CIT Bank was one of the early online banks with several financial services and products. Here is a detailed review on CIT Bank.
### History and Background
– **Founding**: CIT Bank was founded in 2008 as a banking arm of **CIT Group Inc.** This was a bank holding company that was established in 1908.
– **Headquarters**: Its headquarters are in **Pasadena, California.
– Ownership: CIT Group Inc. is a publicly traded company listed on the New York Stock Exchange under the symbol “CIT.” In 2021, CIT Group merged with **First Citizens BancShares** into First Citizens Bank & Trust Company, while CIT Bank remained under the First Citizens brand.
### Services and Offerings
CIT Bank offers a variety of banking products and services that are primarily delivered online:
#### Personal Banking
Savings Accounts:
– Savings Connect: A high-yield savings account intended to be highly competitive with other interest rates and not to have any monthly fees.
– Money Market Accounts: Generally carry higher interest rates, with certain requirements for minimum balance.
Certificates of Deposit (CDs)
– CD Accounts: Fixed rate for specified terms, enabling customers to lock in rates that range from several months to upwards of years.
– **No-Penalty CDs:** Allows withdrawals before the maturity date with no penalty.
– **Checking Accounts:**
– **CIT Bank does not currently offer traditional checking accounts.** The main focus remains on savings and investment products.
– **Credit Cards:**
– **CIT Bank does not currently offer any credit card products.**
#### Business Banking
– **Business Accounts:**
– **Business Savings Accounts:** High-yield savings accounts for business needs.
– **Business CDs:** These are fixed-term deposits for businesses with competitive interest rates.
– **Business Loans:** While CIT Bank has numerous facilities in offering loans, the specific products may well be offered under the general ambit of commercial banking at CIT Group.
### Technology and Digital Services
CIT Bank embraces technology on its quest to make banking easier:
– **Online Banking:** A solid online banking system where customers can manage their accounts, check balances, perform transfers, and a host of other functions.
– **Mobile Banking:** A mobile application that provides access to accounts and banking services on smartphones and tablets.
Community Involvement
Even while CIT Bank was sticking to online banking services, its parent company, CIT Group, had been engaging in numerous philanthropic events, such as:
– **Charitable Donations:** Donating for community activities and non-profit institutions.
– **Community Development:** Engaging in the development of communities and supporting various education and cultural events.
Challenges Faced and Resilience
Being an online bank only, CIT Bank has to face challenges like cybersecurity, regulatory compliance, and competition from various financial service providers. However, a focus on high-yield savings products coupled with efficient online services helps the bank garner clients.
### Legacy and Future
Joining the world of credit unions, CIT Bank has made its way to continue its reputation for competitive savings products, focusing strongly on online banking. A part of First Citizens BancShares, since the merger, CIT Bank has been doing its best to use this solid base for further creative providing of financial solutions, further developing its product line.
Everything regarding CIT Bank, from products and services to any recent activity, is best found on their website or directly with them.