I have eight CDs with this bank. Today I told a customer rep to send me the checks when they matured. Why? When I attempted to open a new CD yesterday I got near the end and bang, I was logged off. Today I tried again. When I was near the end of completing the forms, I was asked to place a value on three kinds of CDs, only one of which I wanted. I placed my value in that CD and zeros in the other blanks. The form would not accept a zero as a value. I went to the other side of my office to get my cell to call a rep to find out how to address this hurtle and bang, I was logged off. I called CIT, the rep saw the information that I had inserted, but after answering security questions, he said I had to send him a copy of my driver's license, my social security card, and a statement showing my home address (like a utility bill). I told him I had scanned my passport (I do a lot of international travel.) He said that that could be taken in lieu of a driver's license but I still had to scan and send a copy of my utility bill. I responded by saying my address was on my passport (and on the CDs that I already had at the bank). No go. I then asked him to make a notation that when my current CDs matured to mail checks to the address they have on record. This bank is beyond belief.
We just opened an account for 55k, and CIT called us claiming that my other bank blocked the money transfer to CIT. It turned out the transaction did go through and cit duplicated the transaction overdrawing my account by 110k. Then they gave me the runaround to talk to my other bank to block the duplicated transactions when cit in fact already had the funds. Then i spoke to 3 representatives just to get them to send back the money they overdrew.
I even got a supervisor to promise me that everything will be taken care of in days. It's been over a week when they still haven't done it. I had to call them again, for the 6th time in a week, to make sure that they get this right, and good that i did because cit then tells us they were about to send both transactions back and leave me with a balance of zero at cit.
How incompetent are these people that they can fck up a simple transaction to open an account 5 different ways? I had the pleasure of working indirectly for ceo john thain in the past and think highly of him. He's a very sharp guy, but apparently intelligence stops at the top levels and employees on the frontline can not even open an account properly. If this is a representation of the rest of the bank, then id be really worried about keeping money there and probably need 2% more interest on cit saving accounts to deal with the incompetence and risk.
I opened a savings account about a week ago, so far everything has gone flawless and fast. I was also able to set up ach online (after my funds cleared, which took 2 days). You can now make transfer online, you do need to call if the transaction amount is over 5k. The customer service has also been very friendly and knowledgeable. I'm the last person to write a review about something, but with the low savings rate available these days. I wanted to give cit bank some thanks. I will be recommending this bank to others, lets hope that their rates stay competitive.