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Where does CIT Bank do business?
CIT Bank is a a bank based in Salt Lake City, UT. Founded in 2000, CIT Bank Checking Account is available in 50 states (and Washington, DC).
What interest rate does this checking account offer?
CIT Bank Checking Account offers an annual percentage yield of 1.55%. This is lower than the typical APY for online-only checking accounts, which is around 1% APY.Qualified accountholders can get an APY of up to 2%.
What features does CIT Bank Checking Account offer?
Looking at the APY is a useful way of comparing checking accounts. However, the features and perks included in a checking account are just as important to accountholders. Here are the main features offered by this account.
- ATM Reimbursement: ATM fees can add up quickly, particularly for customers who use ATMs regularly. reimburses these costs.
- Automatic Savings: This account makes it easy to automatically contribute to a linked savings account, which is an effective way of building an emergency fund.
- Financial Strength Rating of A/A+: The best rates and features in the world are worthless if they are not backed by a strong and stable financial institution. SuperMoney's financial strength rating is a composite of the leading risk rating scores available for this company.
- Certificates of Deposit: CIT Bank Checking Account offers access to certificates of deposit, which can provide a higher rate of return on savings than a regular checking account.
- Check Images with Statement: Receiving check images with your statement is easier and faster than requesting a paper copy. It can take up to 10 business days to receive a paper copy with most banks.
- Debit Card: Debit cards come with many of the benefits of credit cards without the interest rates. Many frugal consumers prefer debit cards because they have few or no fees, as long as you don't spend more than you have in their account. Some accounts charge extra for a debit card, but it is free with CIT Bank Checking Account
- FDIC Member: This means your account is insured by the FDIC for up to $250,000.
- Fraud Monitoring: Avoid the fallout of identity theft and other forms of fraud with a checking account that uses security measuers to monitor your transactions and protect you from hackers.
- Get Paid Early: If you receive your salary via direct deposit to your account, you can access your money early, usually two to three days before your payday.
- Interest Bearing Account: It's sad to say but not all checking accounts pay interest on the money deposited in them. Relax. This account does.
- IRAs: This account offers direct access to IRAs to make it easier to save for your retirement.
- Mobile Banking: Ok. This feature should be a given by now. But let's not take for granted the beauty of paying bills, sending money to another person, transferring credit card balances, or even conducting investment transactions from your phone.
- Mobile Check Deposit: Save time and money by never going to a bank to deposit a check again.
- Nationwide ATM Network: What is the use of a great checking account if you can't access your cash. Choose an account with a large network of ATM locations.
- NCUA Member: The National Credit Union Association insures member deposits up to $250,000 per account.
- No Monthly Maintenance Fee: This account does not charge users a monthly maintenance fee. That is a real perk as maintenance fees of $15 (or more) are not uncommon.
- Savings Account: Having a savings account linked to your checking account can make it easier to start saving, especially if you can set up automatic transfers.
- Soft Credit Pull: This bank does not perform a hard pull on your credit, which could ding your score, when you open an account.
- Zero Liability Policy: This means you will not be held responsible for unauthorized charges made with your account or account information.
Is there a signup bonus for new customers?
Yes, CIT Bank offers a signup bonus to new customers of $100 to accountholders that deposit a minimum of $1000 into the account.
What fees does CIT Bank Checking Account charge?
Fees are another important consideration when choosing a checking account. These are the fees you should keep in mind when applying for this account:
Bank Teller Fee: Interacting with a human being comes at a premium nowadays. In this case, $10.
Bank Transfer: (International): Sending money to an account in another country will cost you around $10. It is usually cheaper and faster to use a company that specializes in international money transfers.
Bank Transfer: (National): National wire transfers come with a $10 fee.
Check Cashing Fee: $10
Check Copy: $10
Check Image Service: $10
Early Account Closure: If you close your account before the minimum period you will have to pay a $10 fee to cover the opening costs incurred by the bank.
Foreign Transaction Fee (Debit Card): Use your debit card in a foreign country and you will need to pay a $10 fee per transaction.
In-Network ATM Fee: Even using an in-network comes with a $10 fee.
Out-of-Network ATM Fee: Using an ATM that is not part of your bank or credit union's network will cost you $10 per transaction.
International ATM Surcharge: CIT Bank charges a $10 fee every time you use an ATM outside of the United States.
Lost Debit Card Fee: Requesting a new debit card will cost you $10.
Minimum Balance Fee: If you don't meet the minimum balance requirement, prepare to pay a monthly fee of $10.
Monthly Fee: This account comes with a monthly maintenance fee of $10.
NSF Fee: If you bounce a check you will be hit with a $10 charge.
Online Bill Pay: Paying for bills online is convenient but not always free. In this case every payment comes with a $10 charge.
Overdraft Item Fee: If you don't have enough money to cover a transaction, CIT Bank may pay for it anyway but you will be charged with $10 per transaction.
Overdraft Protection Fee (per transfer): This checking account can be linked to a secondary account, such as a savings or money market account, which CIT Bank uses when you don't have sufficient funds to cover a transaction. The catch is there a $10 fee per transaction.
Paper Statement Fee: Receiving a paper statement from your bank will cost you $10. You can usually avoid this fee opting out of paper statements.
Returned Deposit Fee: If you deposit a check and it is returned because there are insufficient funds in the account, you will be charged a $10 fee.
Stop Payment Fee: If you ask CIT Bank to cancel a check or a recurring payment, it will cost you $10.
What do you need to qualify for a CIT Bank Checking Account?
Only U.S. citizens and permanent residents can apply for a CIT Bank Checking Account.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Government Issued Photo ID
- Proof of residence
- Proof of identity
- Recent pay stubs
- Proof of income
Which credit bureaus does CIT Bank report to?
CIT Bankreports credit data to the following credit reporting agencies:
Some banks and credit unions do not report to credit bureaus because of the cost and complications involved. All things being equal, it is a good idea to choose a checking account that reports your transactions to credit bureaus.
Other Services by CIT Bank
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- U.S. Citizen
- U.S. Permanent Resident
- Business Formation Documents
- Government Issued Photo ID
- Loan Payoff Statements
- Proof of Graduation
- Proof of Identity
- Proof of Income
- Proof of Insurance
- Proof of Residence
- Recent Pay Stubs
- U.S. Tax Identification Number
- Driver License (or other photo ID)
- Clarity Services
- ATM Reimbursement
- Automatic Savings
- Bauer Financial A+/A Rating
- Branch Access
- Check Images with Statement
- Debit Card
- Debit Card Lock/Unlock
- FDIC Member
- Fraud Monitoring
- Free Bill Pay
- Free Debit Card
- Get Paid Early
- Interest Bearing Account
- Mobile Banking
- Mobile Check Deposit
- Nationwide ATM Network
- NCUA Member
- No ATM Fees
- No Monthly Maintenance Fee
- Soft Credit Pull
- Zero Liability Policy