Is it a good idea to Bank with CIT Bank? To answer that question, yes it is a good idea to bank with them for several reasons. One of those reasons is that they are FDIC insured. In other words, your account will be protected by FDIC and you can deposit no more than $250k. They are an online bank that has plenty of experience in business. Located in Pasadena, South California, and they have more than $30 million in assets as well.
Normally, people don’t trust online banks unless they’re FDIC insured and has the security measures in place to protect their accounts. CIT Bank will provide you with the advanced technology, safety measures, and benefits you’ll be pleased with. They offer lots of different products such as: eChecking, Savings, Money Market, Term and Jumbo CD accounts, and Home Loans.
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CIT Bank Safety Measures
You can always trust a bank that is FDIC insured. Like normal brick-and-mortar banks, online banks normally follow the same rules and regulations as they do. As mentioned above, FDIC Insurance will make sure that your deposit account can hold no more than $250,000. While online banking doesn’t always seem trustworthy, CIT Bank will insure that your protection is guaranteed from any threats.
Some security measures in place to keep your information safe is:
- Firewalls to block unauthorized access to your personal information
- Advanced encryptions to protect your browser connections
- Account monitoring on transactions and activities to detect fraud attempts.
- Logging out after being idle for a certain amount of time
- Safe messaging portals with encrypted communications.
Plus, you’ll be able to protect your account when you’re aware of how hacking attempts happen and how to avoid anything suspicious. Hackers will send legitimate looking emails, links, apps, etc that will tempt you to click their links. Before clicking anything, try to look into the source a little more to verify if it’s real or not.
Advantages & Disadvantages of Banking with CIT
Some perks that CIT Bank has to offer is that they have higher interest rates than your traditional bank does. Normally, online banks will have a higher interest rate since they are FDIC insured. Their accounts also have no monthly fees included no matter which account you pick to sign up with. When you open these accounts, they will have lower opening deposit requirements when you compare it to a physical bank.
CIT Bank also has minimalist banking charges, they will charge way less on services that normal banks will add high fees on. Plus, there is also a perk where you can get no more than $15 monthly for ATM fee reimbursements. You’ll be able to go to an ATM and get reimbursed with no additional fees. And, there are remote check deposits provided as well.
However, there are just as many disadvantages as there are advantages to banking with CIT Bank. Such cons will be: no physical bank location and no IRAs. You won’t be able to deposit cash if there isn’t a physical location to go to. Not to mention, their CD account rates aren’t as high when you compare it with other online banks. You also won’t be able to get check writing from your checking account either. Lastly, if you have any problems, calling customer service can lead to you waiting on hold for a long time.
Different CIT Bank Accounts
CIT Bank has lots of different accounts to offer their clientele. When you apply for an eChecking account, it’s an online account that has tiered interest. It will come with no monthly service charges or minimum balance requirements. Plus, you’ll only need $100 to open an account. Since CIT doesn’t have their own ATMs they don’t charge extra for ATM services. However, this account will not allow you to use paper check writing. A Savings Builder Account will have one of the highest APY savings rates in the industry. There are some conditions that come with this savings account. You can save money and get rewarded with a high rate. It comes with a 1.75% APY when you open the account with at least $100 every month.
They also have a Money Market Account as well. Their money market account has high rates with no minimum balance required. They are different from a savings account. Money market accounts are great for people that have problems with saving a specific amount of money every month. This way, you can receive the APY Rate not depending on what your balance looks like. You’ll just need to open an account with at least $100. A Certificate of Deposits (CD) account has several different categories to pick from. They are separated by terms and Jumbo CDs. Depending on which term you pick will make your APY rate vary.
Conclusion
Many people trust CIT Bank with their money and finances. There are plenty of good reasons why you should bank with CIT Bank. However, like any other bank, there are some cons as to opening an account with them as well. What makes this bank more trustworthy is that it’s FDIC insured. I would not trust an online bank as much if it wasn’t insured by them. This bank has also gained their clients trust by working with them to provide the financial services that they require. Furthermore, if you still don’t view this bank as “trustworthy” there are tons of other online banks you could try out.
