September 29, 2019 12:00 PM PT

CIT Bank Complaints and Solutions

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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.

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

CIT's mobile app is available for both IOS and Android, but many users complain that the user interface is not intuitive. Many have problems trying to find how to make transfers or deposits.

The app also makes you go through multiple authentication procedures for security, which can get annoying. Users also complain of frequent system crashes.

Solution
It's true that the app is not intuitive, but it does have all the basic functions for your banking needs. To see options for transfers or deposits, you need to press the "+" button at the bottom of the screen.

Alternatively, you can always log into the website on your desktop computer for full functionality.

Difficult to Access Savings Funds

CIT Bank's savings account doesn't come with an ATM card, so you can't withdraw quickly if you need the funds. 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 the CIT checking account or 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.

Long Transfer Times

ACH transfers between bank to bank may be held for up to 5 business days. Checks deposited to your account may be held for 7 business days.

Solution
If you need to deposit or transfer funds between your CIT account and another one, make sure you give yourself plenty of time. Since funds can be held up to 5-7 business days, that could be as long as 9 total days. Initiate the transfer long before you actually need to use the money.

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.

You Can't Write Checks

CIT's eChecking account does not allow you to write checks. Even if you get 3rd party checks, all checks written payable against your eChecking will be rejected by the system.

Solution
Even though you can't write checks, there are a number of other ways to pay. The checking account allows for online bill pay to vendors. You can also easily transfer money to family and friends through Zelle.

Need Large Balances to Earn Advertised Interest Rates

CIT Bank's interest rates work in tiers for the Savings Builder account. You can earn the "top tier" interest rate if you 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 also qualifies you for the 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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