Is CIT Bank a Scam?

CIT Bank

Are you considering using CIT Bank for your banking needs but wondering if it’s a legitimate bank, or even worse, a scam? With a myriad of financial institutions available in today’s market, it is crucial to do your due diligence to ensure you are choosing a reliable banking platform. You don’t want to compromise your hard-earned money with an untrustworthy institution.

In this article, we will dive deep into the details of CIT Bank to determine if it’s a legitimate banking platform and if it’s worth your trust. So, let’s get started and find out if CIT Bank is the real deal!

Company Background

CIT Bank is a subsidiary of CIT Group, which was founded in 1908 by Henry Ittleson in St. Louis, Missouri. The company began as a provider of financing for businesses and has since expanded its offerings to include a variety of banking products and services, such as personal banking, mortgages, commercial financing, and wealth management.

The bank is headquartered in Pasadena, California, with additional offices throughout the United States. CIT Bank operates primarily online, which allows them to offer competitive interest rates and reduced fees compared to traditional brick-and-mortar banks.

CIT Bank is a legitimate banking institution that is regulated by the Office of the Comptroller of the Currency (OCC) and is a member of the Federal Deposit Insurance Corporation (FDIC). These regulatory organizations ensure that CIT Bank meets the required standards for consumer protection and transparency.
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Banking Products and Services

CIT Bank offers a variety of banking products and services, designed to cater to different financial needs and preferences. Here is a more detailed summary of their main offerings:

  • Savings Accounts: CIT Bank offers high-yield savings accounts with competitive interest rates, no monthly fees, and low minimum deposit requirements. This product can benefit those who want to save money while earning interest, without the constraints of traditional savings accounts.
  • Money Market Accounts: CIT Bank’s Money Market Account provides a higher interest rate than traditional savings accounts and allows limited check-writing privileges. This feature can benefit those who want more flexibility in their savings while still earning competitive interest rates.
  • Certificates of Deposit (CDs): CIT Bank offers a range of CDs with varying terms and interest rates. These fixed-rate, fixed-term investments can benefit those who want a predictable return on their investment and are willing to leave their money untouched for a predetermined period.
  • Checking Accounts: CIT Bank recently introduced eChecking, an online checking account that provides a competitive interest rate, no monthly fees, and mobile wallet compatibility. This product can benefit those who want a user-friendly, online checking account without the fees and maintenance requirements of traditional checking accounts.
  • Home Loans: CIT Bank offers a variety of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, and interest-only mortgages. This feature can benefit those who want a reliable and competitive mortgage option.
  • Business and Commercial Financing: As part of its broader offerings, CIT Bank provides loans and financing solutions for businesses, such as commercial real estate loans, equipment financing, and asset-based lending.

Pros of Banking with CIT Bank

  • Competitive Interest Rates: Because CIT Bank operates primarily online, it can offer higher interest rates on its savings, money market, and CD products than traditional banks.
  • Low Fees: CIT Bank has minimal fees associated with its banking products, such as no monthly maintenance fees for savings and checking accounts.
  • Online Account Access: Customers can access their CIT Bank accounts online and through the mobile app, enabling users to manage their accounts and make transactions from anywhere, at any time.
  • FDIC Insured: As a member of the FDIC, CIT Bank’s customers’ funds are insured up to $250,000 per depositor, providing an added layer of security.

Cons of Banking with CIT Bank

  • Limited Branch Access: Because CIT Bank operates primarily online, it has limited physical branch locations, which may be a drawback for those who prefer in-person banking services.
  • No ATM Access for Savings Accounts: CIT Bank does not offer ATM cards for its savings accounts, limiting customers to electronic transfers and withdrawals.
  • Limited Product Offerings: While CIT Bank offers a variety of banking products, it does not provide certain services such as credit cards, auto loans, or personal loans.

Negative Customer Review and Rebuttal

“Let me say if your goal is to send out reminders they need to be more timely and in our case received the same way we receive our invoices which, in our case is email. Also the email needs to have a direct reply to a person or a department that understands your account. A phone contact to that same person should be included in case a conversation needs to happen. I would suggest said person should be pleasant and not arrogant.”

While this negative customer review highlights potential issues with communication and reminders from CIT Bank, it is essential to note that no banking institution is perfect, and occasional lapses in communication might occur. Click here to take a look at the positive reviews and ratings about CIT Bank.

Furthermore, CIT Bank offers several ways for customers to receive support, including phone and email, through their website’s “Contact Us” section, which allows customers to connect with experienced customer service representatives.

Security and Privacy

CIT Bank is a secure banking platform that takes its user’s security and privacy very seriously. The bank employs industry-standard security measures to protect user data and financial information:

  • Encryption: CIT Bank uses bank-level encryption to safeguard user data. All data transmitted between your device and CIT’s servers is encrypted using the HTTPS protocol, the same level of encryption used by banks and other financial institutions.
  • Secure Login: CIT Bank offers a secure login process, and they encourage customers to use strong and unique passwords to protect their accounts further.
  • FDIC Insurance: As stated earlier, CIT Bank is a member of the FDIC, ensuring that user accounts are insured up to $250,000 in the event of the bank’s insolvency.
  • Privacy Policy: CIT Bank has a transparent privacy policy that outlines how it collects, uses, and shares user data. The bank does not sell user data to third parties or share information with advertisers.

Final Verdict – Is CIT Bank a Scam?

After evaluating CIT Bank’s background, banking products and services, pros and cons, and security measures, we can confidently conclude that CIT Bank is not a scam but a legitimate and reliable banking institution.

While CIT Bank may not be the right fit for everyone, particularly those who prefer physical branch access or require specific lending products, it can be an excellent choice for those seeking competitive interest rates, low fees, and a user-friendly online banking experience.

Click here to get started with CIT Bank. And if you’re still unsure if CIT Bank is a scam, you might want to check out Betterment.

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