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CIT Expands Direct Bank Offering with Launch of eChecking

Features no maintenance fees and multiple digital payment solutions adding flexibility and convenience

PASADENA, Calif., Nov. 15, 2019 /PRNewswire/ -- CIT's national direct bank, CIT Bank, today announced the launch of eChecking, a new digital checking account featuring no monthly fee, up to .25% APY and an ATM Fee reimbursement of up to $15 a month.

(PRNewsfoto/CIT Group Inc.)

To enhance the banking experience, the new account also features a wide variety of electronic transfer and payment solutions, including debit card controls, Zelle®1, Bill Pay, Apple Pay and Samsung Pay.

"Today's consumers want the flexibility to manage their finances from anywhere and at any time," said Ravi Kumar, head of CIT's direct bank. "At CIT Bank, we're committed to prioritizing convenience for our customers as digital payments continue to gain traction."

According to a 2019 CIT survey, U.S. consumers who have bank accounts utilize mobile banking an average of seven times each month, a 40% increase from the prior year. Nearly two-thirds of U.S. consumers have or would consider opening an eChecking account, according to the same 2019 report.2

"Our new account provides a number of ways to send, receive and deposit money while also empowering customers to earn more on their deposits," continued Kumar. "We're pleased to expand our portfolio of checking and savings solutions to provide consumers additional opportunities to achieve their goals regardless of where they are in their financial journey."

eChecking is the newest digital CIT Bank product following the launch of Savings Builder, a smart savings option that rewards those who consistently save at least $100 each month or maintain a balance of at least $25,000 with a competitive interest rate. The account seamlessly connects to Savings Builder and other CIT savings products, providing useful linkage for those with multiple accounts.

CIT's new capabilities come at a time when saving is becoming increasingly pressing for U.S. consumers. According to CIT Bank's new Financial Bliss survey, the majority say saving money makes them happier than spending, highlighting the value of online money management options.

More information on eChecking, its features, and other CIT Bank savings products can be found here.  

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Sept. 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank, a division of CIT Bank, N.A. Discover more at cit.com/about.

MEDIA RELATIONS:                     
Olivia Weiss                                                                                    
(212) 771-9657                                
olivia.weiss@cit.com

1   Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

2   This survey was conducted online within the United States by The Harris Poll on behalf of CIT between March 29 to April 10, 2019 among 2,005 U.S. adults aged 18 and older. Figures for age by gender, race/ethnicity, education, region, income, marital status, employment, and household size were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents' propensity to be online. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. 

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