CIT Bank has been serving the industry for over a century now. You can get there an online checking account both for businesses and families and many other services. CIT Bank has also evolved with the new technological advancements to serve its customers better. It was inaugurated in 1908 to offer financing services to businesses. However, it has come a long way, and yet financing still remains at the heart of the bank. With the innovations and the advancements in the business sector and technology, CIT Bank still is one of the best banks offering financing services to all kinds of businesses and pioneers of change around the globe.
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CIT offers three types of services Businesses, Personal and Commercial. We will be looking into the services that CIT Bank offers.
Since the bank’s offers are categorized in three different segments, we will be looking at them individually to see what kind of services does it offer to each sector. This article will be focusing on the personal, commercial, and business services and products provided by the CIT bank.
Personal Online Checking Account
Let’s first look at the services the bank offers to individuals and families since it offers a lot of services to individuals as well now and has banking apps that support online transactions that make it super easy to use.
Savings Account
CTI bank offers the lowest rates for a savings account. A minimum of $100 has to be paid to create a checking account in the bank. The bank offers higher interest rates to those customers who have a Qualifying e-checking account. It is a multi-tiered online checking account providing two kinds of interest rates to the customers. The annual percentage yields and interest rates are bound to change without prior notice. The two tiers of the accounts are as follows:
Base-tier Account vs. Upper-tier account
The Base-tier account is used for those who submit less than 200 dollars into their Qualifying e-Checking account, in which case the 0.42% APY rate is applied with and a 0.3999% interest rate. While in the case of an Upper-tier account, when an amount of 200 dollars or more is submitted to the Qualifying e-Checking account, the recipient is able to take advantage of the higher paying rates such as 0.50% APY and 0.499% interest rate.
Benefits of a Savings account
It has the following benefits to offer to its customers:
- FDIC insured
- No charges for the maintenance and opening of the account
- Interest rates are compounded on a daily basis to increase your earning potential
- No charges on ATM fees
e-Checking Account
The e-Checking account is the most convenient and affordable as it can be opened with an amount of $100. Along with that, if you hold $25000 in your online checking account, you can receive 0.25% APY and 0.10% APY for under $25000.
Features
It has a lot of features, lets look at them below:
- CIT bank doesn’t charge ATM fees; in fact it reimburses up to $30 in other bank’s ATM fees.
- the CIT e-Checking account has the facility of EMV Chip technology Debit Card.
- You can transfer funds or pay and make purchases using Samsung Pay Zelle, Bill Pay, and Apple Pay.
- CIT mobile banking app makes life easier by providing you with services like unlimited withdrawals, deposit checks, and disbursements
- You have 24/7 online access through the mobile app and the automated telephone system.
- You can use the banking app to set travel alerts and restrict or stop the usage of your debit card.
Money Market
A money market account is one of the best savings account facilities offered by CIT. It can help you save money to buy a new home or a car or even a vacation. You can open the account with $100. Upon increase of amount in the account, you will end up receiving the highest yielding APY, which is up to 0.45%.
Benefits and features
- Earn up to 5 times more than the national average
- Easy and quick access to your funds in the account
- The bank doesn’t charge you any monthly service fee
- FDIC insured
- A limit of six transactions per statement cycle
- Mobile banking allows making payments and deposits from the convenience of your phone
CDs
The CIT bank offers you the ability to choose a selection of CD rates and terms. It also provides the safest and most secure way to save your money and grow your funds in the bank. It helps you keep track of the funds, and you can easily reach your fund’s goal without having to worry about market volatility. It offers four types of CDs that are mentioned below; if you are interested in checking them out, all of them will take you directly to the website.
Savings Builder
CIT bank offers the best saving builder accounts to its customers. Apart of an online checking account, you can open initially your account with a minimum balance of $100. And submit monthly $100 to the bank to build your savings and gain up to an APY of 0.40%. There are many benefits of this service, let’s look at a few:
Benefits and features
- CIT bank offers the country’s highest rates which are almost 5 times more than the average national rate
- You are able to gain the 0.3999% interest day from the day your account is opened through the evaluation day.
- A rate of 0.40% APY is applicable on your account if you maintain a balance of $25000 or by submitting $100 every month.
- You don’t have to pay any account opening or maintenance fees to the bank.
- CIT provides daily compounding interest that increases your earning potential.
- You can conduct up to six transactions per payment cycle.
- The mobile app makes it easy to deposit checks and to transfer funds.
Business Financial Solutions
CIT business financial solutions are a great way to boost your financial padding. CIT offers a lot of financial solutions to its customers for all kinds of businesses. Some of the products and services are mentioned below:
CIT Partners
CIT values fostering long-lasting relationships with its customers and offers financial solutions to all kinds of business entities. You can be a whole seller, reseller, or a government entity, or even a business that needs some extra financial push to get its feet off the ground. CIT is available to facilitate you with its knowledgeable team through the process. Along with that, their teams remain engaged with the customers during and after the settlement of terms and maintains a long-lasting relationship with them.
Solutions
CIT offers cutting-edge custom-built financial tools to meet your needs and make sure that they are serviced according to your needs. Their advanced technology ensures that you can keep complete track of your payments and transactions with their custom-built technological solutions such as:
- FlexAbility platform
- Point-of-sale financing platform
- Virtual integration.
These tools allow businesses, no matter how small or big they are, with their financial needs. Point-of-sale financing allows an easy onboarding process. CIT is capable of tailoring almost all kinds of sales channels to make the perfect B2B point-of-sale payment experience easier for you. These services make the daily based expenses seem easier to manage. CIT is able to integrate into any kind of business model and deploys tools to seamlessly offer point-of-sale financing.
Benefits and features
- CIT provides the most technologically advanced comprehensive solutions for your business
- With the help of the trained staff at CIT, CIT is able to smoothly deploy all kinds of technological and financial services required by its customers.
- You can count on the support team of CIT, as they are constantly available to serve you to the best of their abilities. Along with that, they are experienced professionals in the industry and know how to deal with all kinds of situations.
- CIT offers unlimited options when it comes to delivering services to its customers. It even goes one step ahead and customizes offers for the customers to make sure that each customer is catered to as per their requirements.
Strategic Relationships
Finding solutions for your business customers with financial facilities can help make or break the deal. More often than not, vendors are unable to offer their services due to a lack of funds, and that’s exactly why CIT offers financial solutions to vendors and other businesses to ensure that its customers do not lose business due to a lack of funds. Offering financial solutions provided by CIT, the businesses can easily meet their goals and increase their revenues.
Benefits and features
- Submission of applications and responses to those applications are generated within minutes.
- The customers can quickly acquire working capital loans, equipment leases, and equipment loans for any kind of business.
- For payment options, a $1 buyout and fair market value is also included to facilitate the customers to the best of their abilities.
- Sign-ups are made very easy by providing each customer a personalized link that they can share with their customers too easily.
- CIT’s steady support doesn’t end with offering maximum customer satisfaction score but also provides co-branded marketing material to help promote small businesses.
- Technological advancement has allowed the customers to directly manage their projects and payments from their dashboard.
Commercial Financing Solutions
CIT offers a large variety of financial services to all kinds of businesses. They have extensive experience in working with multiple businesses and utilize this experience wisely to connect with their customers and entertain them according to their needs. Other financial services that they offer to the commercial sector are mentioned below:
Commercial Finance
CIT is one of the banks that understands the importance of running cashflows. Hence it empowers its customers with commercial financial solutions that enable them to manage their cashflows better. The ability to manage cashflows has a very positive impact on productivity, reduction of costs, and protection against fraud. Further services offered by CIT to the commercial sector are mentioned below:
- Asset-based lending
- Corporate banking
- Lending products
- Sponsor finance
- Syndication
Commercial Services
CIT is among one of the country’s leading financing and factoring service providers. These services are available to all kinds of middle-market consumer product companies. CIT provides a wide array of middle-market financing, lending, and receivable management services that allow its customers to grow their businesses to another level. Such services offered are the following:
- Factoring
- International Factoring
- Bulk sale of accounts receivable
- Receivable exposure management
- Supply chain finance
Capital Markets
The capital market team of professionals is responsible for the administration of pricing, structuring, and distribution of all the financial products provided by CIT. CIT furthermore offers derivative products such as foreign exchange to its clientele. Along with the state-of-the-art technology and the experts who have been working in the industry for a long while, customers receive some of the best financial services in the industry. Some of the products and services offered by the Capital markets division are mentioned below:
Products and services
- Risk management
- Senior debt transactions
- Foreign exchange
- Unitranche and second lien loans
- Debt and equity private placements
- Interest rate caps and swaps
- Asset-based debit transactions
- Leveraged finance insight, guidance, and intelligence
- Underwritten solutions
- Project finance
- Second lien loans
Final Word:
With all these financing services, and especially with an online checking account that CIT offers to its customers its hard not to be a part of such a bank. Businesses and vendors can especially take benefit of the lending and financing services offered by the bank.