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    Frequently Asked Questions (FAQs)

    Find the answers to your frequently asked questions below or contact us for more information.

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  • General Account Questions

    Is CIT Bank, N.A. FDIC insured?

    Yes. You can find more information on FDIC insurance at www.fdic.gov. NOTE: CIT Bank, N.A. and OneWest Bank, a division of CIT Bank, N.A., are the same FDIC-insured institution. Deposits held under each name are not separately insured, but are combined to determine whether a depositor has exceeded the $250,000 federal deposit insurance limit, per depositor for each account ownership category. For purposes of calculating aggregate deposits held in CIT Bank, N.A., you should include deposits held in OneWest Bank.

    What is the bank's routing number?

    The bank’s routing number is 124084834. 

    If you are a CIT Bank commercial, listing service, or institutional client, please call 877-748-0004 for the routing number to use for wire instructions.

    How do you protect my account and my information?

    Your account security is our priority. Visit our Fraud and Security page to learn more about our security measures, important steps and prevention tips.

    How do I open a savings, money market or CD account?

    It’s easy and fast. Get started by going to our Open a CIT Bank account page. Then follow the steps to complete your CIT Bank account application. Have the following information handy:

    • Social Security number
    • Driver’s license or other valid state identification
    • A check or your bank routing and account numbers from the account you’ll be using to fund your new CIT Bank account
    • Names and personal details (Social Security number, valid ID) of any joint account holders and/or designated beneficiaries



    Can I manage my account online?

    Yes. Once your account has been activated, you will receive an email with information and links to access and manage your account(s). You’ll be able to customize your Online Banking experience, review and update your account(s), view statements, and see recent activity.

    How do I fund my savings, money market or CD account?

    There are several ways to fund your account: 

    Electronic Fund Transfer
    The easiest way to fund your account is to transfer funds electronically from your other bank accounts to CIT Bank. Our application process will walk you through this in a few simple steps (all you need is the information on a bank check from the institution holding your account). Funds may take up to two business days to be deposited to your account.

    Check
    If you want to fund your account by check, you can mail your check to:
    CIT Bank, N.A.
    Attn: Deposit Services
    P.O. Box 7056
    Pasadena, CA 91109-9699

    Wire
    If you prefer to wire money to fund a CIT Bank CD, please follow the instructions below instead. Please use the following information:

    Bank Name:CIT Bank, N.A.
    Bank Address:P.O Box 7056
    Pasadena, CA 91109-9699
    855-462-2652
    CIT Bank Routing/Transit #:124084834
    Beneficiary Account#Your Name
    Your Address
    Your Account Number (located on the confirmation email)

    NOTE: If you are a CIT Bank commercial, listing service, or institutional client, please call us at 877-748-0004 for the routing number to use for wire instructions.

    When does interest begin to accrue to my account?

    Interest will begin to accrue no later than the business day we receive credit for your deposit.

    Are there any fees for a CIT Bank account?

    CIT Bank is your partner in savings. There are no account opening or monthly service fees for savings, money market or CD accounts. There may be fees associated with certain activities. The schedule of fees can be found on the Forms and Documents page on the website. 

    How often is interest compounded and credited?

    CIT Bank maximizes your earnings by compounding interest daily and crediting it to your account monthly.

    How can I access the interest earned?

    You can allow the interest earned to remain in your savings, money market or CD account and take advantage of the interest compounded daily.

    If you have a CD, below are the methods to receive the interest payment:

    1. Leave the interest earned in the CD; or
    2. Deposit to an existing CIT Bank Savings account; or
    3. Set up Electronic Funds Transfer to deposit to an external checking or savings account.

    Interest will be paid monthly. Interest earned and posted to the account can be withdrawn with no penalty.

    How can I access my funds?

    Account withdrawals can be done via electronic funds transfer (ACH) , outgoing wire transfer (there is a $10 fee for accounts with balances under $25,000) or you can request that we mail you a check. For savings and money market accounts, there is a limit of six (6) pre-authorized or automatic transfers or withdrawals, electronic banking transfers to other accounts or similar per statement cycle; however, withdrawal and transfer requests submitted by mail do not count toward the limit, nor do withdrawals requested by telephone if the funds are mailed to you in the form of a check. Early withdrawals from CDs may be subject to a penalty. Visit the CD section for more information. 

    How can I make deposits to my account?

    Deposits are unlimited and can be done via funds transfer (ACH), mobile deposit via our mobile app, incoming wire (no fee), or by mailing a check to us.

  • Savings Builder Questions

    What is a Savings Builder account?

    The Savings Builder is an interest-bearing account that pays a tiered rate based on the stated qualifications.

    What is the minimum to open the Savings Builder account?

    The minimum to open the account is $100.

    How can I qualify for the top APY tier?

    All new Savings Builder accounts automatically earn the top APY tier through the first full Evaluation Period as an introductory offer, also known as the Introductory Period. At the end of the first full Evaluation Period, the account will be reviewed to determine if the qualifications have been met to retain the top APY tier. Accounts that do not qualify will earn the lower APY tier. 

    The top APY Tier can be earned by completing one of following requirements:

    A. Monthly Savers:  

    • Make at least one single deposit of $100 or more during the first Evaluation Period, which begins on the third business day prior to the end of the month the account was opened.
    • Additional deposits made between the account opening date and the beginning of the first Evaluation Period will not qualify.
    • In order to continue to earn the higher rate, make at least one single deposit of $100 every month.


    B. High Balance Savers: 

    • Have an account balance of $25,000 or more on each Evaluation Day. The Evaluation day is the fourth business day prior to the end of the month.

    What is the Introductory Period?

    The period of time from the account opening date through the first Evaluation Day. 

    How do I qualify for the higher APY tier if my balance is less than $25,000?

    Make a single deposit of $100 or more each month.

    Does the initial minimum deposit of $100 count towards earning the higher APY tier?

    No. The minimum opening balance does not qualify to earn the higher APY tier. Make an additional deposit of $100 or more during the first Evaluation Period and your account will qualify for the higher tier for the Evaluation Period following the introductory offer. And, all subsequent monthly deposits of at least $100 will qualify you to continue earning the higher APY. 

    How is my APY tier determined?

    Each Evaluation Day the account will be reviewed to verify if you have $25,000 in the account or made a single deposit of $100 or more during the Evaluation Period. If you have met either one of these requirements as of the Evaluation Day, you will earn the higher APY tier in the following Evaluation Period. This process will occur every month.

    Is the higher APY tier determined by the average monthly balance of $25,000?

    No, the balance must be $25,000 at the end of the day when the account is reviewed, also known as the Evaluation Day.

    What happens if my Savings Builder account doesn’t meet either of the requirements to earn the higher APY tier after the introductory offer has expired?

    The account APY will move to the lower tier for the next Evaluation Period.  You will have the opportunity to earn the higher tier for the following Evaluation Period by meeting the requirements by the next Evaluation Day. 

    How can I make a monthly deposit of $100 to my account?

    Deposits are unlimited and can be done via online funds transfer (ACH), mobile deposit via our mobile app, incoming wire (no fee charge), or by mailing a check to us. 

    What are the definitions of Evaluation Period and Evaluation Days?

    Evaluation Period: Begins the day after an Evaluation Day and ends at 4:00 pm PT on the next month’s Evaluation Day. The first Evaluation Period will begin on the third business day prior to the end of the month of account opening. Additional deposits of $100 or more made between the account opening date and the start of the first Evaluation Period will not count for purposes of determining the interest rate after the Introductory Period, unless they result in an account balance of $25,000 or more.

    Evaluation Day: Four business days before the end of the month (at 4:00 p.m. PT), the account is reviewed to determine your APY tier for the next Evaluation Period. This occurs monthly: see Evaluation Schedule below.

    EVALUATION SCHEDULE
    Evaluation Day Evaluation Period 
    2018
    Oct 2610/04-10/26
    Nov 2710/27-11/27
    Dec 2611/28-12/26
    2019
    Jan 2812/27-1/28
    Feb 251/29-2/25
    Mar 262/26-3/26
    Apr 253/27-4/25 
    May 284/26-5/28
    Jun 255/29-6/25
    Jul 266/26-7/26
    Aug 277/27-8/27
    Sep 258/28-9/25
    Oct 289/26-10/28
    Nov 2510/29-11/25
    Dec 2611/26-12/26

  • Money Market Questions

    What is a Money Market account?

    The CIT Bank Money Market account is an interest-bearing account that pays a variable rate of interest and allows deposits, withdrawals and transfers including Bill Pay (currently not available - COMING SOON) and People Pay. Federal Regulation D limits certain transfers and withdrawals to a maximum of six (6) preauthorized or automatic transfers or withdrawals per statement cycle, see below for more information. The minimum to open an account is $100.

    What is the difference between a Money Market account and a Savings Builder or Premier High Yield Savings account?

    Each account may offer a different Annual Percentage Yield (APY). Another difference is that the Money Market account has more flexible access to funds through transaction features, such as People Pay and account-to-account options.

    Is the Money Market account insured?

    Funds in a CIT Bank Money Market account are FDIC insured. A Money Market account is different from a money market mutual fund or a money market fund, which are available from investment firms and similar companies, which are not insured by the FDIC.

    What transfers and withdrawals are subject to the limitation?

    Transfers and withdrawals are subject to the 6 per month limit if made by:

    • Preauthorized transfer
    • ACH
    • Telephone
    • Online banking 

    What transfers and withdrawals are not subject to limitations?

    Transfers and withdrawals not subject to the limitation:

    • Automatic loan payments to your CIT Bank or OneWest Bank loan
    • Transfers between a depositor's CIT Bank accounts if made by mail
    • Withdrawals paid to the depositor by mail or telephone via check mailed to the depositor
    • Transfers into the account

    Can I arrange for a specific dollar amount to be deposited automatically into my Money Market account?

    Yes. You can arrange for direct deposits from outside sources into your account. (Direct deposits are set up by the institution or business sending the funds.) If you have other accounts with CIT Bank, you can arrange for interest from those accounts to be transferred into your CIT Bank Money Market account. 

    Is there a minimum balance requirement for the Money Market account?

    The Money Market account requires a minimum opening deposit of $100. There is no minimum monthly balance required.

    Are there any fees associated with the Money Market account?

    There are no account opening or monthly service fees; however, there may be fees associated with certain activities. The schedule of fees can be found on the Forms and Documents webpage. Here's a recap of the Money Market schedule of fees. 

    TypeFee
    Monthly service fee: $0
    Incoming wires: $0
    Outgoing wires (domestic only): $10 fee for account with daily average balance of less than $25,000; $0 for balances over $25,000.
    Excessive transaction(s) fee: $10 per transaction; fee will be assessed starting from the first violation and are subject to a monthly cap of $50.
    Overdraft fee: $25
    Bill Pay Stop payment:$30

    What are the transaction limits on a Money Market account?

    Type Amount
    Initial Funding ACH Limit $300,000 (current ACH limit)
    People Pay
    • Account to Account: $50 (daily) / $50 (per transaction)
    • PayPal: $50 (daily) / $50 (per transaction)
    Bill Pay (coming soon)Account balance

    Does the Money Market have a debit card or checks?

    There are no debit cards or checks with the Money Market account. Transactions are available via People Pay, a person-to-person payment feature; electronic funds transfer and requests via mail. Bill Pay is coming soon.

    Can I open the Money Market account in a business name?

    The CIT Bank Money Market is a personal account and cannot be opened under the name of a business.

    Can I combine my deposit balance with my other account(s) to waive the wire fee?

    No, balances from different accounts can’t be combined to waive wire fees. The fee is based upon the average balance of the account from which the funds are being wired.

    Can the Money Market account be titled in the name of a trust?

    At present, accounts cannot be titled in a trust.

    What is Bill Pay and how does it work?

    When available (coming soon) Bill Pay is a free service that will allow you to schedule payments to a third party from any CIT Bank Money Market  account by providing the third party name, account number, address and phone number. 

  • Money Market People Pay Questions

    What is People Pay and how does it work?

    People Pay is a free service that allows you to send money from your Money Market account to almost anyone with an email address or mobile phone number.

    How do I enroll in People Pay?

    You may enroll in the People Pay service via the Online Banking "People Pay" tab.

    What type of an account do I need for People Pay?

    You will need a Money Market account to use the People Pay service.

    Can I make a stop payment online?

    Yes. Stop payment is available in the Self-Service section of Online Banking. You may also request a stop payment by calling the Contact Center at 855-462-2652.

    Can I set up recurring payments?

    No.

    Can I use People Pay if I live outside the U.S.?

    Yes, you may use People Pay from outside the U.S. if you are using a compatible browser. Payments may only be made in U.S. currency to payees within the United States.

    How does People Pay work for joint account holders?

    To have a joint membership in People Pay, both account holders must be signers on a Money Market account. Each account holder needs a unique username and password to access People Pay. People Pay activity for both account holders can be viewed under Account Services in Online Banking.

    What if I accidentally schedule a payment and I have unavailable funds?

    Your account will be charged a non-sufficient or unavailable funds fee of $25. Additional scheduled payments will be suspended until the matter is resolved with People Pay. For more information, please call the Contact Center at 855-462-2652.

    How do I resolve People Payment discrepancies (for example: failed, refused or returned payments)?

    For People Pay inquiries, please call the Contact Center at 855-462-2652 or send us a Secure Message via Online Banking. Be sure to read our People Pay Terms of Use, which are included in the CIT Bank Agreement for Personal Accounts found on the Forms page.

  • Certificates of Deposit (CDs) Questions

    What happens to my account when my CIT Bank CD matures?

    You will receive a notification 30 days before maturity to let you know that your CIT Bank CD is scheduled to mature. For your convenience, your CD will automatically renew for the same term (at the current rate in effect on the date of your renewal).  The exception to this are the 13-Month CD and the 18-Month CD; upon maturity, the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY, and the 18-Month CD will be automatically renewed as a2-Year Term CD at the then-published APY. If you do not want your CIT Bank CD to renew automatically, please notify us up to 10 days after the maturity date. Simply call our Contact Center at 855-462-2652 or log in to CIT Bank and send us a secure message.

    How do I receive my money once my CIT Bank CD matures?

    It’s simple to receive your funds. Just sign in to your account and send us a secure message through the secure messaging portal, or call our Contact Center at 855-462-2652.

    CIT Bank, N.A. 
    Attn: Deposit Services 
    P.O. Box 7056 
    Pasadena, CA 91109-9699

    You will have a 10-day grace period, starting with the maturity date, to make a withdrawal without being charged a penalty. If you do not contact us before the end of the grace period, requesting to receive your funds, we will automatically renew your CD at the original term and current rate.

    Can I make additional deposits to my CD?

    Not with traditional CDs; however, customers that have existing RampUp™ Plus CDs have the added flexibility to boost their deposit once within the term. These CDs are not available for new accounts.

    Will my CD automatically renew?

    Yes, all CIT Bank CDs automatically renew at maturity. When this happens, they renew at the same term and at the current market rate. The exception to this are the 13-Month CD and the 18-Month CD; upon maturity, the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY, and the 18-Month CD will be automatically renewed as a 2-Year Term CD at the then-published APY. 

    What is the grace period?

    The CD grace period is 10 days, beginning on the date of maturity. The grace period allows you to redeem a CD and avoid an early withdrawal penalty.

    • The new CD may be backdated to the maturity date of the matured CD and earn interest at the current rate that was in effect on that date, as long as no additional funds were added to the deposit; o
    • You may elect to have the new CD issued as of the date that you contact CIT Bank to redeposit the funds.

    What are the penalties for Term, Jumbo, Ramp-Up and Ramp-Up Plus CDs?

    CD TermPenalty
    Terms up to 1 year The penalty we may impose will equal 3 months’ simple interest on the amount withdrawn.
    Terms of more than 1 year up to 3 years The penalty we may impose will equal 6 months’ simple interest on the amount withdrawn.
    Terms of more than 3 years The penalty we may impose will equal 12 months’ simple interest on the amount withdrawn.

    PLEASE NOTE: CIT Bank provides a grace period of 10 calendar days for CD products, which is a period of time following the maturity of an automatically renewing CD. You are allowed to withdraw funds without being assessed a penalty during the grace period. For No Penalty CDs, early withdrawal of all funds including interest earned, without penalty, is permitted any time on or after the seventh day following the date on which the account was funded.

    I have a No-Penalty CD. How do I access my funds?

    You can make a request to access the total balance and interest earned on your No-Penalty CD as long as it is 7 days after the funds have been received. Call our Contact Center at 855-462-2652 or log in to CIT Bank or send us a secure message, and one of our Bankers will assist you.

    Can I open a new RampUp™ or RampUp™ Plus CD or renew my current CD into the same CD and/or Term?

    RampUp and RampUp Plus CDs are not available for new accounts. Customers with maturing RampUp and RampUp Plus CDs will learn about their options when they call the Contact Center (855-462-2652) during the maturing CD’s grace period. CDs that are not changed by the customer during the grace period will automatically roll into the same CD at the same term.

    How are RampUp™ CDs different from traditional CDs?

    The RampUp™ family of CDs are term CDs offering you the flexibility to raise your rate one time during the CD’s term if CIT Bank raises its rates on the RampUp™ family of CDs. And, in addition, the RampUp™ Plus CD offers the added advantage of allowing you to add to your initial deposit one time during the CD's term.

    How does the option to increase the interest rate on a Ramp Up™ CD work?

    If CIT Bank raises its rates on a CD in the Ramp Up™ series and you choose to exercise the option to raise your rate, the new rate is not retroactive and will apply for the remaining term of your CD. You are allowed to exercise this option one time during the CD's term.

    How will I know if CIT increases the rates offered on RampUp™ Plus CDs?

    The current rate and APY for CIT Bank's RampUp™ and RampUp™ Plus CDs are always available on the Product and Rate guide on the Forms and Documents page on our website. We will not provide any notice to you if our interest rates change. It is your responsibility to monitor the interest rates so you can choose if and when to exercise the option to increase the rate for your CD.

    Will the interest rates CIT Bank offers on the RampUp™ and RampUp™ Plus CDs always increase or decrease with changes in market interest rates?

    No. While the market interest-rate environment is a factor in how CIT determines the rates it offers, there are other factors that are taken into consideration as well. THE AVAILABILITY OF THE OPTION TO INCREASE THE RATE ON A RAMPUP™ and RAMPUP™ PLUS CD NEITHER IMPLIES NOR GUARANTEES THAT CIT BANK WILL INCREASE THE INTEREST RATE FOR THESE PRODUCTS DURING THE TERM OF THE CD.

    When can I add to the initial deposit on my RampUp™ Plus CD?

    You can add to your initial deposit once, at any time, during your term. The additional deposit is not tied to a rate increase. However, CIT Bank reserves the right to limit that one-time additional deposit to $250,000.

    When can I boost the rate on my RampUp™ Plus or RampUp™ CDs?

    If CIT Bank increases the interest rate on the RampUp™ and RampUp™ Plus CD at any time during the original term of your RampUp Plus or RampUp CD, you may choose to take advantage of the higher rate; however, this option can only be exercised once during your CD term.

    Is there a rate cap on RampUp™ Plus and RampUp™ CDs?

    A new rate cap went into effect on June 1, 2015, for RampUp™ CDs and RampUp™ Plus CDs originated on or after that date. It limits the option to increase your APY to twice the amount of the initial APY, less 0.05%.

    Will my existing RampUp™  Plus  and RampUp™ CD be affected by the rate cap?

    Any RampUp™ Plus and RampUp™ CD account that was originated before June 1, 2015, is exempt from the rate cap until its first maturity date occurring on or after June 1, 2015. If at the time of that maturity, you choose to rollover your maturing RampUp™ Plus and RampUp™ CD, either into a new RampUp™ Plus and RampUp™ CD OR let your current RampUp™ Plus and RampUp™ CD automatically renew, then your new RampUp™ Plus and RampUp™ CD will be subject to the new rate cap.

  • Custodial Accounts Questions

    What is a Custodial Account?

    It is an account under the Uniform Transfer to Minors Act (UTMA) held by an adult guardian on behalf of a minor child. 

    Which CIT Bank products can be held in a Custodial Account?

    All CIT Bank products can be set up as Custodial Accounts.

    How do I open a Custodial account?

    From the home page, click on the “Open an account” at the upper right corner. When prompted to pick an account type, choose “Custodial Account” from the drop-down menu. Have the following information ready:

    • Social Security number
    • Driver’s license or other valid state ID
    • A check or your bank account routing and account numbers from the account you’ll use to fund your new CIT Bank account
    • Information about the minor for whom you intend to open the account

    Who has control of the assets in a Custodial account?

    As the custodian, you have control of the account on the child’s behalf; the child may not make withdrawals or use the money without your approval. Upon reaching the age of majority, the custodian is responsible for releasing the funds to the former minor.

    Can I make withdrawals from a Custodial account that I've opened?

    Any money placed in a Custodial account is considered an irrevocable gift. The custodian is responsible for managing the funds for the benefit of the minor.

    What are the benefits of Custodial accounts?

    A Custodial account offers flexibility and potential tax savings. Consult a tax advisor for more information.

  • Privacy Questions

    What is the CIT Bank, N.A. privacy notice?

    Our privacy notice explains our customer information–sharing practices. The privacy notice for CIT Bank, N.A. is provided to you during the account opening process and annually thereafter if there are material changes. The following are answers to frequently asked questions about the CIT Bank, N.A. privacy notice and customer information-sharing practices.

    Does the privacy notice apply to me?

    Our privacy notice applies to anyone who has opened an account or received a service from any of the following companies/divisions of CIT Group Inc.:

    • CIT Bank, N.A.
    • One West Bank, a division of CIT Bank, N.A.

    Why does CIT Bank, N.A. collect my personal information?

    We collect certain personal information to fulfill legal and regulatory obligations for everyday business purposes. In addition, personal information allows us to serve you better. For example, verifying your identity helps us detect fraud, streamline your transaction process, and maintain your account. It also helps us to tailor marketing programs and offer products and services that may meet your needs.

    Will I receive a privacy notice each year?

    No. our privacy notice is always posted on the Privacy Pages on our website. You will only be notified if there have been any material changes made to our Privacy policy. For more information view the Privacy Policy on the website.