Why CIT Bank is Trustworthy

Based in Southern California, CIT Bank is an online bank from the CIT Group Inc., a financial holding company with over 100 years in the industry. Because they operate solely online, they save money on operating costs and offers customers higher interest rates and lower fees.

CIT Bank only offers saving products. So these products will range from savings accounts, money market, and CDs. They do not offer checking accounts and have no access to an ATM network. Can it be trusted to keep your money safe? Read on for everything you need to know.

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 Bank offers:

• eChecking account
• 2 savings account options
• Money market account
• Term, No Penalty, and Jumbo CD options
• Home loans

Because it’s purely an online bank, it offers higher interest rates and no monthly fees. However, the downside is that it has no physical locations.

Is CIT Bank Federally Insured?

So can online banks like CIT be trusted?

As long as the bank is a member of the FDIC, it can be trusted just like a traditional brick-and-mortar bank. Online banks follow the same rules and legal regulations as traditional banks.

CIT bank is FDIC insured, so you can be sure that your money is safe. FDIC insures your deposits up to $250,000. In short, this means that if CIT Bank defaults, the federal government will pay back what you had, up to $250,000.

CIT Bank Routing Number

CIT Bank routing number is 124084834.

Other banks with branches in multiple states have more than one routing number. However, CIT Bank in an online banking provider and all customers use the same number.

 Using CIT Bank Routing Number

You will need your routing number for many tasks, including:

• ACH Payments
• Setting up direct deposit
• Receiving government benefits, including tax refunds
• Transferring money between banks or investment firms
• Automatic bill payment
• Domestic wire transfers

Routing Numbers for Domestic Wire Transfers

Through the Online Banking platform of your CIT Bank account, you can wire money to other bank accounts in the United States. Additionally, you can also receive wire transfers.

To send or receive domestic wire transfers, provide the sender with:

• Recipient’s name as it appears on the account.
• Location of the recipient’s bank (City and State)
• Account Number
• Bank Routing Number (CIT Bank: 124084834)

CIT Bank does not charge for incoming wire transfers. However, there is a $10 charge per outgoing wire that can be waived if you average a daily balance greater than $25,000.

CIT Bank Security Measures

It may seem unsafe to purely do your banking online. CIT Bank uses these security measures to keep your data safe:

• 128-bit SSL encryption to create a secure browser connection when you sign in or fill out an application, which keeps your information from being intercepted
• Firewalls to help block unauthorized access into your information
• Anti-virus protection to keep CIT’s computer systems virus-free
• Transaction and activity monitoring for potential fraud
• Automatic log out after a period of inactivity
• Secure messaging portal where all communication is encrypted

CIT Bank Options

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.

Pros and Cons of Banking With CIT Bank

Pros

• High interest rates, particularly for the Savings Builder account
• No monthly service fees on any of CIT’s accounts
• Low opening deposits ($100 for savings accounts and $1,000 for CDs)
• Minimal banking fees

Cons

• No checking accounts
• No physical locations
• No ATM card or ATM network
• CD rates not the highest
• May experience long wait times on the phone

Current CIT Promotions

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).
  • While CIT does not have any of its own ATMs, it does not charge any ATM fees. It will also reimburse up to $15 in ATM fees charged by other banks per month.
  • Note that this checking account does not allow paper check writing.
• 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.
• 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.
• 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, which allows early withdrawal of funds at no penalty (also $1,000 to open). Lastly, it offers Jumbo CDs for those with over $100,000 to deposit.

For a full list of CIT Bank promotions, be sure to check out our full compiled master list of CIT Bank Promotions.

Conclusion