CIT Bank is a "Top 50 U.S. Bank" seeking to provide online banking to consumers with lower fees and rates. From their phones or computers, consumers can easily access their accounts and conduct banking transactions. It is important to note that CIT Bank does not have any physical branch locations or ATMs that consumers can visit, which may not be preferable for all consumers. On a positive note, online-only banks often offer better deals, such as savings accounts with higher than average interest rates and low fees.

Consumers have various banking options available to them, including money market savings accounts, checking accounts, certificates of deposit (CDs), and high-yield savings options. CIT Bank's high-yield savings accounts are a popular choice among consumers and they consistently rank among the best online savings accounts in the industry.

In addition to consumer banking, CIT Bank also provides business and commercial banking options.

Continue reading for CIT Bank pros and cons.

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The Good

FDIC Insured
Variety of Accounts
No Monthly Fees
Competitive Rates
Checking Account
On-the-Go Account Access

FDIC Insured

CIT Bank provides deposit insurance through the Federal Deposit Insurance Corporation (FDIC), covering checking and savings accounts, money market accounts, and CDs. In general, almost all banks have FDIC insurance, protecting a consumer's money in the unlikely event of a bank failure.

Variety of Accounts

CIT Bank has multiple savings accounts and savings options available for consumers in addition to an eChecking account, allowing consumers to choose the best bank account for their needs.

Consumers who are looking for a savings account can choose from the CIT Savings Builder account, similar to a high yield savings account, or CD accounts, or a money market account. Each savings option provides competitive interest rates.

No Monthly Fees

No matter which type of account you choose to open with CIT Bank, there are no monthly fees. This means that you will not be penalized for not meeting specific account requirements, such as maintaining an account balance over a certain threshold. This can provide consumers with peace of mind and flexibility that they will not be charged anything extra on their accounts.

Most online banks do not have monthly fees, but it is important to research any other fees that the bank may charge. Up front, it appears that CIT Bank has no additional fees.

Competitive Rates

CIT Bank has some of the most competitive rates in the industry, with higher than average APY rate on savings accounts — much higher APYs than you will likely find with a traditional savings account at a brick-and-mortar bank.

The CIT Bank Money Market account also offers a much higher APY than the national average. Interest rates on CDs are also high, allowing the consumer to save more money over time.

Online banks are generally more likely to offer higher, more competitive APY rates than traditional banks, but CIT Bank has been recognized as one the 10 best online banks two years running (2018 and 2019) by GOBankingRates. Therefore, if you are looking for the best rates possible on your savings accounts, CIT Bank could be a good choice for you.

Checking Account

In 2019, CIT Bank began offering an eChecking account. The account has an interest rate set for balances under $25,000. If you want a higher APY, you must have a minimum balance of $25,000 in your account.

The eChecking account provides consumer with a debit card, as well as the ability to deposit checks and make unlimited withdrawals and disbursements through the CIT Bank mobile app. Through the app, consumers can access their account at any time and can have the peace of mind that all their banking is available at their fingertips.

Although the checking account has no monthly fee, there is an overdraft fee on insufficient and unavailable funds, both of $30. A consumer will also be charged if they use their card at an ATM, but CIT Bank does provide a monthly ATM fee reimbursement up to $30.

On-the-Go Account Access

As an online-only bank for consumers, CIT Bank has a mobile app consumers can use to manage and conduct bank transactions. This can provide consumers with flexibility and peace of mind, that no matter where they are they will be able to access their banking information.

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The Bad

Difficulty Moving Money
No Physical Locations or ATMs
High Minimum Deposit for Checking Account
No Credit Cards

Difficulty Moving Money

When opening and maintaining a CIT Bank account, you cannot deposit cash into your account. All deposits must be made via funds transfer (ACH), a mobile deposit through the CIT app, a free wire transfer, or by mailing a check to the CIT office. Besides check, these are all electronic transfer methods. Funds cannot be added to the account via direct deposit.

Transactions can be difficult if you plan on moving your money around. Additionally, this means that setting up an account with CIT may be difficult if you don't have an existing bank account (with a routing number) to transfer the funds from.

No Physical Locations or ATMs

As an online bank, CIT Bank has no physical branch locations or ATMs. This may be problematic for some consumers that prefer being able to visit a branch location as needed.

The fact that CIT Bank offers a checking account but has no ATMs is somewhat inconvenient for consumers, as they will have to pay fees if they ever need to withdraw cash from an ATM. It would be important to be mindful of your ATM usage, as those fees can pile up. CIT Bank does provide a monthly ATM fee reimbursement up to $30, but even then this may not be preferable for all consumers.

High Minimum Deposit for Checking Account

The minimum opening deposit for the CIT Bank eChecking account is $100. This is quite high within the industry, as some other online banks allow consumers to open checking accounts with a $10 to $25 minimum deposit.

No Credit Cards

Many online banks, including CIT Bank, do not offer credit cards. For consumers looking for credit card options, online banks such as American Express or Discover may be a better option.

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The Bottom Line

For consumers looking for high APYs and flexibility, CIT Bank could be a great online banking option. Offering some of the best rates in the industry, CIT Bank surpasses its competitors by offering APY rates that consistently exceed the national average, and it has been recognized as one of the 10 best online banks for both 2018 and 2019.

With the company's new checking account offering, consumers have more banking options available to them, allowing them to manage their money all in one place. With CIT Bank's mobile app, your banking information is available at your fingertips, and you can manage transactions on the go. As an online bank, CIT bank has no physical branch locations or ATMs. This could prove to be an inconvenience if you like to have the traditional bank option of visiting a branch location or speaking with a bank associate when needed. In addition, if you ever use an ATM to withdraw cash from your checking account, you will be charged a fee as CIT Bank does not have any of its own ATMs.

Overall, CIT Bank has competitive services and offerings that will likely prove advantageous for the majority of consumers. CIT Bank reviews are limited, thus we would recommend CIT Bank based on their services, but cannot provide any recommendations based on customer reviews.

If you have, or are currently banking with this financial institution, please leave a CIT Bank review and tell us about your experience.

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91 Reviews

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Darius Melquiadez (Noscete Ipsum)

CIT is a subpar bank and despite having some favorable rates for savings and CD's doing business with this bank is a nightmare. Their customer service is the worse I have ever experienced . The web site is poorly developed and quite difficult to navigate or use for a full banking experience and lacks real time helpful information to check transactions on real time. My experience has been very poor and the bank practices to hold your money at lower rates when your CD matures is suspicious. You are forced to cal the dreaded customer service to make a transaction that is otherwise almost impossible to verify on its website. I am quite unhappy and after my last CD matures I will cancel my accounts and never ever do business with this bank which should be audited by the OCC for irregular practices. I do not know where my CD money that matured 2 days ago is and when I called customer service they put on hold for long time until I called again with same results. It is incredible that this bank is still in business.

3 months ago

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Jessica M

I do not understand all the negative reviews I am reading! My 92 year old mother has Savings Connect account at CIT for the interest. She recently decided to open a No Penalty CD because she can name a beneficiary and had the account open within minutes. A little later she noticed that the interest had increased on the No Penalty CD and decided she wanted to open a new account at the higher interest rate. It extended the maturity date, but she clicked right through the process without any questions, easily adding a beneficiary at the end. The system even supplied the name of the old beneficiary as a box to check without having to re-enter details. While she was there, she discovered the new Platinum Savings account by accident and opened one of those by transferring money from her Savings Connect account. Whole process was less than 10 minutes. She also seamlessly moves money between her CIT echecking account and an external bank. Our only observations - Platinum Savings account information is a hidden gem that we stumbled upon; not sure why it is not advertised more plainly and new accounts take 2 business days to fully display on your summary page. This can be a little disconcerting but we printed out the summary of the new accounts so she could reference them until the money appeared. She, and I, heartily give CIT 5 stars.

1 year ago

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J C

Deposited funds from the sale of a house over a year ago. All was fine until I tried to wire 1/4 of the funds to escrow for a purchase. Since I changed phone carriers (no number change) two weeks ago, I am now blocked from wire transfers for 6 mos. Not a mistake... this is policy per customer service. I can use the phone to call in, access records, and do other transfers, but all wires are blocked and there is no recourse... so I will close the account.

3 months ago

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Bobby Kitchen Alpharetta, GA

Savings- Two 18 month CD’s Jan 3, 2023. Highest APR. Many options. Customer service wait time can be long at peak times. Once on the phone they are very helpful. Better than understaffed B&M Banks with unhappy employees who just want to work their shift and go home. Citizens ownership of CIT gives them more credibility than other on line options. I do business with 3 other B&M banks, but 50% of my liquid assets with CIT. I did all the research! No Brainer. Flourish has the other 50% and is another 5 Star on line bank, but is by invitation only. Easy to get an invite.

1 year ago

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coco Palm Bay, FL

I was apprehensive about transferring a large amount of money to an online only bank I had never heard of. And I did have the panic moment the first week when I realized I did not know my account number, and my password did not work. But when I called, Customer service was great and got all my issues resolved quickly. The high rate of return has been wonderful. I agree with others this is a bank for saving, and I too have another for my daily activities.

4 years ago

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Yao Senyo New York, NY

I like this bank in terms of their high yields and long term benefits. If you are poor and cannot afford to dump large sum of money into savings this bank is NOT for you. This bank (along with others like it) is structured for people with money who want to invest for large gain. The more money you invest in them the more return you will get back. I like this bank with exception to their mobile app. The app is so simple with no sophistication what so ever. Platform is so plain even my 2 year old daughter can maneuver around it. All I'm saying is, CIT is a highly reputable institution, I just want their mobile app to step up to the plate and offer some form of sophistication (fingerprint login, quality interface with modernness). Ally bank's mobile app make CIT's look like something that was created in the 90's, a complete joke!

4 years ago

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Greg Sunnyside, NY

The application process is a little cumbersome and the website has very few bells and whistles, but what I was looking for was a bank with a good savings account rate, and they delivered. I know that I will not have access to the money for 7 days after I deposit the money in my CIT bank account. They say so in their paperwork if you bother to read it. When I go to the website, I can see the balance in my account and the amount of interest I make each month. I don't need too much more than that. I also can ACH transfer the funds to another bank if I need to move funds out. This bank is fine. The complaints from others are unwarranted. Those who want great customer service should open up an account at their local savings bank who will give you lots of customer support and no savings account interest in return.

5 years ago

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Terri Riverdale, GA

Highest rate on my savings, compounded that I can find anywhere. Perfect bank for me because I don’t need to chat, just increase my savings. I have another brick and mortar bank for other financial transactions. Yes, it took a minute to open the account, not a lot of sales people free, but I assumed they were busy opening accounts for others interested in high yield savings. This works great for me!

5 years ago

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T S Jacksonville, FL

I took my savings from Wells Fargo bank and moved to CIT Bank, best banking move I’ve ever made. I went from several cents a month to $$ a month, all the wasted years and unearned interest! The customer service is fantastic, always friendly and helpful. I feel so fortunate to have found CIT Bank.

3 years ago

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Kathy FLetcher

My complaint is the same as many of CIT customers. I have an IRA with CIT and needed that money to be rolled over to make an investment. CIT has 5 to 7 days to review that transfer request and then will not wire the funds but will only us the mail. I may lose out on a very lucrative investment. This is my money and should not take so long to transfer this money. I would NEVER put another penny with CIT

6 months ago

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H H

The most incompetent bank i have ever delt with. Some of the most incompetent software engineers and managers have built this website. Moved all of my money out of this garbage bank. 1. I was unable to log into my account for A MONTH DUE TO THEM DOING A MAINTENCE to change their UI/UX. A MONTH. Always got this error: "CIT Site Maintenance. Your online banking system is currently unavailable." 2. Not only this, but i had to reset my password after the maintenance but they never informed me of this. So whenever i tried to log in, their error message was "We are unable to process your request. Please try again later." instead of "Wrong username/password". Even now, if i type the wrong password, this is the error. Terrible design and user experience. 3. Calling customer support was a pain, had to wait for a long time. 4. I have decided to move all of my money out of this incompetent bank. Transferring money takes forever as well. They also couldn't connect to the routing number of the savings account i am transferring money over to. Every aspect of this bank is just below par and terrible.

11 months ago

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Art Noll Los Angeles, CA

Good rate if you are ok playing their games it's true, they have the best rates- But their game is to not raise rates on existing accounts. So you have to pay attention and occasionally close and open a new account. Another game they play is delaying transfers. Using your money for a week or two before they give you access to it. My latest ACH transfer,11 days after it cleared the other account and still waiting for my money to be available. Pretty sketchy. Give yourself two weeks transferring money in or out. Online access can be pretty frustrating convoluted security steps. I spend a lot of time on hold trying to get access, at least a couple times a year.

1 year ago

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Joe Arquilla

Not terrible, certainly not good. Overall, my main complaints: -Other banks automatically raise your raise your interest rates as they goes up. CIT does not…you would have to waste your time with an agent. -The App is absolute trash. Very limited, does not give an overall snapshot of your account. You get to do the math. If you want to perform most actions, you have to go to the website. Face ID does not work. No saved passwords. Manual login every time. Locks you out constantly. -Extremely slow money transfers -Customer service is not good. -Not recognized by most financial and and wealth management apps. In summary: this could be a good bank, but I feel like they choose not to be. I moved all my money out. Avoid opening an account here, no matter how good the interest rate “starts” at.

1 year ago Edited June 30, 2023

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Glenn Stansberry Florence, KY

Be prepared for an ordeal trying to set up the Platinum Savings account. I am going on a month now and they still do not have my account setup. They claim their review team is backed up.....well, hire more people - Hello? And once they finally get the account set up we still need to go through the trial deposits process which will require even more time. On a little positive note, their customer service is always courteous and professional. Just an FYI that they are super SLOW!

1 year ago

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Wayne Young Little Rock, AR

CIT bank is a great savings account for us. We picked it because of the good interest rate on our savings account. We are able to easily access and transfer our money anytime also.

4 years ago

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AJBansen Spokane, WA

Apologies in advance for the length of this review and any stilted language. I want to share a cautionary tale without exploitable personal details. We've tried quite a few online banks and thought we'd found a good match with CIT, which was great until a family member passed away. As the executor / personal representative it took me THREE MONTHS to get the account fully claimed and closed. All other banks I worked with had much less onerous requirements and it took only days. CIT required an original death certificate via mail (pretty standard), copies of all beneficiaries' IDs, as well as snail-mailed NOTARIZED requests for what to do with the funds - the only one that required this. Speaking of beneficiaries, don't designate them unless you have good reason to. The bank couldn't tell me who they were but also didn't notify them, so if I had not had an Aha! moment and figured it out I'm not sure how long they would have kept money that wasn't theirs, continuing to profit from it and roadblock the heirs. If it had just gone to the estate the executor would have been the only one having to jump through their hoops. On top of all this, of the dozen or so customer service reps and supervisors I dealt with only one, Sonja, gave me the impression that she actually wanted to help me. The rest could only seem to read from their scripts, or in the supervisors' cases act like I was terribly inconveniencing them. So, questions I've learned to ask when shopping for an online bank. One, check into their requirements to claim an account if the owner should pass away. Two, what are the daily & cumulative transfer limits in and out of the account (this was one thing we liked about CIT.) Three, check into their communication avenues. CIT had both phone and email support but no chat option, and it took them about 5 days to respond to every email. Others only have phone, and personally I prefer email for both expediency and having a written trail. I hope this helps someone else avoid extra stress. Settling the estate of a loved one is hard enough without bureaucratic aggravations.

4 years ago

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Mike Pompano Beach, FL

I opened up a savings builder and transferred $100 over today. I navigated through the website and peeked around with the security . The website is nice on the eyes. ButI am always concerned with online bank security and 2FA has to be working Now I would love to transfer alot of money $100k over to this bank at a 1.75 rate. The problem is their 2fa security is lacking. It works initially but then it never invokes after that. They use cookies and such and normally clearing cookies browsing history etc will Force the 2FA. but even that does not work. Calling them is of no help . they just do not know what they're doing and their reps seem like they don't care. There is no way I can transfer the kind of money I want to transfer to a bank like this. I tried. It's on to MArcus I suppose

4 years ago

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Betsy H Hopewell, NJ

Getting through on customer service phone line a remarkable time suck. I just hung up after a 15 minute wait. This has happened 75% of the few times I have called. Push 1 to have CIT Bank call back instead of waiting? The technology not there: pushing 1 does nothing. The interest rates are good, though, so I think this must be in their model: don’t invest in the customer service side of things. I’d move on to another online bank, but rates are good and it’s a hassle to start over elsewhere. They know this.

5 years ago

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Amir Nadizadeh Decatur, GA

Their Customer service is trouble , it is hard to speck with person. They declined my Costco Visa card application. I have extent credit score.can’t get anybody to talk and ask why. Even at this point if they offer me one I will decline it. Bad company

10 months ago

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Ebony and John Contreras Scurry Silver Spring, MD

My money earned a decent rate, but they put my account on dormant and would not let me access it. I called customer service after trying on my own. On the phone for an hour without any progress. The game is that the law requires them to transfer your funds into an account of the State Controller if there's no activity. So they lock you out of your account so you can not have activity. Then your money is gone. No thank you. I'm going back to Emigrant Direct. CIT offers the high rate to lore you in. Don't fall for it. These folks are making bank with shady practices.

10 months ago

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Steve Brady McEwen, TN

CIT Bank froze access to my account and apparently closed it without any communication about the reason or a warning - not even an email. I spent more than three hours on the phone and no one can give me an answer. They will not allow me to talk to anyone on the team that makes these decisions or a manager. I have invested my life savings and all my money is tied up in this bank as it is my main checking. I was not given a chance to move some money off the platform before I found I was locked out. I got an email that my bill pay was cancelled and that payee was deleted is how I realized something was wrong. I thought someone had hacked my account at first. I will not be able to pay my bills now and there will likely be late fees. After talking to several agents, I did find out that they will send a letter and a check to me, but that is 9 days from now. Bills will go unpaid until then. I will also have to find another bank and open an account which can incur even more delays. They then went back and cancelled/returned payments made to all my bills that had already cleared payment. This is outrageous corporate behavior and not the way to treat a long time customer. CIT did not even give me the courtesy or talking to me and I still have no idea why my account is being closed. I have done nothing wrong and worked my entire life to build up good credit and raise myself out of poverty. I have never been treated with such disrespect in all my life. This is a massive customer service failure and should never happen. I was given so much wrong and misinformation, that it made the experience even harder. I hope this helps others not make the same mistake.

1 year ago Edited October 18, 2023

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Jerry Benningfield Ruskin, FL

Although CIT offers one of the highest rates on their savings accounts, the ability to transfer funds is difficult and requires an unreasonably long time to complete. Any funds transferred to a CIT account will automatically be placed in a "pending" status for as long as 5 days and be unavailable. When you call their customer service number you cannot speak with a banker who has the ability to log into your account and address any potential problems or questions. You will be speaking to an employee working from "home" who does not have access to your account and can only answer question's of a general nature. In order to log into your online account, YOU MUST HAVE YOUR CELL PHONE for verification. I have accounts at two other FDIC insured online banks who do not have such a ridiculous sign in procedure. I would not recommend this bank unless you want a high return rate and will never have a situation requiring access to your money within a few weeks!

1 year ago

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ptim Phillipsburg, NJ

was planning on moving 150,000.00 from Citizens bank to CIT for ~.5% higher interest rate. Well when trying to open my account there website could not open the account from the first option of allowing them to connect to my Citizens account because there site limited the number if characters the password would allow to lees than what my password was. so i opted for option 2 that was for them to make two deposits to my Citizens account and that went smoothly. When I attempted to log back into my CIT account it kept saying incorrect user name or password. If they are going to take up to 9 days to except my wire transfer I lose 9 days interest and that will take my 3 months just to break even. I think I will avoid Cit bank and keep my money in Citizens

1 year ago

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Kim Richmond, CA

The worst customer service that i have ever experienced!! I called 4 times, trying to set up a savings account. Twice, I was given the wrong information. On my 4th call, I was told that both accounts are closed! They never sent the microdeposits, and why i called the 4th time to see why the microdeposits were not showing in my account. that is when i found out the last rep closed, rather than kept open the savings. If this is that much of a fiasco in just getting a savings account set up, with reps not knowing what the heck they are doing, I don't trust my money there. Im sure they couldn't care less about holding my $100,000. Im going somewhere else, even if the interest rate is lower. Not worth the hassle and incompetence. Oh and one rep was even rude and impatient with my questions. Go somewhere else!

1 year ago

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Susan Cox Sparta, TN

Beware! Had CD about 3 years decided at maturity to go with another bank. After 10 days still don't have my money. I have sent secure messages as instructed received 1 email saying 3 to 5 days my money would be transferred to an external account after 10 days now still have not received anything. After 3 calls yesterday each call told me a different procedure. Now I am told they are mailing check should receive it in 7 to 10 days. It was easy to set up account and they had no issues depositing interest to an external account. Getting your money back is a problem. When I receive it could possibly be close to a month. Please beware!

1 year ago

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Bankshopper Austin, TX

Just opened my account with CIT, I was looking forward to getting the higher interest rate. I set up a transfer of $100.00 to this new account to see how long it would take, and how it went, really as test. Well I am glad I tested it, they debited $100.00 TWICE, tried to blame me for the mistake (what??) then finally agreed that it was a system error and they would return one of the duplicate transactions. This overdrew my originating bank account. God forbid I transferred the 40K I had planned on moving. Closing the bank account once everything settles. Cant trust them to do simple ACH transfers.

1 year ago

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Jia-Chey Chen Silver Spring, MD

I am a CIT customer for years. They used to be ok but not now. I want close my account, I called Their custom service. waited over an hour then a lady picked up the phone, she was impatient to tell me you need send secure message to close your account, It will take 2-3 business day. It's been 4 business days, I have send 2 secure messages and nobody respond my requests. They just ignore you and keep you waiting forever. very bad experience. silver spring, Maryland

1 year ago

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KJS - New York Shelter Island, NY

OMG they are horrible ! ! ! If I could give zero stars I would. First off gave wrong info on CD. Called to correct it...many times and nothing happens. It's like you've gone down this very deep hole and "poof" your on the other side of the earth and you're now starting from the other side and going down again. Spoke to: "Sam" - will handle it; "Johanna" Manager - Will correct it; "Gabby" will review it; "Lisie" - what is the problem; "Carol" Manager - We've been very busy. They apologize like crazy but nothing happens. Be nice, be nasty, be persistent doesn't matter. They have your money and you are the loser in this game. Bottom line, they **** BIG TIME! 🤮

2 years ago Edited November 4, 2022

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LETS GO BRANDON Roanoke, VA

TERRIBLE EXPERIENCE with CITBANK. THEIR CUSTOMER SERVICE IS COMPLETELY INCOMPETENT. They LOCK you OUT of your ACCOUNT. CITBANK has SERIOUS ISSUES. ITS NOT EASY doing transfers. Today I just CLOSED MY ACCOUNT with them. The wait time is no less then 90 Plus Minutes. They refuse to talk to you unless you can verify the OTP One Time Pass Code. The app doesn't work. Also you can not log in to your account unless the system sends you a OTP if it doesn't you wont be able to log in. If the system is having trouble which it usually does it won't send it to you via text or email, they wont talk to you. If it does come through email it's like 10 minutes later. I was told on Friday September 2nd they were having issues then on Tuesday same thing can not log in. I was told If I didn't like it oh well. Their customer service is seriously terrible. This company is located in Southern California. So based on that alone I would stay as FAR AWAY AS POSSIBLE FROM THIS COMPANY. There are other Great Online Savings Banks out there. Just before you decide to open up any Online Savings Accounts, PLEASE do you research on their Reviews First. You will saving alot of aggravation. Again STAY AWAY FROM CITBANK. In my Opinion there's nothing I can say good about CITBANK. Just check out their Reciews from other ex-customers.

2 years ago Edited September 7, 2022

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Joey Ralston Lomita, CA

I'm still salty from a year ago, so I will write a review here so that people will think twice in Southern California using this bank for a home loan. We were clients of OneWest, which was being bought out by CIT. Over a dozen things were crazy about this, but I'll pick a few. The appraisal was 18 days "in review," and during that time we went 8 days past the loan contingency release. The loan officer, we'll call him Ly C was on some sort of power trip and kept adding unnecessary conditions to the underwriter's file, even though he was not the underwriter. We were treated like trash and like children. CIT was unprofessional, disorganized, and added no less than 20 conditions, one of which asked us literally to write an essay as to why we were buying a home. We worked tirelessly to give them everything they wanted. We were threatened that they were going to close the file, because the Ly C hadn't checked his email. It was insanity from start to finish. Every time he added a condition, it would go back into the queue sending us back 5 days, while time was running out and the seller was getting nervous. CIT then told us we needed an extra "pad" of money, even though we had plenty, and to ask a family member to give it to us - and then we could just pay it back once it "looked good." ??? It was just one insane thing after another. At day 24 of a 45 day escrow, we jumped loan companies completely and ended our relationship with CIT. The difference at the 2nd mortgage company: From the first documents we sent to closing was 21 days - including the very thorough appraisal back in one (1) business day (vs. 18 days "in review at CIT). The 2nd mortgage co., gave us VIP treatment, quick efficient service that I cannot say enough about. They asked for 2 additional conditions (not over 20) - from the Underwriter only - which we provided immediately and were approved on day 20 and officially on day 21. We moved into our new home on day 45, no thanks to CIT. I spoke to the branch manager directly and he did give us back our appraisal fee, which was nice. But he was very surprised that we got a loan. Why would one company be so easy to deal with and another actively work against us? In reading some of the reviews from across the country, it is odd how the bank almost works like a front - stringing customers along. It was the strangest experience. After sleepless nights, the only reason we didn't give up was because we wanted to make sure we weren't crazy. We weren't. If you're going to buy a home in Southern California, don't use CIT - their Pasadena branch is terrible. I left a great review of the other bank last year.

2 years ago

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Joy Barbour Henrico, VA

If I could give 0 stars, I would! This is the most horrible banking experience I have ever had. I have been trying to access my online savings accounts since April (yes, 4 months ago!) and I still can't access it. I have tried to get password assistance online and I never receive the promised email, but if I ask for my username, it is sent straight to my email. I makes no sense. I feel like my money is being held hostage. When I call the customer service number, the recording says there is a 1 1/2 - 2 hour wait - WHAT!?!?!? This place absolutely sucks and as soon as I am eventually able to access my account, I plan to pull ALL of my money out immediately! What a nightmare!! Do not UNDER ANY CIRCUMSTANCES put your money into a CIT Bank savings account.

2 years ago

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Ray Lowe Menifee, CA

Ever since CIT merged with Citizens Bank, it lost what brought me here, Higher interest rates. Since the merge, the interest rates are 1/2 of what other banks are offering on an interest only savings account. They will offer higher rates if you connect or provide direct deposit. This tells me that they have the means to offer their long-standing customers higher rates but choose not to. Also, compared to other banks they don't just raise the rate as it fluctuates like other banks and notify you of the good news! No, I had to track and open new savings accounts with higher interest rates with them to get the higher rate. Come on, you can do better than that, I'm already an invested customer. Ever since the merg with Citizens Bank, it appears they are just using us to make more money for themselves instead of passing along that R.O.I to us. I gave them one star but they used to lead the way! Now they are just followers of the rich get richer group that takes advantage of hard working Americans. CIT was a Good bank for honest working Americans. But now there are better banks with higher rates and better customer service from the executive level. This review is based on 10 years with CIT Bank and my personal experience. Respectfully, United States Navy "Chief" (Retired)

2 years ago

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Leon Los Angeles, CA

Was OK last year, but this year, I've had a great deal of trouble getting into my account. I understand that Cit was recently bought by First Citizens Bank, which may account for current disorganization. Spent over an hour trying to get into my online account over a week ago. Thought the problems had been resolved, but again today, the problems were even worse. Customer service recording said "78 minute wait" to talk with a rep, with no "call back" option. Called the new parent company, which was also no help. Very frustrating. Your survey asks if I'm a "paying customer" of Cit Bank?? I have a savings account at Cit Bank, which I can't seem to access; currently I'm paying with intense frustration!!

2 years ago

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Charlie SeMen Visalia, CA

I had Citi® / AAdvantage® Platinum Select®. There were fraudulent charges which were resolved along with all the late fees on the fraudulent charges. The Citi representative told me in May 2021 that I needed to pay the annual fee of $99. I did immediately and my balance was zero. A couple of month later Citi tells me my account is past due; that I have two late fees on the annual account fee of $99. How is this possible when the Citi representative told me I only needed to pay the $99 and indeed the account balance was zero after that? Then the customer service representative today closes my account per my request even though there is still balance in it. I'd never heard any other bank do this. If I hadn't ask him what was going to happen with balance in my account, he wouldn't have offered my to pay it and send a report to a credit bureau. This is messed up. Your representatives should be more clear and thorough. Customers aren't usually following you banking logic. Don't assume they already know something just because you know it. I will never go back to Citi!

3 years ago

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J L Rockville, MD

attempted to refiance with CIT Bank and although the loan officer (David S) was responsive, he failed to notify me of the two appraisal process. the first appraisal is a standard in person appraisal and then CIT's appraisal dept runs their own virtual appraisal. The virtual appraisal came in more than $40k less than the in person appraisal. despite attempting to appeal it with identical homes that sold less than a month ago, CIT decided to stick with their inaccurate appraisal with no justification. this ultimately killed the refinance process as they now said I did not have enough liquidity in the home. would NOT recommend!

3 years ago

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Mark Stansell Boynton Beach, FL

So CIT Bank's savings accounts do have a higher rate than most banks. HOWEVER there is a catch and here it is. When you deposit money into the account, it isn't "available" for 5 to 7 BUSINESS days per their policy. So what does that mean? They have your money, they invest it to make money off of it, and you can't touch it for that time period. We all know that banks use our money to make loans and investments at a much higher rate (often 200-1000% higher) and they thank us by giving us 0.01% to 0.5% interest. I'm ok with that because I know when I make the deposit that is what is happening, but with every other bank on the planet, when I make a deposit, ESPECIALLY an Automated Clearing House transaction, I have access (can withdraw) that money the next day and often times a few minutes later. CIT Bank takes the "hold" idea to a new level in an unapologetic manner. I am closing my account.

3 years ago

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Shawn Savage Grapevine, TX

took debt consolidation loan turn out to be fraud. citibank locked my account and would not return my money. told to open new account by their ceo i did and they locked it down and refused to refund my money. even when i told them i have corvid 19 and i was given a month to live and thats when it got worse they wouldn't even talk to me any more. they are unprofessional, un trust worthy, lie to you over the most stupid stuff they are just a bad bank, . if they had a negative rating they would get a negative 20. needless to say i got that fraud check turned it over to Florida police and it was from cash advance . i not sure what to do yet. but i cant go see lawyers about to lose my care and my electricity get turned off tonight. 12/01/20. even the ceo lied to the BBB so if the ceo does what more can you expect from their employees. I half tempted to take this virus up to one of the branches and walk in and see what kind of service i get then. but hell they wouldn't even care i bet. they will tell you they are in Singapore. They just suck stay away or you will have the same or worst problems than me. they are gonna hate it if i die because i could get my money to get my medicine.

3 years ago

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Kim Lam Irving, TX

I've have money account with CIT bank. And been request to close the account and draft my money out. I have set up the External Account transfer to transfer the money back to my account. But it's took them a month. email back and forth but it's has not been process. And now my month is stuck with them. I am not sure what is going on. When i have run couples test and see the testing transaction in/out from my bank account. But not a full amount of the request of closing account. and they're reply to my message that my External Transfer has not been setup. please think twice if you really want to invest your cash with CIT BANK.

4 years ago

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EmundS Olympia, WA

I use Quicken to monitor my financial matters. Especally for checking for fraudlent transactions. I had 12 of them just last week. One sign in with Quicken and I could view everything in one step, make the call and stop the transaction. Control does not come from how hard it is, but how easy it is for the customer to monitor for fraud. CIT interferes with the Quicken one step process. They are aware of this and refuse to change. The banks and the financial software vendors must work as a team for security, and not in opposition as CIT does. Simply arrogant.

4 years ago

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Myron O. Everson Parrish, FL

I opened 5 CD's with over 250K 3 years ago. I have had nothing but trouble with them. Trouble opening and especially getting my money back. Contacted them In June to tell them how I wanted the money forwarded to me at maturity in Sep. Was told I would have to call back again within 30 days to confirm that I still wanted the CD Cashed. Called 10 days prior to maturity and after much difficulty in attempting as to how to obtain my 52+K I finally told them to mail the check. Now 3 days after maturity I called to ensure that the check was mailed. I was told the CD closed and THAT I WOULD HAVE TO WAIT ANYWHERE FROM 7 TO 10 BUSINESS DAYS FOR THE CHECK TO PROCESS. DON'T DEAL WITH THIS BANK THEY ARE NOTHING BUT TROUBLE.

6 years ago

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Kevin Powers Levittown, NY

Worst experience EVER with an on-line bank. Their website inconveniences the customers. Lots of of computer glitches when attempting to set up an account. While attempting to set up an account for a 1 year CD for $25000, there was many glitches along the way making it look like the account was never set up and that the linked account where funds were going to come from were never set up. Some of the pages would not reload causing end user to "try again" only leading to more confusion. Upon calling there customer service they stated that 2 CD accounts were in fact started and that money would be withdrawn from my destination account to fund both accounts to the tune of $50,000 dollars. I made it know to the agent I was attempting to set up only 1 CD account. As we were speaking I was trying to explain to her that I was on web site at that very moment and even then the site was telling me there was no funding account set up for any account. When she told me there was nothing she could do I immediately called my bank to block CIT from withdrawing ANY funds from my account and rest assured I will never be doing business with them again

6 years ago

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David Kohl

Horrible experience with their service. Terrible, disorganized website. Tried to open an online savings account for $100,000, instead they opened two (2) savings accounts for $100,000 each -- without my knowledge, of course. More than that, they attempted to ACH $200,000 from my funding external bank account, instead of $100,000. The customer service is totally incompetent, they are not able to comprehend basic things. The customer service manager is unprofessional. All in all, there were not able correct the situation (I simply asked them to delete the second account I never requested to open in the first place, but they could not do that) and they seemingly got prepared to rip off my external bank account by withdrawing $200,000. I had to urgently drive to my non-CiT bank involved in this to put stop payment on any attempt by CiT bank to withdraw funds. This bank is a joke, a sad joke.

7 years ago

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Thomas Karp Naples, FL

Run, do not walk, from these thieves. Account lockouts. misleading information, almost impossible to transfer funds Trustee to Trustee with IRA account. You call three times, you get three different excuses, when you actually get a call back. They hope you get frustrated and stop trying to move your money to another bank. I was a victim of that scam for over two years. CIT bank should be investigated and held accountable for how they are conducting business on line.

1 year ago

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Ben Bradbury Modesto, CA

The signup user experience is horrible. The application asks for an amount to open your account with. Then, once you open the account, there is NO record of the amount that you have scheduled to transfer. This led me to schedule another transfer in the same amount, causing me to over-draw the account that I was moving money from. Additionally, you cannot use your money for 7 DAYS after the transfer has posted.

1 year ago

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Scott Tease Hilton Head Island, SC

What a disappointment this companies IT is. For a company that is set up for being online the experience using the App and the website totally sucks. Half the time transactions fail, the finger print ID sign in has never worked. The most recent problem happened during a transfer request - the site said the transaction failed so I redid it only to find two duplicate transactions happened. Truly unacceptable I would not recommend this bank.

1 year ago Edited July 7, 2023

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Tried to setup a Platinum account and entering my name it flashed a red "enter a valid name". Same thing after entering email. Called and waited 10 minutes for Samantha to tell me to wait a few minutes and try again. Same thing. Called and waited an additional 12 minutes and asked for CitBank email address, instead of wasting time on the phone. They have no email. So extended wait time on phone, no email, website unusable......and dozens of complaints....... I'll forgo the exceptional interest rate and go to an exceptional bank NOT CITBANK.

1 year ago

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George Bowling Columbiana, AL

Horrible communication. I made an initial deposit of 1200$ with a plan to deposit over 200K. After 45 minutes on hold, I was told my deposit was not available for 11-12 days after they took it from my bank via ACH. That’s calendar days. Five plus days business. I will close this account ASAP and look elsewhere to deposit large amounts. Beware!!!!

1 year ago

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Michelle R Charlotte, NC

I’ve only been able to get into my account 1 time. I’m completely locked out and the unlock account feature is complete garbage. You just get sent into a loop. It says the username that they even sent you in an email is incorrect. When you change your password it says your username is incorrect when it isn’t. Don’t get this account and save yourself a huge headache.

1 year ago

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Norbert Schoenebeck Raleigh, NC

Worst account opening experience ever. Applied for a saving account online, entered all my info. Next day I got a denial email. No information provided, no info how to find out. Very sketchy ... I called their call center to find out more. No info provided.. asked me to send paper letter to an address in California to request the info. I do have a perfect credit all my life... Very frustrating... possible a HOAX to collect user info and SSN's .. stay away from this place.

1 year ago

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PaulB Downers Grove, IL

I liked the advertised CD Rate. However, the user experience in opening an account is brutal. The website keeps kicking users back to start. Logging back in to 'resume' produces similar results at varying stages. I had high hopes that I was 'almost' complete and ready to invest - only to be kicked back to the start. Upon calling the "help" line during normal business hours received automated message that estimated hold time would be 34 minutes. There are better options for your time and money, do not waste it with CIT Bank.

1 year ago