MyBankTracker rated CIT Bank based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.
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.
After trying to get info on transferring money in to open a CD, I learned that I'd first have to apply online before getting access to transfer forms. The online process required detailed information and when I called because I needed help with the app, I got the least customer-oriented CSR I've ever dealt with. She was annoyed when I asked her to walk me through what I was having difficulty with and said "this is an online bank." I used up a lot of printer ink before deciding I want nothing to do with this bank.
I set up an account online specifying another bank to fund it via ach transfer. After a couple of days the test deposits arrived and i inserted them into the cit "application". After another few days i got an email stating my account was approved and open. I went to the website and found no way to transfer funds either way to any external account. I called customer service and was told that external transfers had to be requested and the original funding source would have to be requested again and requalified. I subsequently got a phone call from the fraud unit to check on my request for external transfers and had to answer a set of questions before it would be enabled. The rep said that all of this could easily be done over the phone instead. The bank just does not see itself as an online bank. It also limits online transfers to $5k a day and since there is a limit of 6 transfers only a max of $30k a month can be transferred. However transfers of any amount can be made over the phone. If you want an online bank don't choose cit, if you want to transact over the phone during limited hours.