CIT eChecking account review
Offers a decent APY, but only for high balances.
The CIT eChecking account account offers no monthly fee, ATM fee reimbursements and interest. Although it’s an interest-bearing account, you’ll need to keep a balance of $25,000 to earn 0.25% APY. If your balance is below this amount, you’ll only earn 0.1% APY.
$0 per month
Up to 0.25%
Minimum deposit to open
|APY||0.25% on balances of $250,000+ |
0.10% on balances of $0 to $25,000
|Fee||$0 per month|
|Minimum deposit to open||$100|
|ATMs||dozens of ATMs throughout Los Angeles and the surrounding area.|
|ATM transaction fee||$0|
|Out-of-network ATM fee||$0 Get up to $30 in ATM fees reimbursed each month.|
Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance and has written hundreds of articles about money management during the past decade.
Expert reviewCIT eChecking account offers ATM fee rebates and no monthly fees, but you’ll need at least $100 to open the account.
It also bears interest, but you’ll only earn the highest rate at 0.25% APY when you maintain a balance of $25,000 or more. Otherwise, your rate drops to0.1%. While it’s still higher than the national average, there are checking accounts offering higher yields.
This account also has wire transfer restrictions that correspond to the amount of money you keep in your account. For example, if your checking account balance is below $25,000, you’ll pay $10 when you conduct a wire transfer.
How do I open a CIT eChecking account?
Opening a CIT eChecking account only takes a few minutes.
- Go to the provider’s site and follow the steps to apply.
- From the provider page and select eChecking from the dropdown Bank menu.
- Select Get started, then Open account now.
- Ensure that Personal and eChecking are selected by default, then select Continue.
- Choose whether you’d like an Individual or Joint account, then enter your personal details.
- Read and agree to the terms, then link an existing checking or savings account to fund your CIT account.
- Create a username and password, then finalize your account.
You must meet the following requirements to open a CIT eChecking account.
- At least 18 years old
- US citizen or permanent resident
Have the following information handy when opening an account.
- Home address
- Email address
- Phone number
- Social Security number
- Mother’s maiden name
What are the benefits of CIT’s checking account?
CIT eChecking accounts offer a few attractive features.
- No ATM fees. Get up to $30 in ATM fees reimbursed each month.
- No monthly fee. There’s no ongoing monthly maintenance service charge to keep this account active.
What should I look out for?
There are several drawbacks to opening a CIT eChecking account.
- APYs aren’t competitive. Although it earns interest, you need to keep $250,000 or more in the account to earn the highest rate of 0.25% APY. Any balance below this only earns 0.1% APY.
- No paper checks. CIT doesn’t provide checks, but you can use ones purchased from a third party.
- Minimum initial deposit. You’ll need to deposit at least $100 to open an account.
- Wire transfer restrictions. You can only send domestic wire transfers of $1,000 or more, and you’ll pay a $10 fee for wires if your account balance is below $25,000.
- No branches. CIT eChecking is an online-only account, so you can’t visit a branch and speak with a teller or bank manager face-to-face.
- Point of sale limitations. You can’t use your debit card for purchases greater than $1,500. This is low compared to debit cards from Chase and Discover Bank, which have limits as high as $3,000 and $5,000.
CIT’s ATM network and feesCIT Bank doesn’t have its own ATM network and it doesn’t partner with any nationwide or worldwide ATM networks. But you can use your eChecking debit card at any ATM and get up to $30 in fees reimbursed each month. Also, CIT Bank offers free withdrawals from ATMs owned by its Southern California subsidiary, OneWest Bank, which has dozens of ATMs throughout Los Angeles and the surrounding area.
Compare CIT eChecking account with other checking accounts
How do I deposit or withdraw my money?
There are a few ways to move funds into and out of your CIT eChecking account.
- Mobile deposit. CIT’s mobile app lets you use your smartphone’s camera to deposit paper checks.
- Automated clearing house (ACH) transfers. Deposit funds from another bank using ACH transfers.
- Postal mail. Mail endorsed checks to CIT Bank, N.A. Attn: Deposit Services P.O. Box 7056 Pasadena, CA 91109-9699.
- Incoming wire transfers. CIT eChecking supports incoming wire transfers without charging a fee.
- ATMs. Withdraw cash from your CIT eChecking account by using your debit card.
- ACH transfers. Send funds from your account to another bank using ACH transfers.
- Wire transfers. CIT eChecking account supports outgoing domestic wire transfers of $1,000 or more.
- Zelle. Use Zelle to send money to other people.
What is CIT Bank’s routing number?
CIT’s routing number is 124084834.