In the age of digital banking, where face-to-face interactions are minimal and trust depends on third-party information, understanding a bank’s reputation is more important than ever. While interest rates and mobile features matter, so does a company’s ability to resolve problems and serve customers with integrity. That’s where a bank’s BBB rating comes into play.
If you’ve been researching online banks and came across CIT Bank, you might wonder about its credibility and how it handles customer issues. A common search question is: What is CIT Bank’s BBB rating, and what does it reveal about the bank’s trustworthiness? This article breaks down the significance of the rating, how CIT Bank compares to others, and whether it’s a smart choice for your banking needs.
What Is the BBB and What Does It Do?
The Better Business Bureau (BBB) is a nonprofit organization that evaluates and reports on the trustworthiness of businesses in the United States. It assigns ratings ranging from A+ (the highest) to F (the lowest). These ratings are based on several factors, including:
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The number and nature of customer complaints
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How promptly and effectively the business responds to complaints
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Whether the business is transparent in its dealings
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Government actions or legal issues related to the company
Importantly, the BBB rating doesn’t reflect how affordable a company’s products are or how advanced its technology might be. It’s purely about trust, complaint handling, and consumer protection.
CIT Bank’s BBB Rating: The Current Status
As of the most recent data available, CIT Bank holds a BBB rating of A-. This is considered an “excellent” rating and places CIT among the higher-rated banks in the digital banking space. An A- means that the bank meets high standards of responsiveness and transparency and has a relatively low number of unresolved complaints.
This is especially notable given that CIT Bank is a digital-first institution, meaning all banking activities take place online or via mobile app. Without a network of physical branches, customer support becomes even more critical—and the BBB rating gives a reliable snapshot of how well that support is delivered.
Is CIT Bank BBB Accredited?
CIT Bank is not currently accredited by the Better Business Bureau. However, this isn’t a red flag. BBB accreditation is a voluntary process in which a business agrees to uphold the BBB’s standards of trust and pays an annual fee to support the organization.
Many well-known and reputable banks choose not to pursue accreditation. What matters more is the actual rating. Accreditation is not required to receive a score, and CIT Bank’s A- rating is still valid and credible without it.
In short, the lack of accreditation does not imply anything negative. It simply means that CIT Bank has opted not to participate in the BBB’s membership program.
What Customer Complaints Tell Us About CIT Bank
The BBB platform doesn’t just provide a letter grade; it also allows consumers to file complaints and leave reviews. These can offer helpful insights into real customer experiences. Like any financial institution, especially those serving thousands of customers nationwide, CIT Bank has received its share of complaints.
Among the most common issues reported are:
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Transfer delays: Some users reported slow ACH transactions or complications during external account linking.
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Customer service wait times: During peak hours, users have occasionally faced long hold times when contacting support.
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App and website errors: A few customers have experienced login issues or bugs in the mobile app, particularly during updates or post-merger adjustments.
It’s worth noting that complaints tend to cluster around periods of operational change. For example, CIT Bank’s 2022 merger with First Citizens Bank caused some short-term confusion for users, especially regarding access and account transitions.
Despite this, most complaints on the BBB site are marked as resolved or closed, indicating that CIT Bank took steps to address the customer’s concerns. This responsiveness contributes heavily to the A- rating and signals that the bank prioritizes resolution, even when technical glitches occur.
How CIT Bank Responds to Customer Issues
Responsiveness is at the core of any strong BBB rating. CIT Bank has shown a consistent ability to respond to customer issues promptly, usually within a few business days.
Their response pattern typically includes:
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Acknowledging the issue in writing
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Providing an explanation and status update
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Offering a resolution or next steps
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In some cases, issuing reimbursements or making policy exceptions
This level of accountability is what separates an A- rated institution from banks that ignore or deflect customer concerns.
How CIT Bank’s Rating Compares to Other Online Banks
To understand CIT Bank’s BBB score in context, let’s compare it with a few well-known competitors:
| Bank Name | BBB Rating | BBB Accredited? |
|---|---|---|
| CIT Bank | A- | No |
| Ally Bank | B | Yes |
| Chime (Fintech App) | C+ | No |
| Bank of America | A+ | Yes |
| Wells Fargo | A- | Yes |
The Role of the First Citizens Merger
In January 2022, CIT Bank merged with First Citizens Bank, one of the oldest family-controlled banks in the U.S. This merger brought CIT under the broader umbrella of First Citizens, giving it access to more infrastructure, services, and financial backing.
While mergers can sometimes complicate operations and generate customer confusion—especially in terms of login processes, account numbers, and service platforms—CIT managed the transition relatively well. Some complaints related to the merger did appear on the BBB, but they were generally addressed quickly, and no long-term rating impact occurred.
Today, CIT Bank operates as a division of First Citizens Bank, and this connection adds further legitimacy to its brand.
Is CIT Bank Safe and Trustworthy?
Between its BBB rating, merger with a respected financial institution, and FDIC insurance, CIT Bank is clearly a safe and trustworthy banking option. Customers’ deposits are protected up to $250,000 per depositor, per ownership category, under the Federal Deposit Insurance Corporation (FDIC).
Beyond that, CIT uses industry-standard encryption, fraud protection tools, and multi-factor authentication to safeguard user data and transactions. While its support options may not match the availability of brick-and-mortar giants, the bank’s BBB rating shows it makes a serious effort to maintain accountability and trust with its customers.
Final Verdict: What Does CIT Bank’s BBB Rating Really Mean?
CIT Bank’s A- BBB rating is a strong indicator that the bank conducts itself with professionalism, fairness, and a clear commitment to resolving customer issues. While it’s not accredited by the BBB, its high rating shows that it meets or exceeds the organization’s core trust and complaint resolution standards.
If you’re looking for a reliable online bank with competitive rates and solid consumer protections, CIT Bank’s BBB rating provides valuable reassurance. It’s not a flawless bank no institution is but it is one that listens to its customers and takes action when problems arise.
For anyone wondering, “Can I trust CIT Bank based on its BBB rating?”, the answer is confidently yes.