March 8, 2020

Why CIT Bank is Online Only

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CIT Bank is an online-only bank with no physical branches. It offers checking and savings accounts with high rates and no monthly fees. Read on to find out how to manage your account and reach customer service.

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ABOUT CIT BANK

CIT Bank is the online bank of CIT Group Inc., a financial holding company with over 100 years in business. It's headquartered in Pasadena, Southern California, and has about $30 billion in deposits.

CIT's consumer banking branch oversees CIT Bank and OneWest Bank. The commercial banking branch handles business, real estate, and other types of financing.

CIT Bank offers checking and savings products. Because it's purely an online bank, it offers higher interest rates and no monthly fees.

Is CIT Bank safe?
Even though it's online only, CIT Bank is FDIC insured, just like traditional banks. This means if CIT defaults, the federal government will pay you back what you had in the account, up to $250,000.

DOES CIT BANK HAVE BRANCHES

CIT Bank does not have physical branches. There is only one office location at their headquarters in Pasadena:

75 North Fair Oaks Ave
Pasadena, CA 91103

However, this is only their headquarters' office. It's not a place where you can walk in, open accounts, or do banking business.

DOES CIT BANK HAVE ATMS

CIT Bank eChecking account comes with a debit card with which you can make ATM transactions. CIT Bank does not have its own ATM network. However, it does not charge any ATM fees, so you have the flexibility to use any ATM you want.

It will also reimburse up to $15 in ATM fees charged by other banks at the end of every monthly statement period.

CAN CIT CUSTOMERS ALSO USE ONEWEST

OneWest Bank (which is a traditional bank with branches in Southern California) is a division of CIT Bank. However, CIT and OneWest operate as separate banks. That means a CIT Bank customer cannot visit a OneWest branch for their banking needs.

However, here's where things get a little confusing. Though they operate separately, they're considered the same financial institution. Therefore, money held between both banks would count jointly toward the $250,000 FDIC insurance limit.

HOW TO MANAGE YOUR ACCOUNT

CIT customers can manage their account online on the web browser or on CIT's mobile banking app.

You can perform activities such as:

  • Check account balances
  • Transfer funds between banks
  • See transaction history
  • View statements
  • Deposit checks with remote check deposit (on app)
  • Send and receive money through Zelle
  • Set travel alerts or stop use on your debit card

CIT CUSTOMER SERVICE NUMBERS & HOURS

New and existing CIT customers can call to speak to representatives at:

855-462-2652 (within the U.S.)
626-535-8965 (outside the U.S.—toll call)

You can reach customer service reps at these hours:

  • Monday to Friday: 8:00 am - 9:00 pm (ET)
  • Saturday: 9:00 am - 5:00 pm (ET)
  • Sunday: 11:00 am - 4:00 pm (ET)

If you're a new customer and have questions about opening an account, this is the only way to reach CIT. CIT Bank does not offer a contact email or live chat for new customers.

OTHER WAYS TO CONTACT CIT

Here are some other ways to contact CIT and manage your account:

  • Online and Mobile Banking
    Existing customers can send CIT secure emails through their online account. Online and mobile banking is available 24/7.

  • Automated Phone Line
    Existing customers can check their account balance anytime via CIT's automated phone service at 855-462-2652.

  • Mail In
    Banking forms and checks can be mailed to:

    CIT Bank, N.A.
    P.O. Box 7056
    Pasadena, CA 91109-9699

  • Email Forms
    You can also email banking forms to bankingforms@cit.com.

  • Fax
    CIT's fax number is 866-914-1578.

PROS & CONS OF BANKING WITH CIT

PROS:

  • Higher interest rates than traditional banks
  • No monthly fees on any CIT bank account
  • Low opening deposits ($100 for checking and savings accounts and $1,000 for CDs)
  • Minimal banking fees
  • Up to $15 monthly in ATM fee reimbursements
  • Remote check deposits

CONS:

  • No physical bank locations
  • No check writing from the checking account
  • No way to deposit cash
  • CD rates not as high as other online banks
  • No IRAs
  • May experience long wait times on the phone

WHAT CIT OFFERS

CIT Bank offers the following banking products:

eChecking Account:
This online banking account offers tiered interest. There is no monthly fees or minimum balance required (after $100 to open). This account comes with a Mastercard debit card. CIT will reimburse up to $15 in ATM fees charged by other banks per month.

Note that this checking account does not allow paper check writing.

You also get free overdraft protection when you link up the eChecking account to a CIT Savings account or Money Market account. There is no fee to have money transferred to cover the transaction.

    CIT Bank

    CIT Bank eChecking

    • Earn 0.25% APY with $25,000 minimum balance
    • Earn 0.10% APY on balances under $25,000
    • $100 minimum opening deposit
    • Debit card
    • Monthly ATM fee reimbursement (up to $15 per statement cycle)
    • FDIC insured

Savings Builder Account:
The Savings Builder account offers one of the highest savings APYs currently on the market—with some conditions. It encourages saving money by rewarding active savers with a high rate. You can get a 1.75% APY if you open the account with $100 minimum, and deposit at least $100 per month.

The other way to earn the top-tier APY is to maintain a balance of $25,000 in your savings account.

CIT Bank also offers a Premier High Yield Savings account with no balance or deposit requirements (after $100 minimum deposit). But the interest rate isn't as great, so you're better off with the Money Market account instead.

Money Market Account:
CIT's Money Market Account offers a high rate without the minimum balance requirements. So this account is a good option if you can't commit to saving a certain amount each month. You get this APY no matter what your balance is.

The opening minimum deposit is $100. After account opening, there are no balance requirements. And there is no monthly service fee.

There is a limit of six bank transactions (such as transfers or withdrawals) per monthly statement cycle for savings and money market accounts. This is a federally imposed financial regulation.

Certificate of Deposits:
CIT Bank offers a few different CD options. Term CDs go from 6 months to 5 years ($1,000 to open). It also offers a unique 11-month No-Penalty CD that allows early withdrawal of funds with no penalty (also $1,000 to open). Lastly, it offers Jumbo CDs for those with over $100,000 to deposit.

    CIT Bank

    CIT Bank Term CDs

    • Up to 1.86% APY
    • $1,000 minimum opening deposit
    • No monthly maintenance fee
    • FDIC insured
    • Daily compounding interest
    TermCD Rates
    6 Month0.72% APY
    1 Year1.86% APY
    13 Month1.82% APY
    18 Month1.85% APY
    2 Year1.40% APY
    3 Year1.30% APY
    4 Year1.50% APY
    5 Year1.70% APY

HOW TO OPEN AN ACCOUNT

Opening an account with CIT Bank is easy and takes just a few minutes online. You must be a U.S. citizen or a permanent resident.

  1. Open Account:
    Start here to open a new bank account. You'll have to provide your name, address, phone, email, and Social Security number (or other taxpayer ID).

  2. Fund Account:
    Fund your account via electronic transfer from a linked checking or savings account, bank wire, or mail-in check.

  3. Verify Micro Deposits:
    CIT Bank will first make two "test" micro deposits to your funding account. This is another measure to ensure that you are indeed the owner of the bank account.

    Within 3 working days, you'll get an email asking you to verify the micro deposits. As soon as you have verified them, CIT Bank will process the transaction to fund your new account.

BOTTOM LINE

Even though CIT Bank is online only with no physical branches, it's worth considering. CIT is a good choice if you're looking for a bank with high interest rates and flexibility.

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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CIT Bank CD Rates

CIT Bank is known for competitive interest rates on online savings products. How are their CD rates? Check out the current rates and how they compare below.

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