CIT - If Withdraw Mid-Month, Get Accrued Interest?

unagi | Jan 16, 2019 | 27 posts since 2018

Hi everyone - For every bank I've ever banked with, interest paid at the end of the statement period is based on the average daily balance, compounded, and wanted to confirm that is also true with CIT. I'm asking because reviews suggest it can be hard to transfer out, so planning ahead, and noticed the CIT site and app do not show accrued interest. This is for the new savings builder account. Thanks!!

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Answers

kxlly | Jan 18, 2019 | 19 posts since 2018

unagi - "Effect of Closing an Account: If you close your account before interest is credited, any accrued interest will be paid on the date the account is closed." [per CIT_Bank_Agreement_for_Personal_Accounts_12-27-2018]

kxlly | Jan 18, 2019 | 19 posts since 2018

I was just reading through CIT's fine print PDFs earlier tonight and there is a section that covers your question. I'm not at my computer now to quote it but I'm 99% sure it said they WILL pay your accrued interest if the account is closed before the interest normally gets credited at the end of the month.

It also said they have the option of charging a closure fee but it didn't specify how much or what exactly would cause them to charge a closure fee or how long accounts had to stay open before closing. I was going to give them a call tomorrow or next week to find out.

unagi | Jan 18, 2019 | 27 posts since 2018

Thanks, that's very helpful!

unagi | Jan 18, 2019 | 27 posts since 2018

Edited and moved to underneath your reply

unagi | Jan 18, 2019 | 27 posts since 2018

Actually, any chance you can post the link to their PDF? I couldn't find it.

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