CIT Bank eChecking Account

Learn more about the CIT Bank eChecking account as we go over the costs and features of the account, such as the reimbursement of ATM fees and the absence of paper checks.

Most online stores today probably presume that customers prefer to use debit or credit cards, digital wallets, or even buy now, pay later (BNPL) services when making purchases. But not everyone experiences it that way. The use of electronic checks, or eChecks, to pay for products or services is still preferred by many clients.

CIT Bank's eChecking account is one of the many options that are available for consideration.

The main draws are the absence of monthly fees, reimbursement of ATM fees, and a robust mobile banking app.

securely on the bank's website

Interest is earned on CIT Bank eChecking accounts: balances over $25,000 earn 0.25% APY, and balances under $25,000 earn 0.10% APY.

When you create a new checking account, you'll get a free debit card with EMV chip technology. In addition to not charging ATM fees, CIT will repay customers up to $30 in monthly ATM fees from other banks. However, they lack a network of ATMs.

Unfortunately, CIT eChecking accounts do not include paper checks and do not accept them as a form of payment if you are used to using paper checks.

It's also crucial to remember that the Federal Deposit Insurance Corporation insures the money in your CIT Bank eChecking account. (FDIC). Your money is protected up to $250,000 for each depositor. How does this affect you?

In the case of a bank failure, your money is safeguarded, giving you a secure location to store your cash.

Different kinds of savings accounts are also covered by FDIC insurance in addition to checking accounts. Individual savings accounts, money market accounts, and certificates of deposit are a few examples.

However, it doesn't protect against losses from assets you buy from a bank or personal property maintained in a bank-safe deposit box.

It's important to think about how simple it will be to handle your money before opening any checking accounts.

The capacity to track your money electronically is a requirement in today's world. Thankfully, CIT Bank has a variety of technologies in place for account administration around the clock.

  • Use the CIT Bank mobile app to deposit checks whenever and wherever you like.
  • Driving to the bank and making in-person or ATM deposits of cheques are no longer necessary.
  • Just take a picture of the check and deposit it whenever is convenient for you.

You can also access your account online at any time using the CIT Bank website in addition to utilizing the mobile app. And you can perform monetary transfers, check your balance, set up alerts, and other tasks here.

Both the bank's automated phone system and its mobile app for CIT Bank provide access to many of these capabilities. You might occasionally need to send money to friends or family. possibly after paying for meals together or lending money.

Instead of locating an ATM and withdrawing cash, CIT Bank enables simple money transfers with Zelle, Bill Pay, Samsung Pay, and Apple Pay. These services permit mobile payments as well.

Are you about to embark on a trip? If so, put up a travel alert before you depart to make sure you can use your debit card without any issues.

Some debit and credit card providers will flag a charge as potentially fraudulent when you use the card outside of your state. Or nation as an additional security step. If so, you must contact the bank before the card will function. This is quite bothersome and inconvenient. By informing CIT Bank in advance of your trip arrangements, you can prevent this.

Be aware that a CIT Bank eChecking account is a check-less account before opening one. Don't buy checks from a third-party source since you cannot write checks on this account. Any cheques that are sent in for payment will be declined and sent back.

Checking account details

Checking account fees

  • Monthly Fee
  • APY
    0.10% - 0.25% APY
  • Minimum Deposit to Open
  • Out-of-Network ATM Transaction Fee
  • Out-of-Network ATM Withdrawal Fee
  • Overdraft Fee
  • Non-Sufficient Funds Fee
  • Foreign Transaction Fee

CIT Bank eChecking Account FAQ

1. How Long Does CIT Bank Transfer Take?

It might take two working days for the money to appear in your account.

2. Can I Take Money Out of CIT Bank?

Although having your interest build up inside the CD will result in longer-term gains, you do have the choice to withdraw it. You can arrange an electronic move to another CIT Bank account or external account by calling the CIT contact center and requesting a withdrawal.

3. How Can I Find Out if My E-transfer Was Received?
  • Select Transfers from the Accounts tab
  • Select Interac e-Transfer
  • For a list of your outstanding Interac e-Transfers, choose History & Pending
4. What Type of Account Is CIT Bank?

Variable-rate accounts include the eChecking, Money Market, and Savings accounts at CIT Bank. APYs and interest rates could alter at any time without prior notice. Each of these accounts requires a minimum opening deposit of $100.

5. I Have No Money, Can I Still Open a Checking Account?

You can create an account and add money anytime you're ready as long as the account doesn't require a minimum beginning deposit.

6. How Frequently Should My Checking Account Be Checked?

Checking account oversight should occur at least once each week. You can keep track of your spending, prevent bank fees, and identify any fraudulent transactions you might need to report to your bank with the use of this.

7. What Are the CIT Bank eChecking Account Minimums?

To establish an account with CIT eChecking, a $100 minimum initial deposit is needed.

8. Does Cit eChecking Charge Overdraft Fees?

As of February 1, 2022, eChecking accounts are free of excess charges. This modification won't have an impact on your account or activities if you're enrolled in overdraft protection.

9. What Is the Customer Support Email for CIT eChecking?

The customer support email for CIT eChecking is

10. How Long Does CIT Bank Transfer Take?

It might take two working days for the money to appear in your account.

11. How Profitable Is the Existing eChecking Account?

With this merchandise, you will receive a return on any deposit you have made. You will receive 0.10% APY if your balance is under $25,000, which is already significantly higher than what the majority of banks give.

You will receive a 0.25% APY return if your amount is higher than the average balance of $25,000.

12. Do They Provide a Debit Card?

Yes, and there are no yearly or issuance costs involved. Additionally, you can get a replacement for free if you misplace it.

You can use it to withdraw money from any ATM without incurring any fees from CIT Bank and receive up to $30 back each month for any fees that ATMs of other institutions may charge you.

13. What Is the Routing Number for CIT Bank?

Direct Bank and Branch are two divisions of CIT Bank. (Accounts opened in a branch location).

The routing code for CIT Direct Bank (online-only; no branches) is 124084834.

For the routing number to use for wire instructions, contact 877-748-0004 if you are a commercial, listing service, or institutional customer of CIT Bank.

14. The eChecking Account’s Interest Is Compounded in What Ways?

Using the daily balance technique, interest is compounded daily at the interest rate that is applicable to your end-of-day balance. Monthly interest payments are made to the account.

15. Do They Allow Check Orders for eChecking Accounts?

No. This bank account doesn't accept checks. This CIT Bank eChecking account will not be used to pay traditional checks. All checks written and payable against your eChecking will be rejected by the system and mailed back to the payee with notice. Even if you are able to make and buy checks from a third-party vendor.

16. How Can I Use the Money in My Account to Settle Bills?
  • ACH (Initiated on a third-party site using your CIT Bank account and routing number)
  • Bill Pay (through Online Banking)
  • CIT Bank MasterCard debit card
17. What Occurs if My Balance Falls Into a Tier With a Reduced Interest Rate?

The interest rate and APY in effect each day for the balance tier connected to your end-of-day account balance will be used to calculate interest on the full account balance.

18. When I Open a New eChecking Account, Can I Purchase a Brand-New Debit Card?

No. No matter how many eChecking accounts a customer has, they are only allowed to have one bank card.

19. How Can I Decide Which of My eChecking Accounts Will Be the Main One Used for My Bank Card if I Have Multiple eChecking Accounts?

You will have the opportunity to link one of the already-existing eChecking accounts to your debit card. Especially if you open additional eChecking accounts during the account opening process. You can also contact the Contact Center at any time to speak with a representative who will help you connect your preferred eChecking account to your debit card.

20. What Is the Daily Point-Of-Sale (POS) Cap on My Bank Card for eChecking?

The POS daily cap is $1,500.

21. How Do I Conduct a POS Purchase That Exceeds My Daily Cap?

This is not feasible right now. At the point of sale, transactions that surpass the daily cap will be rejected.

22. Can I Call or Use the Internet to Temporarily Retain My eChecking Debit Card?

You'll be able to momentarily disable your debit card using the Mobile Banking App. You can briefly deactivate your card by contacting the Call Center.

23. What Will Happen if I Use My Debit Card for eChecking but Do Not Have Enough Money in My Account to Pay for the Purchase?

Unless you have linked a savings or money market account as overdraft protection, your transaction will be declined if there are insufficient funds in your eChecking account to cover a debit card purchase.

The six transaction restrictions for Savings and Money Market accounts are affected by overdraft transfers from those accounts.

24. How Can a Checking Account Be Opened?

The following documents are normally required to start a checking account:

  • A US address
  • Government-issued photo ID with a social security number or ITIN Phone number
  • Inbox address
  • Initial deposit
25. How Do eChecks Work?

An eCheck, a digital equivalent of a paper check, enables customers to pay online retailers straight from their bank accounts. As rapidly as using their debit or credit cards, customers can authorize one-time or regular payments.

eChecks use the Automated Clearing House (ACH) to immediately debit customers' checking accounts. And transfer the money to online retailers' bank accounts with the aid of payment processors. Guam, American Samoa, the Northern Mariana Islands, and the U.S. Virgin Islands are also part of the ACH network, which is based in the United States.

26. How Is eCheck Implemented?

Banks can move funds instantly from one account to other thanks to eChecks. They accomplish this using a digital network known as the Automated Clearing House, or ACH. The eCheck procedure includes the following steps to ensure that all of the money reaches its intended recipients:

  • Authorization of Payment – The client first enters their bank account details and authorizes payment. Usually, an internet payment gateway is used for this. A one-time purchase or a recurring subscription may be authorized.
  • Payment Request - The company's payment processor creates a payment request using the customer’s account information. The processor transmits batches of these requests to the Automated Clearing House at specific times each day.
  • Payment Confirmation - The ACH sorts the batches and sends the customer's bank the payment request. The bank confirms the information is accurate and that there are funds available.
  • Payment - Following the confirmation of the transaction, the funds are transferred from the customer's account to the company's account.
Check Out Other Products From CIT Bank
Bank Monthly Service Charge Minimum Deposit to Open APY
CIT Savings Builder Account 0 $100 1.00% APY
CIT Bank CDs 0 $1000 4.90% APY
CIT Bank eChecking Account $0 $100 0.10% - 0.25% APY
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