. Do not open a no-penalty CD with them because they will find a way to penalize you. Like myself. Oh and their Mobile App is complete garbage. The only thing you can do on their App is see your balance. That’s it.
Everything that I have had to do has been easy. The only thing that I do not like is how long it takes to clear funds; usually about a week. BofA clears funds in a day; not that I like BofA. There recent no penalty CD was something that no one else offers. I split my savings into 2 CD's so that I could access money if needed but they raised the savings to the same the CD so moving from the CD to savings did not cost me any thing.
I decided to close out a CD early and move the money. I had the new place send them the completed form for a transfer. CIT called me, went through the process of confirming it was me, then said they didn't like my signature on the transfer form, didn't match what they had on file (it was EXACTLY the same), was this really my signature? I said yes it was.
They then said, well, we don't care, we refuse to believe that is your signature(!). Now why they would contact me and ask, if they don't care what my reply is, I cannot imagine. So, I asked what is it going to take to get my money. They said I would have to complete an APA (All Purpose Acknowledgement) with a Notary. Of course, notaries in every state are different, there is no such form in Texas. They offered to send me a blank form via snail mail, not email.
So, sent it all in a circle again, still waiting. I suppose I'll wait another week or two, then call a buddy of mine who knows the AG. If they are doing this to me, just to not give me my money, they are no doubt doing it to others. One should never offer a lawyer an easy class action suit.
Needless to say, I'll be removing the remaining accounts I have there.
I opened a savings account with CIT Bank three years ago. It was a very easy and quick process. The bank representative I worked with was very pleasant and was happy to answer all of my questions. I have been pleased with the ease of online banking through this bank. There have been several times where my check deposits have not posted for a week. When I've called customer service they have been quick and looked into my question, provided an explanation and told me when to expect to see the deposit post to the account. I have recommended this bank to my friends, and several have opened accounts there as a result.
While I was living in California, there was a CIT Bank branch right around the corner from where I lived. This made banking very convenient. I have since moved, and though there are no direct banks near me, their online banking tools have allowed this to not be a problem and allowed me to continue on with my banking, without a hitch.
I have been banking with CIT for around 3 years now. A few years ago our office started to require all the pay be direct deposited and they offered to open up new banks accounts for all employees using this bank. At first I wanted to use my regular local bank, but I had some issues with them issuing me fees and such things for a while so I thought it would be nice to try out a new banking service. I have been so pleases that I had decided to try CIT. They have turned out to be wonderful and far superior to my previous bank! Their rates are very reasonable and they are listed clearly in the terms, and you can find answers to any information about banking fees listed clearly on the website if you have questions about a fee. The web/mobile app is always up to date and working properly, I've experienced no glitches or problems loading the sites on my PC or my mobile device. The bank employees are always kind and professional and provide excellent costumer service. I would very much recommend this bank to my friends (and I have).
I use this account for online banking. The customer service, although I don't need it too often, has always been prompt and helpful. I am able to make my edeposits quite easily. Every now and then the edeposit function is down for maintenance and that is a little inconvenience especially since I like to make my checking deposits quickly but it is usually back up within hours. It's easier to look at all my accounts using the format they have. It lists checking balances, savings balances and my other account balances all on the same page so I can get a quick glance of what my accounts currently look like. I like the mobile banking also. I can login with a 4 digit PIN that makes it quick and easy.
I have banked with CIT bank for awhile. I am pleased with the services that they provide. I think that the best thing that can be said about this institution was when I had issues with a checking account after we had been traveling extensively, they were quick to fix the inconsistencies. We had someone take almost 2500.00 out of our account. They were quick to identify it and replace the money very quickly. I appreciated this about them and I am glad that they were so quick in doing this for our family. I had contemplated prior to this incident switching banks, but I was impressed by how well they handled the situation and decided to stay for at least one of my accounts.
CIT bank is a bank that is advertised as being a great bank. My personal experience with this bank says otherwise. You can of course set up standard accounts with them as well as a couple of special investing accounts. As far as bank security goes, that is another story. I got a phone call from the bank one day asking if someone withdrew a large amount of cash out of my account. I of course told them no because I was home. Apparently someone was able to get into the bank's system and pull the required information to withdraw money from my account along with many other accounts. They did manage to recover my money but it took them months to do so. Afterwards I ended my account with them and moved onto another bank. Overall, the bank got the job done but it could have been done better.
I think that whenever I go into this branch I feel a sense of comfort. The walls are imbued with glass and have this modern feeling to it which makes for an inviting and enticing bank from the outside but on the inside you can get confused as to where to go in some cases. The bankers seemed like they had lots of experiences and always helped me through my issues but were impersonal at times. As far as my saving account with CIT I am pretty content with it as the fees are reasonable to keep it open and the interest is pretty great too plus my money feels more secure at a place like CIT overall I must say!
I have had a CIT Bank high yield savings account for over a year and the experience has been great. I transferred funds from a large banking institution (e.g. Chase, BOA, etc.) to CIT using a promotional code and received a $100 bonus. The reason why I transferring bank accounts is because I was receiving a terribly low interest rate. I was earning less than a dollar month for leaving my large balance of cash in the prior account. However, now I am earning more interest and it has compounded greatly. Furthermore, CIT Bank only requires a small minimum deposit of $100 to open so it doesn't have a large requirement. In addition, there aren't any fees related to maintenance and account opening. The mobile application has a great user interface that allows you to check your balances quickly.
I was very satisfied when opening savings accounts, especially when I received the bonuses. So I figured they were a reputable bank, and opened "ramp-up" CDs. We all know that these type of CDs offer a lower rate than a regular CD because if rates rise you can ramp up to a higher rate without penalty. I figured rates were on the way up so I chose to take the initially lower rate in the expectation that I would ramp up later.Well, over the last year rates have gone up, but they do not raise the rate of these CDs! It seems once they have your money locked up, they want to keep it at a lower rate. Their liquid accounts now have a significantly higher rate than I have in a CD! This is all very frustrating since it contradicts the entire point of a ramp up. I feel I was suckered! As soon as these CDs mature, I will move those funds to a more ethical bank!
While banking with CIT bank I was generally satisfied. Every single time I had a problem I would call the customer service line and they would answer quickly. All I had was a savings account. There were a couple of times where I went negative in my account due to automatic payments and let me just say that the fees were absolutely outrageous. Due to these fees it made it really difficult to get my savings account back into the positive again, but I was able to pull it off. I wasn't really happy with the in personal service. Sometimes I didn't feel like they were quite understanding what I was asking. Usually I had to ask for someone else when that happened and then I would get good service.
I opened an account with them with $15K and maintained that balance for 3 *months* per their terms to earn $100 bonus. Still, they refuse to pay the bonus stating that I did not maintain the balance for 3 *statement cycles*.
This is a hoax.
I feel cheated.
Beware. This bank's interface is poor, and while that doesn't matter much, getting your money back out again might matter. I was required to fill in two forms, from the start of my withdrawal. Two pages, and three pages. PDF. Not sent on paper, and once i printed it and signed it (online signature not acceptable) (wet signature required) and digitized it and resent it, it took a week until they denied the withdrawal. They then required a seven page pdf form, signed by me, and signed again by the receiving institution with a medallion signature. Another week and they denied that based on the fact that they don't recognize medallion signatures. Only Notary signatures. Which they now required of me. Twenty days later, another phone call, a declaration by a manager that the notary could be forgone if I sent a hand written letter, signed. That's another turnaround time. altogether twenty days and i was denied for the final time. My signature did not, in their opinion, match the one i signed up with some years ago. I was not given a chance to see the original, so i have nothing to say about the method or the quality of signatures. But my 100K is still there. I'm now looking for another way. It might be an online bank with no branches, but one cannot do an online transfer. You must get in the car and drive to a fax machine, a notary, and possibly a lawyer, and then wait for some time for an action. Wires require another form, available for download of course. LOL. Oh yea, they now give a bit higher interest rate than earlier (but not for customer's making an internal transfer), only for new money. Hotel California, "you can checkout anytime you like, but you can never leave". My money is still there!
CIT Bank offers online and mobile banking which is really a necessity in the modern world. I use this bank for my savings account and I'm completely satisfied with the interest rate. I'm able to save my money at a slow and steady pace, but also very securely. The only downside is the cost to open one of these accounts was around $100. Customer service has been extremely friendly and eager to answer my questions, granted I've only had to contact them twice.
When I first started college, I figured I needed to spend the time to find a bank. Fortunately, my friends mother worked for CIT Bank and I was actually really close with the family. One day I had seen her out and had asked her about the pros and cons about CIT Bank, especially for someone my age, just starting out, I wanted to know if it would be a suitable choice after I gave her the details about my spending and saving habits. I was excited when she told me there was the ability to link up to outside banks. She also mentioned 24/7 customer service but also insured me that I could call or text her anytime I had questions. There are no fees and it was easy to sign up. Overall is was a good first bank at that point in my life. I remember one instance, when I was dating someone and being young and naive, I agreed to allow this person onto my account. I was working and they weren't so all of the money in the account was mine. Next thing I know, one day we break up and my money is gone. I called the bank and told them about the situation and they immediately took that person off my account after I signed some papers. I was mad my money was gone but fine with them being off the account so that it wouldn't happen again.
When you are looking for a savings account you really want something that is easy to access and also that provides you a place to park you money and make some kind of gain. CIT is great for that. I opened this about 6 months ago and have set up regularly weekly withdrawals that come right out of my checking account. The money is easily moved and does not cause any problems. There are no fees that come with the account that will eat into my interest gain on the money. It creates a situation where you are not getting an interest rate every month that is about 1.35% and not being charged a fee. This allows you to get a certain amount of interest per day and it has a really nice feature that allows you to keep track of the interest per day. That makes it fun to follow along on how much you are getting for having your money in there. It also gives you motivation to increase the amount so you can get more per day. Their customer service is also very good, the only time I had to use it was to get a new password since mine as locked out. It was very easy and did not cause any problems at all. I highly recommend using them if you want a really good online savings account. You will not find a better one
I started with CIT Bank due to higher interest than local banks. An account was opened all online . I then received email confirmation and information. So far I opened a high yield savings account. It is far higher than my local banks. I have money invested in the stock market but a high yield savings provides some protection against a potential market crash .
I use CIT bank through my job. We use them for corporate accounts. I personally have had a fairly decent experience with them. The representatives in customer service are usually very understanding and swift with resolving any issues that I may have. I have even had incidents where they've completely refunded me for unauthorized use or unfair billing charges. The fees aren't something I generally worry about because this is a company card, however, I am responsible for any purchases made that are not pertaining to work. I love the app that they offer; it allows me to monitor all activities regarding the account and I receive text alerts when the balance is due. Overall, I really enjoy working with this bank as they keep me updated on everything I need.
I have been banking with this CIT Bank for several months. I have a personal, no penalty CD. So far I haven't had any issues. I chose this bank because of the competitive products offer and the fees are reasonable. If the relationship that I have with the bank continues at this rte. I would def recommend to others.
I have recently been a member of CIT Bank and its been so far so good. It was easy to open an account and I've had good customer service so far. They told me they have fraud protection which is a cool added bonus. They have some good saving interest rates which is part of the reason I chose them. I have had Bank of America in the past and I feel like overall they have better features and options but I never made more then a couple dollars from my savings account there
Opened the spring high yield which paid 1.25% and a bonus for opening for 3 months. Carefully looked at my statement in month 4 and the rate was 1.14%. Site said 1.35% (rate had supposedly increased). Actually there was a minor change in the name of the account that paid the 1.35%. They notified me (when I complained) that I could close that account and open the "new high yield" account. Fact is the high yield account I signed up for was now paying 1.14% (no notice of the decrease). I don't like banks that play games -- and this one does. Next day I pulled all my funds and rolled them back to my AMEX on line account. AMEX doesn't play games. If you want a full time job monitoring "nuanced" games and opening and closing accounts (with a 45 minute wait if - forbid - you ever want to talk to someone on their customer service line) CIT would be for you. If you don't have that time find a trustworthy vendor who doesn't spend their days trying to figure out how to "put one over" on their customers.
They cheated us on our CD renewal. I will never deal with them again.
I have enjoyed having an account with CIT Bank. The online banking is so easy to use. I love that I have 24 hour access to all of my information. Customer service has always been very helpful and quick to respond. They have very reasonable fees compared to other banks. I have really enjoyed my experience with CIT. I have also opened a CD with them and the minimum for that was lower than anyone in my area. Also the interest rate was great! They made it easy to sign up and I get updates on it to see where I'm at. I love that savings account have a safe place to be held. The savings APY is very competitive and they make it easy to save money.
I had been banking with another institution and grew tired of the minuscule interest rates offered on my savings. After doing some research, I found that CIT Bank was offering much higher savings rates and had been highly rated by customers. I checked out their web site and was impressed with their rates on personal savings and CDs, which are much higher than many other institutions. I was somewhat uncomfortable doing business with a virtual bank that does not have a brick and mortar branch nearby, but I soon got over that when I realized that most people, myself included, have our 401-Ks and other investments located at institutions that we deal with over the internet or on the phone. After moving half of my savings to CIT Bank and earning much higher returns on my savings, I'm glad I made the move and wish I had done so sooner.
My experience with CIT Bank has been outstanding. I had a situation with someone getting my debit card, they drained quite a bit of money from my account. It was a very sad situation, the timing could not be of been worse. I contacted CIT before contacting the police, they made me calm and assured me I would receive my funds back in quick fashion. After the legal aspects of it were through, the bank refunded the money that was stolen. I was surprised how caring, and compassionate they were. I've gotten personal loans for school, and other aspects of life. As always, CIT is always friendly, and compassionate, always explaining the numbers to me.
On top of that, I have never occurred any fee's related to depositing money, or monthly fee's. I love how easy it is to access my statements online, and on mobile. They have innovative ways of collecting interest while making the effort to add money to one's savings.
There's nothing exceptional in terms of interest rates or unique customer services, but my experiences with CIT Bank have been overall positive. I have had no difficulties in making deposits and withdrawals, any problems I have had (of which there are few) were resolved quickly and effectively by the courteous customer service. I don't necessarily interact with them much, but my experiences using their web interface have been positive: much better than a couple of their competitors. Overall, I'm happy with the service that I get, and will probably continue to use CIT Bank for the foreseeable future.
I was looking for an online bank because I discovered they had better rates than the usual banks. CIT Bank was the winner for me. At the time, they had a very competitive rate and I was able to easily open an account through the website. While they don't offer a lot of products, I was just looking for a savings account so that didn't really matter to me. I primarily use the account for my emergency fund. I like their website and app. Both are easily functional and makes banking easy.
CIT is still holding inbound transfers for 5 business days. Basically 7-9 days before funds are available
I opened an account here awhile back. The low cost to open an account and lack of fees is what drew me in. For the most part it is a great place to do business with you get what is advertised and stated. It was also easy to check on my account and keep up to date with it. The down side is customer service. while not bad as in rude people and such it had long wait times that at times were unacceptable.
I opened a CIT bank savings account about 6 months ago. Motivated by a $100 sign up bonus and a 1.05% interest rate. So far my experience has been a positive one. The transactions have all been smooth. I am able to access all my information online and get relatively detailed info on my account. My bonus is deposited in my account and I have been receiving the 1.05% interest on a monthly basis. So far so good in my opinion.
CIT Bank is a great online bank. I started an account with them several years ago. The savings account has a great interest rate. I like their online banking platform. It's easy to use and I've never really had a problem with it. Making deposits is simple and straightforward. The one time I chatted with customer service, I didn't have to wait very long and they were able to check my account and make sure the issue I had was resolved quickly. Overall, I would recommend them to my friends.
CIT Bank was not a bad selection for a small account that I opened up. They were fairly convenient as far as setting up the account and getting started. However, I was not looking to utilize them for my primary banking, as I have been established as a long term customer with another bank. I did want to utilize them to help teach my children about saving money where they could learn the benefits and gain an understanding of what saving can do for them. Their usage was fairly average and made teaching them quite simple. It was also a nice setup to have the online banking aspect, as that is what kids these days are so familiar with. However, overall I am pleased that they served the purpose, I would not use them for my major banking needs because the company I am with gives great rates and more importantly treats me as a part of their family when I have special needs or requirements, I felt CIT Bank was just average.
I was having about 50K spare money in Chase that generated about six dollars interest every month. Then I decided to move my fund to a different bank with higher savings rate. The CIT bank was having a promotion of $100 sign on bonus with 1.3% interest rate at that time. I did some research and it seemed fair to give it a try, mostly because CIT bank is FDIC insured. The entire process took place online without a hassle, and so far I'm quite satisfied with my transition. The website is easy to use, and I like that I can view my account easily through online banking at any time. One thing I'm not sure is that the bank claimed to update my interest daily when I opened the account, but the interest doesn't actually show up in my account by the end of the month.
Opened a savings account two months ago for 1.30% APR and $100 bonus. Opening account took a few days but was otherwise easy. Today my rate got raised to 1.35%. Expect bonus to post in about 2 months from now.
I opened a Premier High Yield Savings account about a year ago with CIT Bank and have been pleased. The few times I've contacted customer service I had a satisfactory experience, my questions were answered quickly and I haven't had any issues there. I really like their no-fee structure, I was able to open an account without any fees and as long as I keep $100 in the account there's no problem. The Annual Percent Yield on the account is 1.3% which is higher than I was able to get at a local bank, so I decided to make the switch to an online bank, which is also free (all online banking is free)! I don't see myself switching to another bank in the near future as I'm satisfied and don't have any reasons for changing at the moment.
I have been banking with CIT Bank since May of this year. I was attracted to CIT Bank because of the high interest rate advertised for personal savings accounts. However, what really "sealed the deal" was a $250 bonus paid to those who opened an account who kept a minimum of $100,000 through 6/30/17. Note that I complied with this balance requirement but have not received the bonus yet. Assuming the bonus is paid, I would say my experience with CIT Bank has been positive. Deposits and withdrawals have been promptly executed and interest rates offered have been one of the highest I have found for an Internet-only bank. Their security system is satisfactory as I have used my iPad for occassional banking and they have required a code sent to my cell phone to be inputted during the log-in process. All in all, I would say my experience has been very good with CIT Bank.
I am actually a brand new customer with Cit Bank. I was researching online banks and this company seemed like a good find. I opened a savings account that I plan on making small deposits to weekly, like bonus's from work and other general deposits. They have a great return rate of 1.30% apy, but that isn't until you have quite a bit of money saved. The only issue I have so far is that the sign up process was long an slightly confusing. I have opened several accounts with local credit unions and it was a breeze. This website is clunky and takes a while to load which adds to the headache of getting the account opened in the first place. Luckily their customer service is great, they don't have a chat feature but I sent them an email and I had a response within the hour to address my issues with opening the account. All in all I am optimistic about the account and I will have a better assessment as the year progresses.
I opened a Premier High Yield Savings account about four months ago with CIT Bank and have had a good experience with them. I really like their no-fee structure, I opened my account without any fees and as long as there's $100 in the account there's no other fees.The few times I've contacted customer service I had a normal and expected experience, my few questions were answered quickly and I haven't had any problems. The APY on the account is 1.3% which is better than I was able to get at my local bank, so I decided to switch over to an online bank. I don't see myself moving my account to another bank in the near future as I'm happy and don't have any reasons for switching at the moment.
I've been banking with CIT Bank for a couple of years now, and they fell short of my initial expectations. A friend referred me to them and they had great things to say about this bank, so I thought I would try it out. For the most part, the bank is ok, but the customer service is terrible. Anytime I have an issue with my account (which recently has been pretty frequent), I am on hold for an unreasonable amount of time, then when someone answers and I explain what is wrong, they put me on hold again only for someone else to pick up and I have to explain my situation all over again. Aside from the frustrating customer service, the banking aspect is average, nothing special that I would rave about. All in all, if you're looking for a decent bank and don't mind having crappy customer service, then this bank is ok. However, if you like to feel like you're valued as a customer, go somewhere else.
If you are looking for a CD that actually pays out a decent rate on any given day, this bank absolutely has what you're looking for. I still have a CD from them that paid out 2% APY. The setup was incredibly easy and the people are so friendly. Their online banking platform is a little outdated, but if you just want to check your balances and know what is going on with your money, it will work just fine. Not many banks out there are offering competitive rates on any deposit products, but this bank is still out there doing just that.
I joined CIT bank about 3 years ago and only kept my account with them for about 3 months. The problems started during the process of recieving my debit card. It took about 3 weeks for my debit card to finally reach me without any mistakes or delays. After that I found out that their online website was very poorly coded and did not run smooth at all. I did not like to get online to do anything. because the site was so bad. That meant I was always trying to get info in other ways. I also did not like the customer service that left you on hold for 40 minutes every time that you had to call for an issue. In all it was a terrible 3 months of banking for me and I would not recommend to anyone.
I opened a 12 month CD with CIT in 2015. They offered a much higher interest rate than anyone else I looked into. I made sure to do research on the company before I put any money in, but online reviews assured me that it was a legitimate bank. The process of depositing money was simple and quick. The only problem I had with the bank was the fact that the CD automatically rolled over after a very short grace period that I missed. Naturally, this was largely my fault, but the penalty for early withdrawal was fairly small so not a big deal. Overall I was very impressed working with CIT and would recommend them considering their higher than average interest rates.
I had a good experience with this bank while opening an account for a Certificate of the Deposit. Initially when I called to get the information, the customer representative was so kind to answer all my questions I had for opening this account including benefits, minimum balance and all the info which a new customer seek for information. When I asked for their personal opinion for which account I should open, they have explained me with all the information. I am so happy after the service I have received from them 2 years back and I still have an account with them and I am enjoying the great benefits which I was expecting. I will definitely recommend the service I have received from the customer and the benefits I am getting today from the institution.
I opened the account in May, and completed 3 full month in 8/31/2017, but I did not get the bonus, anyone here get it?
Posting as: toeser
Title Never again
I just transferred all of my money out of my savings account and I will never return to this bank. CIT posts a very high savings rate, and in small print, for accounts up to $100,000. I assumed that I would get the posted rate on the first $100,000, and something lower on the amount over. I was receiving a low rate on my entire savings account.
Next, I had a two-year CD mature. I never received any notice of that. They automatically rolled it for two years, at what I do not consider a competitive rate. When I called to close the CD, they told me I had exceeded the 10-days needed to take action (it was about 12 days), so if I wished to close out the CD I would have to pay a $600 penalty. That money will be pulled from this bank on the day of maturity. There are too many banks that want my money to continue dealing with an organization this unprofessional.
CIT bank was an excellent alternative to the run of the mill brick and mortar banks like WF, BA and BBVA. Their lack of physical infrastructure allows them to add to things that really matter, and that's more money in your pocket. Their customer service was about average with exception of their wait time. Their wait time for phone calls was extremely low. I mean really low. I was connected with an agent within 1 minute of calling every single time.
At the time of my account being active, their interest rates were better than other brick and mortar stores. But it's not like an extra 0.05% adds up too much over time. Their sign up process was easy and did not require a lot of extraneous information. I plan to continue using their services and would recommend them to anyone who is looking for an online bank.
CIT Bank has a very well put together website. They offer great interest rates on CDs, which is how I found them. Their Premier High Yield savings account has a great rate and pays more than my previous Financial Institution. I opened 3 of these accounts for myself and my children. It's easy to access via the Internet. Their customer service is pretty good but I haven't really had any problems. Overall, it has been a positive experience.
This is the main bank I use for my in person banking. Because most of the time it is always still good to keep a physical deposit account. So I remember when I set it up the process was extremely simple. Unlike other banks which take up all your time nope not CIT they are about giving you quick setups and resolutions. Which is nice compared to most things where it eats up your time i was able to get in their and get my account ready to go in less than ten minutes which is good for my busy life. They were also friendly and quick to answer every question I had problems with which was nice. overall it was a good experience and I will use them as long as the service stays as good as it had when I started service with little to no problems.
What a hassle to set-up and fund accounts. Took multiple hours on the phone to set-up and fund 2 accounts...not sure it was worth it. CIT wasn't able to create a document for me that we need for our mortgage application - just needed a document that included the bank name, account number, my name and balance. I'm in the process of closing our accounts and transferring all money back to a real bank, but can't yet as the money takes about 10 days to be "available." While most customer service personnel have been pleasant, we ran into Rob, an extremely sarcastic manager - an unbelievably frustrating 10 day experience with CIT, never again.
I was a college student up to my neck in student loans and needed a clear way to repay my debts. As a result I researched banks and found that CIT bank fit my needs. They offered a satisfactory consultation that relieved my concerns and offered clarification to any questions I had before going in. In the end I was able to sign for an account at the bank and get my affairs in order. I am completely satisfied with my experiences with CIT and would recommend it heartily to others looking for a way to manage their finances. I signed up for a 1.25% APY no penalty CD and could live stress free knowing I could withdraw at any time as long as it was within seven days of receiving funds.
This bank did an awesome job setting up online access to account services. I can go online check my account, transfer money, pay bills and make deposits. They also offer app services that make mobile banking easier than jumping online to fill out forms. The convenience in which the system is set up is also easily understood and used. This is a great way to bank when you cannot get to the brick & mortar shop to do your banking. The bank employees are extremely helpful and always willing to help teach a customer about their new implementations to help make life easier. I once even had an employee go above and beyond to help me get my account paperwork settled because my postman was not delivering mail properly. It happened after I had opened my account online and had just recently moved. So my postman decided to not deliver mail to me. The employee was so generously helpful. She canceled the card sent in the mail and sent me a new one. I was so thankful to have such resourceful people who went out of their way for the customers like that.
In March 2017 Cit Bank promotion indicated that adding "new money" amounting to $15,000 and maintaining a balance of this new money for at least 90 days would provide a $100 Bonus. The details were as follows:
CIT Bank's limited-time promo offers savers 1.05 percent and a bonus of up to $400 for opening and funding one of its high-yield savings accounts by June 30. But it comes with some requirements.
To qualify, you must make a minimum initial deposit of $100. And it must be new money — not cash already on deposit at CIT Bank or its OneWest Bank division.
The California-based bank will pay a bonus of $100 if you have an average monthly balance of $15,000 to $99,999, a $250 bonus for an average balance of $100,000 to $299,999 and a $400 bonus for balances of $300,000 or more.
If you maintain the balance for three monthly statement cycles, the cash bonus will be deposited into your account within 45 days of the end of the third full monthly statement cycle.
On March 6, 2017 I added $15,000 to my savings account and maintained more than $15,000 through August 1, 2017 and when no $100 bonus was applied to my account I contacted Cit Bank and they refused my bonus stating that I should have opened a new savings account in March to qualify for the bonus. This was not the case during the promotion that predicated my deposit. I have noticed that their current newer promotions do require opening a new account but this was definitely not the case during the promotion that I complied with. They changed their criteria for their subsequent promotions and refused to honor my earned bonus. If you have an account with this bank be very careful about getting ripped-off with their promotions. Shame on Cit Bank management doing business like this.
Wasted 3 weeks of my time trying to create an account and talking to customer service.
First, they lost my account and I had to create it again. Then, after repeated calls notifying them that I never got the small deposits made to my transferring bank account, the customer service kept telling me over and over it will be done again. After 3 weeks, it still has not been done.
They verified all my information each time I call.
Total waste of time. Now I'm scared since they have all my information.
CIT bank lured me in with a bonus for a deposit in their savings account. I was looking to move some money into a relatively risk free place for a little while as I waited for some of the market stuff to shake out, and I saw that they were offering a relatively large ($100) bonus and a pretty awesome rate (1.045%) on their savings accounts. I was able to sign up entirely online. The online experience was interesting. The graphics and UI on the website is decidedly clunky. They could definitely use a UX engineer to make things pretty. I needed to figure out my bank account and routing number, and I emailed them, and they got back to me relatively quickly, which was good. The only remaining hurdle they have to jump is maintaining a reasonable withdrawal policy. I'm not sure when I'm going to pull money out, but as long as they let me have it without charging me a crazy fee or limiting the amount of money that I can pull out at any given time, and they keep that interest rate on their savings account pretty high, I fully intend to continue banking there in the future.
The wait time at their call center is much better and agents are better informed, yet some are still providing erroneous instructions, resulting in delays in receiving funds. For example, I was told that in order to process a wire-transfer money to an external bank, I needed to transfer money from a CD that had matured to a regular savings account. Subsequently, CIT's wire department contacted me and stated that there would be a delay in moving the funds from the CD to the savings account and that I could have wired the money directly from the CD account to an external bank.
I bought a two year certificate of deposit from CIT bank about six months ago. Overall, I would give the experience with CIT a high mark because the process was easy and somewhat fast. I was not thrilled with the 1.40% rate over two years, but that is the environment we are in and most banks are the same. Sadly, this does not keep up with inflation, so you have to wonder what is going on these days? Anyway, the customer service was very good and they were attentive to my needs, which were few. It was a very simple process, just make sure to bring your identification. I first learned about CIT bank through their internet website and then found my local office. I had all the relevant information I needed when I arrived so buying the CD was quick and without any confusion. I chose the two year CD because it fit with my financial plan. I think CIT is very competitive and like I said the low interest rates are everywhere, so there isn't much competition to study.
All of my banking experiences with CIT Bank have overall been quite positive ranging the gamut of facets of their business from the various products they offer to the customer service experiences of customers. I personally think that all of their banking products are incredibly comparable to the other big banks in the nation along with the fees they charge for different things such as overdraft charges or electronic wire fees. The mobile experience on bankoncit.com is also quite top notch and easily compares with their competitors in that department as well although it does take some time to familiarize yourself with the user interface. I will undoubtedly continue to bank with CIT Bank as they have been one of the best banks I have ever worked with considering everything they do well and the superb customer service they provide.
I have been banking with CIT now for just over four years. I love my banking experience. The bank employees seem to love their job and that shows as the customer service experience is beyond my expectations. Recently I went in to deposit a check and had a few minutes to spare and asked about opening an IRA as I'm an independent contractor and wanted to start saving responsibly for retirement. The teller i worked with was very knowledgeable and answered all my question with confidence and got the process started before handing me off to one of her associates. It was a very quick and easy process. I have worked with many financial institutions in my day and banking with CIT has been by far the best banking experience with very competitive rates. The online support is great and allows me to communicate instantly if I need to. I would highly recommend their financial services to anyone looking to open an account.
I have been using CIT for quite some time and have almost no issues when banking with them. I have called customer service on several occasions to ask basic questions about my accounts, and each time I was assisted thoroughly and felt as if I was a valued customer. I have a savings account and a high-yield CD with CIT, which I plan to renew once the term is up. They are also offering a significant savings APY that my husband is taking advantage of this year. I would recommend this banking institution to my family and friends, and I feel that my money is safe and can be trusted with CIT. They are returning their own yields to the customer in the form of very attractive investment and savings options. I cannot comment on comparable banks as I have not been in the market for a new institution.
I have only recently opened a Savings Account with CIT Bank about 2 months ago, however my experience thus far has been exceptional. I was skeptical at first, as I was used to the traditional brick and mortar banking experience, but was convinced to give CIT a chance based on how strong their interest rates are for Savings Accounts and have not been disappointed. In addition to an APY over 1.00%, no fees of any kind, the $100 bonus that I am also expecting to receive really puts them over the top. As far as customer service and their web experience goes, I have nothing but good things to say, as they have been responsive to my needs since day one, and their web interface is intuitive enough for anyone to navigate.
I opened a High Yield Savings account on April 30th, I noticed they had a new savings account in May called spring savings that had a different rate. I was told my account did not qualify and had to open the new account, after much back and forth and being escalated to a manager they offered a guaranteed rate for 1 year equivalent to the spring savings account
I think this bank institution has been a great experience for me. I really like the customer support they are really helpful with any problems I've had. I think CIT offers many great rewards like automatic savings, tax saving strategies, and more. I am happy to be a part of this banking institution. Also I like the fact that they have high yield savings meaning, you are able to save a nice amount of savings and great interest rates. I would probably be with this banking institution for may years to come.
You also get payroll deductions which I think its great. They offer so many great rewards I think anyone interested in joining this company banking institution would be very impressed with their services. I would recommended this banking company to anyone who wants to be satisfied with a good bank.
A good bank but they play games with interest teaser rates then drop 'em low. If you don't keep a frequent eye on your account you will start to loose money on interest earnings. Tired of this game CIT was playing, I moved all funds out, and requested to close my account back in late Feb 2017. 3 emails back and forth telling me that the account is closed, but that I could still log on in case I needed to get copies of statements; Say What? Now well over 90 days since the account was closed it is still active, I can send and retrieve funds without any issues. Once you join CIT, you can check out anytime, but you can never leave. I guess at Zero it will sit indefinitely.
I am writing this because I don't think many people are aware that at CIT Bank you can open a savings account for free. There are no fees, so you really can make the most of your money. You do however have to have a minimum amount to open , I think it is only about a hundred dollars though. I really think CIT Bank has one of the best savings account options around, they really have helped me to maximize my savings with their compounding interest and free banking online. Their site is pretty easy to navigate and is free to bank on as well. I had a previous savings account elsewhere and was nickled and dimed all over the place, I am happy to be able to save every penny I can with CIT.
I went through the registration process at least five times with no joy. Finally I called the support number only to be told to call back during "business hours"
I will need some sort of proof that my data is secure.
Today I received an email from CIT that said they would not open an account for me due to information obtained from Chex Systems, a credit reporting company that I have (fortunately) never heard of. The information that CIT summarized from Chex Systems is inaccurate and I have sent a request for more information to Chex. This is totally weird as I have accounts at over 20 banks (lucky me!) and my credit score is 825 out of 850 at Credit Wise, through Capital One. So watch out if you try to open an account at CIT. It looks like they rely upon bogus information from Chex Systems, and I think they pull a hard credit check, which makes it worse.
I have used CIT bank for over a year now. I have to say, I really am happy with them. I have had several situations with other banks where I have problems withdrawing, and even making transfers online. With CIT bank, I can easily make transfers to other accounts, even from other banks. I really enjoy the ease of access that CIT banks website provides.
CIT Bank is like any other bank in other than that it focuses on online banking and savings and loan options. They offer a wide variety of investment options that you can manipulate online very conveniently. They offer a little better rate than most banks do for their savings accounts. There are also Certificates of Deposit (CDs) and IRAs available. For me since I was traveling a lot to different states, it made sense to have this kind of banking. Their fees are in line with other banks and maybe even a bit lower. If you looking for checking and a personal "down the street" banking experience, it would probably be better to go local. If you want the convenience of online banking for your savings, investments and personal loans, CIT Bank is a great option, particularly for those on the go.
Horrible experience with their service. Terrible, disorganized website. Tried to open an online savings account for $100,000, instead they opened two (2) savings accounts for $100,000 each -- without my knowledge, of course. More than that, they attempted to ACH $200,000 from my funding external bank account, instead of $100,000. The customer service is totally incompetent, they are not able to comprehend basic things. The customer service manager is unprofessional. All in all, there were not able correct the situation (I simply asked them to delete the second account I never requested to open in the first place, but they could not do that) and they seemingly got prepared to rip off my external bank account by withdrawing $200,000. I had to urgently drive to my non-CiT bank involved in this to put stop payment on any attempt by CiT bank to withdraw funds. Stay clear of these guys!
For a brief time I had a savings account with CIT Bank. I initially thought the $100 minimum deposit was a little high since I was just starting out and wanted to use it for my business savings account. I was planning to put all my profit after expenses into it. I did like that there was no fees for the account which is why i was drawn to it in the first place. Customer service was very friendly even after I told them I was closing the account after I decded to transfer everything into a bank that we had decided to open a checking account with that was local in our town.
I have been a long-term CIT customer. Everything they offer seems to be fairly typical of all the major banking institutions. The only big issue I have is with their web design. The website is poorly designed and it makes navigation really hard. This day and age it is important to have a bank which offers as much online interaction as possible, considering how much e-commerce is done.
This online banking institution worked fine with my account. I put some money into a savings account and it worked similar to all the other online banks that I have used prior to this one. The bank had a higher APY than other banks that people traditionally use, but also had a higher amount of fee. However, this bank can be successfully used to help make more money than the average bank. It helps to have multiple bank accounts and to be able to transfer money for convenience.
Tried to add 2nd party to my CD account without success. Supposedly I "lied" on some answer to the computer-generated series of 4 questions. Can't wait for my CD to mature on July 17th so I can close acct and HOPEFULLY get my money. Won't surprise me if I have to hire an attorney and contact my State Senators to make that happen! Will NEVER again do any business with CIT if I EVER get my money!!
I have a number of savings accounts across multiple banks. I chose CIT Bank because they had a low opening deposit requirement of $100. This is the lowest I've personally seen in a long time, all of my other accounts require $500 which has been a bit of a turn off for me in the past. In addition to the low deposit requirement they also have high yield (by bank standards) 1.05%, which really isn't much but is more than other banks. I think the most attractive thing about CIT is the bonuses for having a certain amount in your account for the first three months of having your account. Now most people will most likely not be able to meet this bonus but I liked it because I happened to have the money to do so.
I am not a fan of their customer service, as I am almost always handed over to a third party rather than an actual representative. One specific occasion that stands out to me is when I was locked out of my account for forgetting my password. When I called the bank I was forwarded to a general customer service representative. This person had no idea how to help me, nor had any experience in dealing with my issue, when I asked him why he knew nothing about what I was talking about he admitted he just deals with very simple issues such as lost cards. it took us 30 minutes to get a hold of someone that was a bank rep and knew how to recover passwords. All in all the bank itself serves it's purpose, it's got a good Savings program, but just don't lose your account password.
Like it may be with many online banks, CIT Bank is good as long as you open an account, make a deposit, and need nothing else. As long as what you are doing does not require you to contact CIT Bank, you will be alright.
However, if for any reason you have to contact them, do not expect much - if anything (other than being on hold and not having your issue resolved). I have one CIT savings account, but decided to open a second to get a $100 bonus - big mistake. The online application seemed simple enough - but I received an error stating, "Something went wrong. We are sorry, but seems like we are having a system malfunction. We can contact your once we resolve the issues or you can try again later." I sent them an electronic (internal system) message, but did not hear back after the second day. When I made telephone contact, the representative advised that they would not call me to alert me that the system malfunction had been resolved (then why do they say it in their message).
Three telephone calls later, never with the same representative despite having their names and asking for them, I was consecutively told the following ... That they could see my application had gone through, but were not allowed to tell me the new savings account number. If I logged out and tried again, it would work. It did not. Next, on another call (hold time and all), I was told that the IT Department representative said I could not use the Google Chrome browser to complete a CIT application. I was instructed to use Microsoft Internet Explorer. Still, I received the same error message. On my third call, I was told that my address was too long for the system to recognize and that I needed to add a space to my address so that it was no longer than 7 characters in a row. In the end, it still does not work and no one can explain why.
Their check issuing (mailing me a check for money I am withdrawing from savings) is about average - usually processed in a few days to a week (I have only had to do it a couple times).
In the end, there is a reason that brick & mortar banks are easier - people know you and you get a face-to-face interaction. If you do not mind dealing with 15-20 minute hold times for each call and a representative that is unlikely to be able to resolve an issue in one call, in exchange for significantly higher returns, then CIT (or any online bank) will likely work for you. Perhaps best for the stash it and leave it savings approach. Just do not kid yourself if you think the experience will be similar to a brick & mortar bank.
I have banked with CIT since 2014. Initially their website was poorly organized and difficult to use. They revamped their website in 2016 and it actually got even WORSE. It now appears to be a Frankensteinien combination of two different systems.
Their back-end systems and business processes are very cumbersome and not well thought out. It looks like CIT Bank uses a separate website / computer system to open new accounts compared to the system they use to service already existing accounts. These separate systems do not work well with each other and can often get out of synchronization.
For example when I opened a new account and specified that I wanted to fund it via a new external bank account, I was unable to confirm the test deposits sent to the new external account via their regular web site. As I found out later, customers had to return to the website used to open new accounts to verify the newly added external account. There was no documentation about this difference in behavior - customers had to magically figure this out on their own. Their regular website used for existing accounts has it's own separate system of adding and verifying external accounts.
Another example: One cannot open no penalty CD's on CIT bank's website and directly fund them from an existing CIT savings account. Instead you must open your CD's online and specify that they be funded via a check. Then you must call into CIT customer service and ask that they transfer funds from your savings account into the newly opened CD's. Unlike at Ally bank their is no way to redeem or change the interest payment policies of no penalty CD's via CIT's website.
Yet another example: If you hold multiple accounts with CIT bank a separate account statement will be generated for EACH account each month. Other banks like Ally are smart enough to produce a single customer statement each month that incorporates all of your accounts.
The only reason to do business with CIT are the interest rates / special bonus deals - most other aspects of doing business with this bank are clearly inferior compared to most other online banks. (One positive is free outgoing wires for accounts with average balances of > $25K). It now seems clear CIT's strategy is to attract new money with higher rates while leaving established customers languishing with lower rates on previously existing money.
On the customer service front their phone based support is adequate but wait times can be long. One is often left on hold while the customer service staff figure out how to service your request. The background music while you are on hold is highly annoying - silence would be a MUCH better option.
Their online secure message based support is unreliable and very slow to respond - sometimes it seems like they never respond until you call them. I sent a secure message to them on 9/11/2017. A week later they still had not responded to the message. I had to call them before anything was done. I would not rely on their secure message service - they provide no service guarantee. It's more like: "we will respond to your messages if we feel like it and your request does not require much effort on our part."
All in all with CIT Bank what you gain in higher interest rates you will lose in wasted time and aggravation dealing with their overall incompetence.
Finally I strongly suspect some of the positive reviews of CIT bank at depositaccounts are illegitimate and have not been left by real customers of this bank. If you read them closely they seem likely to be authored by foreigners / non customers. The only reason sock puppets would leave fake reviews on sites like deposit accounts would be if someone was paying them. I hope that someone at CIT Bank is not behind this effort.
Was very hard to make a deposit to open up a large CD account. I wish I had gone somewhere else. No confidence in this bank
Have been a happy customer for several years. However, the new web site is a disaster to try to find or do the simpliest thing. Last month's statement was posted as blank. One email and 30 minutes on the phone and a week later another email has made the same promise.
Concerned about systems!
Lost $200 to these jokers. Deposited into a high yield savings account and then closed the account. They first said they sent the money back to my bank where it originated from. My bank shows the money coming out but not going back in. Back and forth, back and forth, and finally had to get my bank to dispute the charge on their end because cit now can't find where the $200 I deposited went. How Convenient. Never again!
I tried to sign up for their online savings account. I could never get them to verify my checking account. I finally gave up.
If you value your time, DON'T open any accounts with this bank! Their system for account registration and verification does not work; you will be on the phone and believe me, hold times are always lengthly. They are much better options than this discombobulated mess and they won't waste all of your time. STAY AWAY!
I applied for a CIT bank savings account online. It took almost two weeks for CIT to get back to me with the status of my application, without opening the account. Also, they could never successfully add my trust as a beneficiary, nor allow accounts to be titled as in a trust.
They only allow a trust beneficiary title to be 40 characters long, and do not allow special characters such as &. Abbreviating the trust name quite a bit with CIT on the phone was still not resulting it to be less than 40 characters. Then I was advised to proceed with the application, and that the trust could be added later
Also, couple of week later, when they accepted my application, CIT customer service told me that I would have to fund the savings account with $150k during the initial funding to get their $200 bonus. And that I could not fund the account with $100, and add the rest later. Seriously, do you expect customers to put $150k+ in an account, prior to adding a beneficiary, with no guarantee (based on previous phone calls) that the beneficiary will indeed be added.
Time to move on to another bank.
My sister and I both have a savings account with CIT bank. I have never had a negative experience and I've never heard my sister complain about them either. We both decided to open savings accounts with them when we made the resolution last year to save a minimum of $100 a month, but found that having cash in our underwear drawer was too tempting to spend. Anyways, customer service is straightforward and always helpful, which is my main concern. The website is easy and organized. There's no fees either which is way better than the last bank I used, especially when you're trying to actually save. We personally both have high yield accounts, but there may be other kinds.
I have a savings account with CIT Bank. I find this to be an unknown treasure, it is like most banks in the sense that they charge the same fees if not a little bit more. However, I find their customer service to be much better than larger names. I had an issue with someone writing me a faulty check, when I called and explained the situation the customer representative seemed to generally care about my situation. They resolved the issue immediately, and than I had the check resolved from my client and deposited the corrected check. My client was changing banks at the time. Another bank would have put me on hold forever and I would not have been able to talk to someone right away let alone have genuine care. I also find that deposits seem to go through rather quickly.
This is by far the WORST bank I have ever dealt with. They leave you on hold for 20 minutes or more while trying to connect with a customer service representative. They have made me jump through proverbial hoops since December trying to close out my IRA with them. Every time I send the papers back they find another issue. I still don't have MY money. It's been the WORST experience with any bank we have ever done business with. Steer clear.
I spent more than a week to resolve opening an online account. They could not identify the root cause and told me their IT dept will get back to me. No call back and I continue to followup with them after waiting more than 40 mins on the phone for 3 more sessions at different times, they advise me to reapply. At the end, I gave up. I cannot understand why such long wait to even speak to a rep. Since it is an online operation, customer service is really important to provide comfort level with the bank. after this unexpected experience (just to give them business and open an account), I cannot trust nor put money with such dysfunctional operations. It is not worth that $100 bonus. Such shame.. not just a lost for me... but for both!!
I've never in my many years seen such an incompetent tech staff.
I'll spare you the gory details, but I was unable to open an account after 5 days of trying. For a reason so stupid as to be comical.
Unless this is the LAST bank on earth , STAY CLEAR. You have been warned.
I applied for the new account online and had to wait for over one week to actually get identified. Then, next week I had to call every day and wait over 40 minutes to resolve a login issue while no customer service representative knew what to do with it. Nothing was resolved, no one contacted me or replied over the phone or email. I'm trying to remove my application and even that they are not responding to.
Opened a new account with CIT. It took them four business days to open it. By taking this long it made me ineligible for the $200 bonus they where offering (deliberate?). When I tried to call to inquire if they would honor the bonus (since their processing was the reason for missing the deadline) I was put on hold. After 15 minutes on hold I decided if it was this difficult to put money in their bank I would hate to try and get money out and will not be funding the account.
If you are going to invest with CIT bank , be sure you are a resident of California. CIT BANK will not honor an estate account that has been probated in a sister state nor will it honor the terms of the filed will with another state. BUYER BEWARE!
Overall, my expedience with CIT bank has been very favorable. A positive aspect of this bank are the customer service and the accessibility. A while back, I had a problem with a deposit that didn't go through, I called the bank to resolve this issue. I felt as if I was given individual attention previous banks did not offer. What I really like about this bank as well is the ease that a check (for example) goes through and the speed that it completes the transaction.
CIT Bank is one of my best banking experiences overall to this date. Their deposits come through very fast at a reasonable time of four to five hours, which is very good considering other banks. My experience was nearly perfect with customer service. Once, a transaction wasn't getting through. I gave CIT bank a call and didn't get put on hold and was able to get the issue fixed within 15 minutes. The bank has been able to fix issues in minutes what any other bank would take at least 1 hour to fix. Overall their customer service is fantastic. It is an easy and clean experience on the web. They show everything on their website and it's easy to navigate. Best of all are their fees. I hardly notice their fees due to how small they are.
I've been with CIT for about four years and, overall, they've been a great bank. I often get checks from customers and need to cash them but don't have enough funds in my checking account to cover them if they bounce. Other banks typically didn't allow me to cash checks like that. CIT always has and it's been a big help. The fees are reasonable as well. The only thing I don't like is that their website is too slow on my PC and smartphone, but those don't matter that much to me.
CIT Bank is one of my best banking experiences overall to this date. The deposits come through very fast, which is very good considering some banks. My experience was near perfect with customer service. I have had it once where a transaction wasn't getting through. I gave CIT bank a call and didn't get put on hold and was able to get the issue fixed within 15 minutes. I have had the bank able to fix issues in minutes that any other bank would take at least 1 hour to fix. Overall their customer service is fantastic. It is an easy and clean experience on the web. They show everything on their website and it's easy to navigate. Best of all their fees. I hardly notice their fees due to how small they take absolutely brilliant of them.
I am hoping this review of CIT bank will be useful for anyone searching for better savings account options. I really like CIT because I feel their rates are among the very best available. They offer a 6 month CD that is way higher than my other bank. I do still keep active accounts at another bank for checking and a second savings account as well as my credit cards, but I earn a lot more on my savings here at CIT Bank. Overall, I am very happy with them. I love that the money I have there is making money quicker than if it were with my main bank. Their site is fairly easy to use, although it could use a few updates (in my opinion). I feel they are trustworthy and are not hiding fees from you. I think that CIT is a great option in terms of anyone wanting to generate a big return on there money or, like me, have a safety net for a rainy day.
Tried these folks out for a year. Here are my experiences - Website is subpar, telephones are always busy, they do not promptly respond to secured email. Plus -- they don't follow your instructions. Need I say more. Pulling my $ out.
Opening a CIT account is pretty easy to do online. I opened a high yield saving account which at the time only need a $100 to open the account. You also don't need to keep a daily balance in it which I found useful over other banks. CIT allows you to manage your account and view your account information online with ease. Also online without a fee, you can download your statement which comes in handy. My other bank only did this for a fee. Like most banks now a days, you can set up and schedule transfers for paying your bills. Their mobile app is pretty handy, allowing you to receive alerts about your accounts and see secure messages. Overall, I am pretty happy with the service that CIT provides for my banking needs.
I opened a 3-year term CD of four thousand dollars with CIT bank. The process was easy, and I did it mostly online with some help from a customer service representative. After having this account for nearly a year, I have had no issues with the account and so far my savings have grown a bit. I like the flexibility this bank provides and can help people at almost all income levels to save and earn interest on their money. I feel very secure with this bank, and would trust them with taking my personal financial needs seriously. My interactions with their customer service has been nothing short of excellent. The only issue I have is that their website can be a bit confusing to navigate sometimes.
I opened my CIT account about 6 months ago and have been well pleased with their service. Their interest rate returns on savings are slightly above average in my opinion so that is why I chose them. The CIT website and mobile platform are very easy to navigate and use. Overall, I have no complaints about their services and would recommend them for a good savings account.
I spent a fair amount of time looking around for the most competitive CD rates. I was drawn to CIT not only for the most competitive rates that I could find, but also because they offer some flexibility through their RampUp products. These give you some market protection in case rates increase dramatically during the term of the CD. These features were the main reasons I chose to open a CD account with CIT. Overall, banking online with CIT has been a positive experience.
Not long ago, I was looking for a financial institution that would allow me to open an online savings account. I did some research and made the choice to go with a CIT Bank's High Yield Savings account. Their yields are pretty good, and I have never encountered any "fine print" fees like I have with some other banks. You can do almost anything you need to online or through their mobile application. Their website is very easy and intuitive to navigate and their savings account is slightly above average in terms of its interest rates and yields. I would recommend CIT bank as an above average choice, good for anyone who is looking for an account with a decent yield and great online options..
Transferring an IRA from another bank can take 6 weeks. What they do not tell you is that you are responsible for managing your new IRA. So you need to keep checking on the progress of the paperwork all the way through.
Even if you tell them initially what CD you want, for example--including its time period and interest rate-- they will do nothing with the completed paperwork until you call and tell them again what you want. Any time you delay calling you may earn no interest.
CIT Bank allowed me to start my first Roth IRA. I was so nervous about the whole process. I started with a deposit of $5,000, which is a lot of money for me. There was a lot of stress during that time of my life but I knew I was ready for my own retirement plan. I secured the Roth IRA, and the customer service rep helped me really understand what was involved by walking me through the process on the phone. The Roth IRA has grown steadily since then and I've been really happy with CIT. I have been with CIT Bank ever since and would recommend them to anyone, even if you have never saved before. Why not start now?
Having been dissatisfied with traditional banks (and their rates), I was looking for an option to better increase my options. I came across CIT and was interested immediately because of the high rates. Their short term CD rates were among the best I could find and were very easy to open. I have moved about 1/4 of my overall disposable income into their various CDs, and I have not regretted the decision. Customer service has been good, as well. Overall, I am a very happy customer.
This is one of the better banks on the market for middle class families just starting out. No charges for wires, maintenance, or online transfers, makes it very easy to get your family savings going. Their savings and CD options are great as well, requiring only $100 and $1,000 to start, respectively.
There are a few negatives, however. For one, the website is somewhat difficult to navigate, not offering a search feature for instance. Also, the bank does not allow for trusts or retirement options. You can make a TOD account, but your options for future planning is somewhat limited otherwise. Lastly, when I was with them, they had no ATM network.
I recently opened a couple five year CDs from CIT bank and was offered a great APY. There is a minimum deposit of only $1,000. These CD's are going to help me with my long term goals of purchasing a second home to remodel and sell. I have already increased my overall worth a great deal since opening two of their five year CDs, and I would recommend them to anyone.
I have been using this bank for a few years. I wanted something that had a good mobile platform for my phone, so I could do things on the go since I travel a lot for work. Using this bank has made it so much easier to make deposits or transfers on the go. The fees are very reasonable. I have only once had an issue with a transfer, but when I called to work it out they worked so fast it only took couple minutes to correct the problem and they were very helpful!
I was able to get CD funds wired out the day after maturity by following these steps:
1. Register the destination bank account as an external account using their trial deposit method. This can be done well in advance and took me one day to activate.
2. Download and fill out the Wire Transfer Authorization Form from their web site, and fax it to the number shown on the form. For same day transfer, the cutoff time is 10:30 a.m. Pacific Time. I faxed it in the evening before the wire was successfully sent.
3. Be available at the phone number linked to your CIT account to answer security questions mostly drawn from your credit report.
4. I also sent a secure message the evening before to alert them of the wire request, but do not know if it was necessary.
Overall I thought it was a reasonable CD closing experience and I would consider depositing funds with them when the rates are good. The wire transfer was free for account balance greater than $25,000.
I truly enjoy my online banking account with CIT. I stumbled across this financial institution on a search for a non traditional bank that was not in my area. pretty much for online purposes only. I all ready had a traditional bank account, but I wanted another one for my business purposes only. I enjoy the level of service that CIT has to offer. The bank also gives me optional advise on diversifying my earnings into other portfolios. I had a very sensitive incident not too long ago where I had to make a deposit by a certain time. I called the bank to find out as to when will my deposit post to my account without being penalized. The representative gave me valuable information to complete my deposit in a timely manner which was beneficial for future deposits.
Hi- agree with many of the reviews, setting up transferring accounts doesn't seem logical and does not always work smoothly. As they couldn't use my external account for adding to one of my ramp up cds- they suggested I send them a check, so I did, however this check of significant value (I copied the envelope and the address was correct) they claim they never received it? Customer service has been below average. Good rates but at what cost? I fear the removal of funds after maturity is going to be an issue.
Truly horrible customer service. They changed their on line system and twice I have had long conversations with extremely dim customer service representatives trying to make it work. Bank with someone else!
I can hardly believe how inefficient this bank is. I inherited them from my One West Bank and attempted to sign in after initial deposit.
I must have spent a total of at least 2 hours over a week or so trying to sign in which was impossible.
I was guided through the same procedures 5 times and was finally told they could not figure it out.
I asked them to transfer my monty to another bank and they informed me they cannot do that since I have to do it online. Obviously it is impossible to transfer online when I cannot sign into my account. Impossible to believe that a bank cannot transfer money to another bank. They have to send a check taking a week. I hope one of my other banks will take over their bank.
I've been in customer service for 30 years, and have never experienced anything like dealing with these people. In the three years that I have had accounts with CIT Bank, they have messed up every single request or procedure. Now, since their recent 'security update', I cannot access my online account because (after two previous requests) they have not updated my phone number so that I can receive a temporary password. When I call Customer Service for help, they transfer me to Fraud Prevention, who transfers me back to Customer Service. I am now locked in a battle with them to get my Roth IRA funds transferred to another trustee, but since I can't access my online account, I don't know the specific account numbers of the CD's I have. I'm getting ready to contact the MO State's Attorney General's office to file a complaint. Spare yourself the endless hassle and look elsewhere for a bank!!!
I opened a savings account with CIT. Getting the account opened was easy enough, but I found there to be a lack of competitive options. Luckily there was a couple of good rates and I managed to get what I was looking for. So far I haven't had any particular issues with CIT, but I did have an issue where I had a problem depositing my money. I called customer service and found that something triggered their security system. Luckily it was just a false alarm. Getting my account back working was hassle free and the customer service was quite friendly and understanding. So far I have had overall good experiences and will look forward to continuing working with this bank.
I had several CDs matured and needed to use the fund. When I called them, I was on hold for over 15 minutes twice and hanged up as soon as the customer service learned I needed to close the accounts. Finally I spoke with a real person. She told me my external account info was lost when they updated their system. I could either request a check or reset up, either method could take several days. I requested a check, and followed up the following day. Nothing happened yet (obviously it would take several days for them to cut a check). At the same time, I reset up the external checking account, provided 2 test deposit amount. The system told me the external account was ready to use, but I was still not able to transfer fund. I called again, and I was told it would take another 2-3 days. They had no issues when I opened the CD accounts, and made it very difficult for me to get my own money out of CIT. I will not use them again even though their CD rate is slightly higher. It is totally not worth it.
I was a customer of OneWest Bank (now a division of CIT), which prided itself on exceptional and personal customer service but sometimes lacked the slick systems and range of products of larger banks. When CIT acquired OneWest, I worried that OneWest would lose its personal touch and start imposing a lot of fees. I have been pleasantly surprised. OneWest has kept its personal touch while acquiring the sophistication and competitive products of a much larger bank. The transition has been very smooth, with no noticeable negative differences in the branches, statements, or website, except that now the tellers are reminding me that the rate they're offering on savings is now much higher. The employees seem happy as well, which is a great sign. This company restored my faith that banking can still be a pleasant experience.
I have had an account with CIT Bank for several years. It was fine until they recently changed their online banking backend. I had to call in to get set up and access my account, which was annoying but acceptable. However, when I tried to transfer money to my non-CIT checking account (which I had done many times with the past system), I could not because they need to confirm by phone number but my international phone number is not showing up. Again, annoying but not why I would give them one star. The problem is I have been trying to reach customer service now for four days, I keep getting into the voice mail system but then when it tries to connect me it disconnects me saying all circuits are busy. I cannot believe it is even legal for them not to provide a way to contact the bank (I have literally tried more than 25 times, all at times during their operating hours). There is a reason that I have a regular savings account, so I can access my money, and I can't even access the bank. This is ridiculous and dangerous (and probably illegal).
I had a CIT Bank savings account for a couple years and decided to close it out after recent login issues. After trying to contact them by phone and being put on hold for over a half hour on two separate calls, I gave up and decided to dump CIT.
CIT bank moved to a new online system a few days ago. My wifes IRA statements, Historical transaction history, some accounts were lost in the move to the new system. The only responce I have been able to get from CIT bank is it's not there problem. I am extreamly frustrated that the bank does not see a problem in throwing away IRA historical records over 2 months old.
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.
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.
i have savings accounts in this CIT for many years. when i first open the account, they have better rating. i like the history of the bank, and it sounded like they even supported good cause. they have better rankings for savings account. they have an online bank, they have better customer service than other banks. rather than waiting in a line for long hours, we can meet representative easily. their online and mobile access also better than other banks. my experience with CIT bank is trouble free. for an online service the CIT bank is best for ever. though the interest rate is dropped significantly. it's still a competitive choice. i highly recommended this choice.
What initially drew me to CIT bank was the high interest rates that they offered. They are at the top of what is offered for online bank accounts. That is significantly higher than physical bank accounts. They only allow 6 withdrawals from the account per cycle, but that is a standard of most online banks. There aren't any fees for opening an account. However, you need to have at least $100 in your account or they will begin to charge you. Similar to other online banks you have to apply to be a member. It takes a few days and I had to fill out an application which did not take that much effort. Once a member, I was able to link my new online account to an existing bank account I had at another bank to transfer money in. It was pretty easy to move around funds to where they should be. I'm quite satisfied so far because I have done much better than just letting it sit and not earn any interest.
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!!
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.
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.
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.
I have opened several online banking accounts in the last five years. My experience with CIT Bank was very trouble free. I received prompt emails confirming the process and the site is easy to maneuver around. I appreciated the double layer of security (multi factor questions, the non out of wallet questions as they confirmed and the measures they take to protect my identity). I worked at a financial institution (credit union) as I must say I took notes and will consider adding these layers to our members.
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.
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.
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.
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.
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!
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.
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.
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.
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.
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.
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.
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
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.
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!
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.
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.
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!
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.
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.
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.
I owned a 2yr, high 5 figure CD with CIT. It was coming close to maturing and I inquired on my options to receive the proceeds. I was advised I could ACH transfer the proceeds by giving a bank name, account #, and routing number. I provided those and was told I would receive a confirmation on these instructions. No confirmation after two weeks, so I asked about it again. No confirmation after a total of 3 weeks.
The CD matured on 11/13/14 and I was advised on that day that the ACH transfer could not happen because I had not previously verified the transfer account. Of course, I had given myself a month lead time and could have easily done this had CIT just confirmed my instructions to ACH transfer or clarified that I needed to verify. Now I am trying to just get a check snail mailed to me.
Very disappointing given the month lead time I had provided to get this right.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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!
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.
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.
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.
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!
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.
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 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.
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).
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".
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.
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
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.
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.
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.
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.
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.
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!
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!
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.
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...
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.