Updated December 17, 2022

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.

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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.

Because of CIT's merger with First Citizens Bank, you can now bank at any First Citizens Bank location. To complete most bank transactions, or for general customer service, you can contact CIT Bank at 1-855-462-2652 during the following hours:

Mon - Fri: 9 am - 9 pm ET
Sat: 10 am - 6 pm ET
Sunday: Closed

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 (FDIC# 11063) up to $250,000 per depositor for each account category. This is for combined deposits held between First Citizens Bank and CIT Bank. If CIT Bank went out of business, you would not lose up to the maximum amount of your deposited funds.

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.

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.

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 $25,000)[1]
  • 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.

Compare Savings Account Offers

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.

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.

Interest rates are highest on CIT's 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.

Compare CDs

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.

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.

Compare Checking Account Offers

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.

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.

If you're looking for the highest APY with fewer restrictions, CIT's Savings Connect is a good option. There is no monthly deposit or minimum balance required to earn the high interest.

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. Don't forget to read our reviews


  1. ^ CIT Bank. CIT Bank Schedule of Fees, Retrieved 12/16/2022
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.05% APY

  • 5.05% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Citi Priority - Earn up to $2,000 Cash Bonus

Expires 1/9/2024
  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
  • New to Relationship customers can choose their Relationship Tier.
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

Expires 12/14/2023

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Member FDIC

Chase Total Checking® - $200 Bonus

Expires 1/24/2024
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
Member FDIC

Bank of America Business Advantage Checking Account - $200 Bonus Offer

Expires 12/31/2023
Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by December 31, 2023
  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC

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Note: This website 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. You do not have to use our links, but you help support CreditDonkey if you do.

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About CIT Bank Promotions

CIT Bank offers some of the highest interest rates on the market. It is an online bank that offers a variety of savings products. Because of CIT's merger with First Citizens Bank, you can also access products and services offered by First Citizens.

About CreditDonkey
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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