In today’s digital banking age, CIT Bank has become a popular choice for those seeking high-yield savings accounts, CDs, and low-fee banking — all offered through an online-first model. Despite its digital presence, CIT Bank is backed by over a century of history and is now a part of First Citizens Bank, following a major merger in 2022.

✅ Is CIT Bank Legit?

Yes, CIT Bank is federally insured and fully regulated, operating under U.S. banking laws. It is a division of First Citizens Bank, one of the largest family-controlled banks in the U.S., and offers FDIC insurance up to $250,000 per depositor.

While CIT lacks physical branches, its digital-first model allows it to offer better rates and lower fees than many traditional banks.

🕰️ How Long Has CIT Bank Been Around?

CIT Bank’s roots date back to 1908, originally founded as Commercial Investment Trust in Missouri. It transitioned into online personal banking in the 2010s and expanded through the acquisition of OneWest Bank in 2015.

In 2022, CIT merged with First Citizens Bank, forming a stronger, more diverse financial institution. With over 115 years in business, CIT Bank has a proven track record of stability and trust.

🔄 The Merger With First Citizens Bank

The January 2022 merger combined CIT’s online strengths with First Citizens’ traditional infrastructure. Key benefits of the merger include:

Access to a wider range of financial products
Enhanced digital platforms
Stronger deposit backing and financial stability

Together, the bank holds over $110 billion in assets (as of 2024), making it one of the top 20 banks in the U.S. This scale means more security and better service for customers.

📊 CIT Bank Financial Strength

CIT Bank, as part of First Citizens BancShares, operates within a highly regulated and financially robust institution. Its size, legacy, and regulatory oversight make it a secure choice — despite being fully online.

🌟 Customer Reviews

CIT Bank’s customer feedback is mixed. On Trustpilot, it scores around 2.7/5, with some complaints about:

Difficulty reaching customer service
Mobile app glitches
Confusion post-merger

However, on the Apple App Store, the CIT mobile app rates 4.6/5, with users praising:

High interest rates on savings and CDs
Low fees and easy transfers
A streamlined digital experience

In short, tech-savvy users enjoy the service, while others may miss traditional support.

🏦 ATM Use and Fee Reimbursements

CIT Bank doesn’t operate its own ATMs. Instead, it allows you to use any ATM nationwide, reimbursing up to $30 in fees per month.

Key points:

You’ll see third-party ATM fees, but they’re refunded automatically
Great for travelers or remote users
A 1% foreign transaction fee may apply outside the U.S.

💸 Transfer Fees and Charges

CIT Bank keeps its fees minimal:

Transfer Type	Fee
Outgoing domestic wire	$10 (free for accounts over $25K)
Incoming wire	Free
Online ACH transfers	Free
Bill Pay Stop Payment	$30

These fees are very competitive, especially the free ACH and incoming wires, making it easy to manage funds across banks.

🛠️ Troubleshooting: When CIT Isn’t Working

Occasionally, users report that CIT Bank isn’t loading or the app isn’t working. In such cases:

Check for scheduled maintenance
Restart your device or use a browser
Update the mobile app
Contact customer support if the issue continues

These problems are usually temporary and resolved quickly.

🧾 BBB Rating & Trustworthiness

CIT Bank has an A- rating from the Better Business Bureau (BBB). Though not accredited, this rating reflects a generally trustworthy operation, with responsiveness to customer complaints.

Complaints are mainly about app access, transfers, and post-merger confusion — common for online banks undergoing transitions.

✅ Final Verdict: Is CIT Bank Worth It?

CIT Bank is best suited for users comfortable with online banking, who value high-yield savings, low fees, and digital convenience.

Key Takeaways:

Over 115 years in business
FDIC insured and backed by First Citizens Bank
High-yield savings and CDs
Low ATM and transfer fees
Solid mobile experience, especially for digital-first users

If you don’t need in-person support and want your money to grow faster, CIT Bank is a strong, secure option.