CIT Bank Reviews

CIT Bank has become a notable player in online banking. Established in 1908, CIT Bank is a subsidiary of CIT Group, a financial holding company. It offers a variety of financial products, making it a comprehensive choice for consumers. This review delves into the key features, benefits, and potential downsides based on user experiences and expert analysis.

High-Yield Savings Accounts

CIT Bank’s high-yield savings accounts are a major attraction. They offer competitive interest rates that significantly surpass the national average. Customers appreciate the ability to grow their savings with minimal effort. There are no monthly maintenance fees, and only a modest minimum balance requirement exists. This makes high-yield savings an accessible option for many. Although the interest rates fluctuate with market conditions, the overall rates have remained superior compared to many traditional banks.

Money Market Accounts

The money market account (MMA) combines checking and savings features. With competitive interest rates, this account stands out from competitors. Customers can write checks and conduct transactions while earning interest similar to that of a savings account. However, MMAs still adhere to federal regulations limiting certain types of withdrawals. Numerous users find MMAs to be versatile and beneficial for managing their finances.

Certificates of Deposit (CDs)

CIT Bank offers a range of CDs with various terms and interest rates. With a minimum deposit typically required, CDs provide a secure way to earn guaranteed returns. They cater to those willing to lock in their funds for a specified period. CIT Bank’s CD rates often beat the average, making them attractive to savers. The bank also offers specialized CDs like RampUp and Jumbo options. RampUp CDs allow customers to increase their rate once during the term if rates go up, adding flexibility.

Checking Accounts

CIT Bank’s eChecking account offers convenience and savings. With a modest monthly fee that can be waived, this account includes various perks. Customers benefit from competitive interest rates on their balances. The eChecking account integrates seamlessly with CIT Bank’s savings products, creating a cohesive banking experience. Bill pay services and mobile check deposits streamline the account management process. ATM fee reimbursements and lack of foreign transaction fees appeal to frequent travelers.

Online and Mobile Banking

CIT Bank’s online and mobile platforms provide modern banking solutions. The user-friendly interface allows customers to access accounts anytime. Updated security measures protect user data, reassuring customers about their financial safety. The mobile app supports mobile check deposits and fund transfers, which simplifies banking on the go. Push notifications keep users updated on their account activity, and the app’s budgeting tools help in managing expenses.

Customer Service

Customer service at CIT Bank receives mixed reviews. While many users find the service reliable and helpful, others report inconsistent experiences. Support is available via phone and email. Online resources such as FAQs and tutorials are extensive. Some customers appreciate the prompt responses and problem-solving ability of representatives. However, there are occasional complaints about long wait times and less-than-optimal resolutions.

Security Features

Security is paramount for CIT Bank. The bank utilizes advanced encryption and fraud detection systems. Two-factor authentication enhances account protection. Regular security updates and monitoring help in identifying and addressing potential threats. Customers generally feel secure with their accounts, attributing this to the robust security protocols in place.

Fees and Charges

CIT Bank is relatively transparent about fees. Most accounts do not have monthly maintenance fees, which is a selling point. However, there are occasional charges for specific services. Overdraft fees and wire transfer fees apply under certain circumstances. It’s important to review the fee schedule to understand potential costs. Customers who maintain good account standing generally avoid most fees, finding CIT Bank to be cost-effective.

User Experience

User experience varies, with the majority leaning positive. Customers appreciate the high interest rates and lack of monthly fees. The seamless integration of various banking products adds to the overall satisfaction. Some users report minor issues with the mobile app’s functionality. Despite these, most find the platform easy to navigate and efficient. Design enhancements and regular updates show CIT Bank’s commitment to improving user experience.

Account Opening Process

Opening an account with CIT Bank is straightforward. The process is conducted entirely online. Applicants need to provide personal information and funding account details. Verification procedures are typically quick, allowing users to start banking within a short period. Customers find the process intuitive and convenient, contributing to a positive first impression.

Interest Rates

Interest rates are a key highlight for CIT Bank. They consistently offer competitive rates across product lines. Savings, money market accounts, and CDs all feature rates above the national average. Rate changes are communicated clearly to customers. Many find the higher yields beneficial for their savings goals.

Reputation and Trust

CIT Bank holds a strong reputation in the financial industry. FDIC insurance provides security for deposits. The bank’s long-standing history adds to its credibility. Trustpilot and other review platforms feature mixed reviews, reflecting individual experiences. Overall, the trustworthiness of CIT Bank is acknowledged by a substantial user base.