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  4. CIT Bank Closed My Savings Account!

CIT Bank Closed My Savings Account!

John19
  |     |   394 posts since 2022

Got the email this morning that they're closing the account and mailing me a check! WTF!!! Imagine the interest money I'll lose waiting for that check and then waiting for it to clear. Anybody else dealing with this? WTF!!!!!!!

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7


Answers
midas89
  |     |   996 posts since 2017
@John19 If a bank closed my account I would keep on fighting to find out why, even if only to protect myself from any future closures from any other bank. Plus, my curiosity as to why would need to be satisfied. Don't give up seeking the answer. Keep contacting them, and request a manager or supervisor. Contact their corporate office, even if it has to be in writing. Also, file a CFPB online complaint. Someone at CIT should call you after CIT receives the CFPB complaint.

Yes, while banks have a right to close accounts at any time for any reason, I believe we have a right to know why. And then once you find out, please share with all us so we can be sure to protect ourselves. Thanks in advance. By the way, the simple act of just trying to link an external CMA account you absolutely own should not trigger an account closure. Good luck finding out the real reason.
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John19
  |     |   394 posts since 2022
Just to update, I talked to them today and they gave me no other reason than they "have a right to close the account" and then she ended all online access! Beware! They said they would mail my 1099. Very bad. This was a very useful account as well so it hurts.
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midas89
  |     |   996 posts since 2017
John19, thanks for the update. Sounds like you did all you can do. It's so unfair for a bank to close someone's account without providing the specific reason, even if they have the right to do so, of course.
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MoneyMoves
  |     |   149 posts since 2019
John, Earier you posted their message to you:
File Name Account Closure Notification_10.pdf
Date Submitted 11/28/2023 12:55:44
Category ID Verification =======

===
(I've had ID theft and credit bureau clean-up nightmare before; sooner you catch it the better)
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MoneyMoves
  |     |   149 posts since 2019
TRY AGAIN ... my post did not post fully ???

I was saying ... ID VERIFICATION ... caught my eye. Have you checked your credit bureau reports for new accounts you did not open?
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John19
  |     |   394 posts since 2022
I just checked the comments right now lol. I was luckily able to ACH the entire balance to Ally, the CIT Bank rep recommended that I transfer out the entire amount before he sent for a review of why they closed the account. Very strange, and it's my primary hub account with $111k! I'll wait until they pay me my interest payment then try to transfer it off, and then call them to see what happened. Beware of CIT Bank!
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JeffinEasternFL
  |     |   744 posts since 2020
Used to have money there 3-4ish years ago, I believe another banking outfit purchased a majority or or their entire bank in whole. I remember some bad press about changes, that's when I left (they dropped their decent rate on the savings like a rock and stayed near bottom of the pack for a long time). I hate dealing with an institution that does not have at least ONE real brick and mortar branch somewhere in the USA. Thus I have gone to MBoI for my liquid dollars and been treated well.
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John19
  |     |   394 posts since 2022
I'll probably need a new savings account, I still have Bread Financial though. The notice said they would close the account 10 days from the notice date for everybody's reference, but the rep recommended transferring out before the review because they might freeze the account after I asked for a review.
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midas89
  |     |   996 posts since 2017
Yes, the whole bank is owned by First Citizens Bancshares, Inc. "a bank holding company based in Raleigh, North Carolina. Its primary subsidiary is First Citizens Bank, which operates over 500 branches in 23 states and is on the list of largest banks in the United States."
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sams1985
  |     |   781 posts since 2022
First citizens bank randomly closed my checking account but that was due to inactivity which I’ve heard is common.
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midas89
  |     |   996 posts since 2017
@sams1985 How much inactivity time are we talking about here before they closed your account? Approximately, of course. Thank you.

I myself make sure to do either a deposit or withdrawal, even if it's just one dollar, at a minimum of six months time with any of my accounts that I don't use regularly. I don't know if doing such a minuscule amount would take away a bank's opinion that my account is not inactive, but so far, I have not experienced any closures due to an inactivity reason.
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betaguy
  |     |   180 posts since 2022
are you sure the email was from CIT ?
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betaguy
  |     |   180 posts since 2022
Why would a bank mail you a check ?
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John19
  |     |   394 posts since 2022
I wish I could copy and paste the notice, I'll try to make it work lol.
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John19
  |     |   394 posts since 2022
A document has been securely sent to your Document Center. Please click on View Document to login in to your Online Banking and be directed to the Document Center.



File Name Account Closure Notification_10.pdf
Date Submitted 11/28/2023 12:55:44
Category ID Verification
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acadapter
  |     |   296 posts since 2018
There's usually always a reason. What did you do before they closed your account? Made any large transfers?
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Kaight
  |     |   1,192 posts since 2011
Bad one for sure. Any thoughts on which of your actions or activities might have triggered the bank to do this to you?
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John19
  |     |   394 posts since 2022
None, I have about 100k in it and use it as my primary hub account. I did mess up once trying to link it to my Fidelity CMA, but that's it. Ridiculous! Hopefully the transfer I initiated today goes through. This is really bad. Beware of CIT Bank!
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choosefi
  |     |   37 posts since 2017
How exactly did you mess up?
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John19
  |     |   394 posts since 2022
Just entered the wrong routing/account number like a dumbasz.
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midas89
  |     |   996 posts since 2017
@John19, thanks for the answer. It is helpful.

Seems like an excessive punishment to close one's account just for accidentally entering the wrong routing and account number for an externally-linked account. However, if you were attempting to do an ACH transfer, because of all the fraud out there, CIT's system may be set to "better be safe than sorry" ... and just close the account. If true, they should at least put a warning up at the External Bank Linking Page stating if you submit the wrong routing & account number, your account can be immediately closed.
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John19
  |     |   394 posts since 2022
On my Wells Fargo account there is a warning like that. I once transferred money out from Ally to a closed account (one of Brio Direct) and Ally put my account on restriction and all my transfers took like three business days for months. Always doublecheck!
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Robb
  |     |   322 posts since 2018
I’d demand to know exactly why they closed out your account.
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John19
  |     |   394 posts since 2022
I'll find out once I transfer the interest payment off. Ridiculous!
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Rickny
  |     |   1,296 posts since 2017
Seems a lot of banks sre doing this.

Unrelated; my brother is on the Board of Directors for a small credit union. He stated that they were closing accounts of small and/or accounts with little activity.
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Kaight
  |     |   1,192 posts since 2011
Hmmmm

It appears "Once a Member Always a Member" is being left in the dust along with so much else!!
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Rickny
  |     |   1,296 posts since 2017
https://www.the-sun.com/money/9742661/chase-bank-customer-account-closed-hawaii/
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anonlol
  |     |   178 posts since 2016
They did you a favor in the long run
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JeffinEasternFL
  |     |   744 posts since 2020
Be glad! service went downhill w/ rates when they were taken over by current owners..
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