September 29, 2019 12:00 PM PT

CIT Bank Complaints and Solutions

Read more about CIT Bank
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CIT Bank offers a high APY. But there are some downsides, too. Read on to learn more about CIT Bank common complaints and possible solutions.

It's Hard to Deposit Cash

You can't deposit cash in a CIT bank account. They don't offer access to ATMs or have physical branches. Instead, CIT offers the following deposit options:

  • Electronic funds transfer from another account
  • Send in a check
  • Send a wire

Solution
If you have cash on hand, deposit it into an external account first. Once the funds are available in that account, you can choose one of the above transfer methods.

But be aware: This process requires more time and can also affect your interest tier (more on this below).

Evaluation Period
CIT evaluates the deposits you make to determine if you meet the requirements for a specific account. You must meet all minimum balance requirements or minimum monthly deposit requirements during this time to get the specified APR.

You Can't Visit a Physical Branch

CIT Bank operates only online. This means no in-person customer service or bank transactions. If you need customer service, you'll have to contact CIT Bank via email or phone.

Solution
To complete most bank transactions, or for general customer service, you can contact CIT Bank at 1-855-462-2652 during the following hours:

  • Monday–Friday, 8 AM–9 PM ET
  • Saturday, 9 AM–5 PM ET
  • Sunday, 11 AM–4 PM ET

Keep in mind that CIT often has excessive hold times for phone customer service. They encourage customers to look for answers first within their online FAQ.

If you can't find your answer in the FAQ, you can send a secure message online 24/7. However, you must be a current customer because a login is required.

Is CIT Bank FDIC Insured?
CIT Bank is FDIC insured up to $250,000 per deposit for each account category. If CIT Bank went out of business, you would not lose your deposited funds up to the maximum amount.

Mobile App Isn't Useful

While the CIT Bank app is available for both IOS and Android, the app has limitations in functionality. You can use it for mobile check deposit, but you can't transfer funds—a main function of an online bank account. Users also complain of frequent system crashes.

Solution
Use the CIT Bank mobile app to check your balance and get basic information about your account. Otherwise, log into the website on your desktop computer for full functionality.

Difficult to Access Funds

CIT Bank doesn't belong to an ATM network. If you want access to your funds, it could take several days or longer. To get your money, you need to plan ahead.

Solution
Initiate any of the following withdrawal methods 10 days or more before you need the funds:

  • Set up an ACH transfer to an external account
  • Send the funds via wire transfer ($10 fee for accounts with less than $10,000)
  • Request a check

Is CIT Bank Safe?
Yes, CIT Bank uses layers of security to protect your funds. It has anti-virus protection, firewalls, and 128-bit Secure Socket Layer encryption.

Minimum Deposits for CDs Are High

You need at least $1,000 to open a CIT CD, and the APRs are lower than many competitors.

Solution
Interest rates are highest on CIT's 12-month, 13-month, and 18-month CDs. If you want to tie your money up longer than that, you are better off taking the shorter term and renewing the CD or going elsewhere.

CIT Bank does offer an 11-month No Penalty CD, which offers a competitive interest rate and the ability to withdraw your funds penalty-free if you need them before the CD matures.

Doesn't Have a Checking Account Option

CIT Bank only offers savings, CDs, and money market accounts. That makes access to your funds more limited.

Solution
CIT Bank's Savings Builder and Money Market Account allow up to six withdrawals per month. While you don't get checkwriting privileges, you can use one of the methods mentioned above to withdraw your funds.

As long as you don't need the funds more than six times per month, you can enjoy the higher APR from the savings or money market accounts.

Need Large Balances to Earn Advertised Interest Rates

CIT Bank's interest rates work in tiers for the Savings Builder account. The only way to earn the "top tier" interest rate is to keep a balance of $25,000 or more.

If you have less than $25,000 when your account is "evaluated" (the same date each month), you earn the lower tier interest rate. However, if you make a minimum $100 deposit each month, that qualifies you for a slightly higher interest rate.

Solution
Only open a Savings Builder account if you can deposit at least $100 each month or keep a standing balance of more than $25,000.

Bottom Line

CIT Bank offers benefits like a higher-than-average earned APR. But understand the common complaints—and how to address them—before deciding if it's the right bank for you.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on September 29, 2019. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

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