CIT Bank

I was looking to open some savings accounts for my wife and myself. So, I contacted CIT Bank for the same. It was on Thursday when I made the call. After waiting for a week, they created two saving accounts and enticed me to open a CD account. We settled for an interest rate change affected to the accounts in real time.

After few months, I found out that the bank was prompt in reducing the interest rate as per the market rate. However, when the rates went high, it never bothered to do so until asked for. Every time the interest rate went high, I had to contact them for changing my account’s rate.

Hence, I decided to close my CD and transfer the amount to my saving accounts. Also, I wanted to close my savings account. But, before that, I wanted the amount of CD to be transferred in the savings account. There is a penalty amount deducted for taking out the amount from CD before the set period. However, when I talked to an agent, he assured that he would look into it and come up with the solution that could be beneficial for the bank as well as for me.

I waited for a week, and he told that he would be able to save 50% of the penalty amount. I agreed. However, when the transfer happened which took them 15 days and few phone calls, the penalty amount was deducted without any concession. I called back the agent and he told me that there would have been some problem with the communication. And, he would look into the matter.

But gone byes are gone byes. He never returned a call. I got tired of calling him for following up and gave up. Later, when I tried to add the external bank account to this account for transfer, I was denied the permission.

I again had to wait for an hour on the call and disconnected the call with the customer care. I then, mailed them. However, they mailed me back saying not to reply to the mail and contact the customer care for any assistance.

So, I waited for long until they answered. The customer care team provided no solution and kept transferring me from one person to another. They put me on hold many times and after investing my 2 hours, I was still at square one.

I have requested to close my accounts and have got a reply that I will be receiving a check for the amount. But, it has been 15 days since I placed the request for closing the amount. And, they have not reached me yet for anything. This is unacceptable. I will not be waiting for lifetime to get my money.

When I call them, they answer saying that these things take time. But never suggest how many more days they would take to close the account and send me my money. I regret opening accounts with them. They offer unreasonable interest rates that are never paid. CIT Bank is a shame. Find other banks for keeping your money safe.