| 5 star: | (14) | |
| 4 star: | (6) | |
| 3 star: | (9) | |
| 2 star: | (12) | |
| 1 star: | (50) |
CIT Bank is not CITIBANK. Do not confuse the two.
I opened 2 CD accounts with CIT when it offered competitive rates and the option of monthly interest distributions. More recently, its interest rates on longer term CDs became non-competitive -- about 1/10 of that offered by other banks. My CDs matured, but I was not able to specify a maturity option until after the maturity date, and within a 10 day window. After setting up EFTs to a linked account, CIT kept my funds for a week without paying interest, before executing the funds transfer, which prevented me from moving the funds into another bank where I would be earning interest. Taking a week to execute an EFT is inexcusable, except for CIT's desire to make money off of mine without compensating me a single penny. I will not bank with CIT ever again.
I was also always disappointed with the slow transfers. So now I go direct. From my Chase checking to CIT Savings, funds transferred overnight and showing available next day!
While for the most part I liked CIT bank, what I don't like is that there is not a section online where you can put in your maturity instruction for a CD. I got two different answers regarding leaving instructions. One I could ask the rep to send instructions to another part of the bank and they perform instructions at that time. No proof is given except that they said they did it. The other way told to me was the only way was to write a secure message myself online to them that I wanted my CD transfer at maturity to another account. oh and no reply would be given except that the instructions would be performed. So I didn't like that I got two different answers from two different reps and I didn't like that there was no place online except for the secure message to setup maturity desires. If the interest goes down next month I am pulling my money out. I am not sure this confusion is worth it.
Opening a CD account was very smooth just like most other online banks. Nothing complicated. At maturity, closing the account was simple as long as you maintained the original external bank account from which the fund came out. The fund with interest was transferred to the original external account within 72 hours. The reason I closed the CD account is simply that the interest rate dropped. Overall, I am satisfied with this bank.
i open my initial CIT bank account last year 2023. what noticed with this bank. funding the bank with fund takes 1-2 weeks for the fund to release into your account. it is strange that there a long wait since i am doing a ACH transfer from my link bank account. i can clearly see that the fund were take from Bank A and pulled into CIT bank. i think they may hold out during that lock out period to build interest that they would gain rather then the client. i kind of feel that i am loosing out on those days on my money waiting.
2024-03-22
Online message states "open account in 5 minutes". After I completed an application, I got a message "someone will get in touch with you within 3-5 business days". Here goes 5 minutes. I finally received an email that my application got declined. No explanation why. Too bad for them, will move my business somewhere else.
I opened a CIT Bank savings account about 5 years ago. It had a good interest rate. A few months later, rates had gone up and they announced a new "Savings Builder" account with a better rate. So I opened one of those, transferred the funds and closed the old account. They did something similar again. Later I noticed that the rate on the old account(s) dropped to near 0%.
If you are paying attention, this is an inconvenience. If you are busy with work and family, you may not notice the change and earn much less than you expected.
If you go here: https://www.cit.com/cit-bank/resources/products-and-rates you will see that
Savings Connect and Platinum Savings pay market rates
"High Yield Savings", "Premier High Yield Savings" and "Savings Builder" pay between 0.25% and 1%. These are older account types.
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If you scroll down and look at CD rates
Terms of 1,2,3,4,5 years pay 0.30% to 0.50%. Again far below market rates.
Terms of 6, 13, 18 months pay 4.6%-5.0%
People who opened 1/2/3/4/5 year CD's may have opened them at good rates. The default when they mature is probably to renew at the current rate if you don't take action around the expiration date.
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Perhaps even more outrageous is in the fine print at the bottom of the page:
"Upon maturity,
the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY,
and the 18-Month CD will be automatically renewed as a 2-Year Term CD at the then-published APY."
So the 13 month CD with a fair market rate does not become a new 13 month CD with a good rate, it becomes a 1 year CD with a very low rate. Same for the 18 month CD.
Ron
Sorry, these are the dumbest people I've ever done business with. I'm not interested in wasting my time providing details. I've wasted plenty of time trying to teach them how to answer a simple question. Just take my word for it. I'll be closing my account. They hurt my credit real bad . Thankful for the credit guy who saved my life Phil Wards ( Royalbladeworks on tele gram ) . STAY AWAY !
So i did the micro deposits, after that i transfer money so no problem. The problem came when i was trying to wire money out, the put account on hold because the name on the other account was a little different, what?????
So they let me transfer money in NO PROBLEM but had one when the money is going out, this is stupid the name don't match because hispanic have two last names, and some stupid banks write them how they feel like it. THE ACCOUNT IS LINK AND CONFIRM, GIME ME MY MONEY BACK!!!!!!!!!
i suggested, ok if u have a problem with that other account that has absolutely nothing to do with you, then take it out and restore my account with you so i can have my money back, crickets so far.
I might need a lawyer soon, is hard because they don't have a branch were i could just walk and get my money
I signed up for a CD account with a 5% APY, or perhaps it was 4.95%. I closed and transferred the account at the maturation date, and got 2.5% instead of nearly 5%. False advertising. Take your business to Discover instead.
it's true, they have the best rates- But their game is to not raise rates on existing accounts. So you have to pay attention and occasionally close and open a new account.
Another game they play is delaying transfers. Using your money for a week or two before they give you access to it. My latest ACH transfer,11 days after it cleared the other account and still waiting for my money to be available. Pretty sketchy.
Give yourself two weeks transferring money in or out.
Online access can be pretty frustrating convoluted security steps. I spend a lot of time on hold trying to get access, at least a couple times a year.
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 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.
Like most folks here, I'm annoyed that CIT Bank has again created a new savings account with a higher rate instead of raising the rate of my existing account. If not for depositaccounts.com, I wouldn't have known about the new account/rate. However, it took me a little more than two minutes to go to the bank site and fund the new "Platinum" account with my existing "Savings Connect" account. It was very easy to do. Other than that, my experience with CIT Bank has been very good.
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!