CIT Bank is known for offering some of the highest APY on their accounts. However customers have still reported some negatives about this well known bank.
Continue reading to learn more about CIT Bank common complaints and possible solutions.
You Can’t Visit A Physical Branch
CIT Bank solely operates online. What this means to consumers is that they won’t be able to have in-person customer service or bank transactions. If you need customer service, you’ll have to contact CIT Bank via phone or email.
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
Because all of their customer service will go through either phone or email, be prepared to wait if you’re trying to get help through phone.
To work around this, they encourage their customers to look for answers first within their online FAQ.
If the FAQ section does not have your answer, you can always send a secure message online anytime of day, anytime of the week.
However, you must be a current customer because a login is required.
Mobile App Isn’t Useful
CIT Bank offers a mobile app for both iOS and Android, but many users have complained that about the user interface not being intuitive.
Many have had problems trying to figure out how to make transfers or deposits while using the mobile app.
On top of the user interface being an issue, the app forces users to go through multiple authentication procedures for security, which can get annoying.
Users also complain of frequent system crashes.
Solution
Although the app is not intuitive or as easy to use as some apps, it still has all of the basic functions for your banking needs. To see your options for transfers or deposits, you need to press the “+” button at the bottom of the screen.
Alternatively, you always log in to your account through the website on your desktop computer to access all of the features.
Difficult To Access Savings Funds
Since CIT Bank’s savings account doesn’t come with an ATM card, you can’t withdraw money quickly form your account.
To access the funds in your account, the process could take several days or longer.
To get your money, you will 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
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’re trying to deposit or transfer funds between your CIT account and another account, give yourself some time. These funds can be held from 5 to 7 business days.
To work around these longer transfer times, be sure to initiate the transfer long before you need 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
CIT Bank is known for having some pretty high interest rates, especially on their 12-month, 13-month, and 18-month CDs.
However, if you want to put your money into longer term CDs, the interest rates just don’t compete so you are better off investing in the shorter term and renewing the CD or going elsewhere.
CIT Bank does offer an 11-month No Penalty CD for people who want to just earn interest for a short period of time.
It even offers 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
Unfortunately, CIT’s eChecking account does not offer you the ability to write checks. Even if you try and use third party checks, all the checks written using your account will be rejected by the system.
Solution
Although you can’t write checks, there are other methods that CIT does allow. Your checking account can be set up to allow online bill pay to vendors.
Additionally, you can always transfer money to family and friends through Zelle.
Need Large Balances To Earn Advertised Interest Rates
The way CIT Bank’s interest rates work is in tiers for the Savings Builder account. To earn the “top tier” interest rate, you must be able to keep a balance of $25,000 or more.
If you have less than $25,000 during the time when your account is evaluated (the same date each month), you will earn the lower tier interest rate.
However, if you make a $100 deposit each month, you will still earn 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.
CIT Bank Promotions
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Bottom Line
As mentioned above, CIT Bank is a great place to earn high interest on savings accounts and CDs, so if you’re looking for those things, definitely check them out.
However, it is worth noting that you should take into account all of the complaints that customers have and see if those things will cause you issues you don’t want to deal with.
If you’re interested in posts like this, check out our list of CIT Bank promotions!
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