CIT bank is a digital bank that offers a wide range of banking services online. The bank is owned by the CIT group that provides business financing services back in 1908 in ST.Louis. Later in 2011, they established the CIT bank aim to only supply online banking to the people.
You can easily open a CIT bank account with a minimum deposit of $100. It allows you to choose a saving account or checking account or money market account or CD account. So select any one of the accounts you are interested in.
However, it doesn’t have much more features and benefits for its users. You will only get limited offers such as no monthly fees on a saving account and an increasing interest rate on your account. In fact, it even doesn’t have physical branches except its original.
So, if you are not satisfied with CIT services or other things then you can close your CIT bank account. In this article, you will learn the easiest method to cancel a personal bank account on CIT bank.
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Things to Do or Remember Before Closing CIT Bank Account
As you already know, CIT bank is only for those people who love online banking. You can do all the banking transactions, bill payments, and transfer money online. It means you don’t have to go to the original bank location to access its service.
But there can be a lot of disappointment when you start using the CIT bank. So, if you are thinking about closing your account then first there are a few things that you need to remember or do.
Open New Bank Account
The first thing which you need to do before closing your current bank account is to open another new bank account. If you close your CIT bank account suddenly without having a link to other banks then where do you save all your funds or money?
If you have an optional bank account then it will be easier for you to store your all money before closing a current one.
Besides, if you already have another bank account then you can also transfer your all CIT money on that.
Transfer Your Funds
The second thing which you need to remember before closing any bank account is to transfer your all funds from your current account. If you have deposited lots of amounts on your CIT bank and you are thinking about closing your account then transfer your fund to another new bank account.
The reason why you need to transfer your money from your CIT bank account is for your salary deposit. If you have an automated salary deposit on your CIT bank account then you have to change your account information. You don’t want to receive your salary from CIT bank after closing your account right?
Other than this, if you transfer your funds earlier to your new account then you can also start to set up your auto payment methods on that bank.
Think do you want to manage your new banking activity earlier before closing your current one or do you want to jumble with it later on after closing your account? Obviously, it will be good if you finish all your new banking activity earlier.
Update Your Payment History
If you have an auto payment system from where all the payment is made through your CIT bank then cut it off.
Suppose you close your CIT bank account and then forgot to change your account to the new bank then your payment will not be completed. Instead, you will be charged with a late payment fee because you don’t have the correct payment gateway information.
Other than this, if someone tries to deduct the money from your CIT bank for the payment then your current bank will reject it. That’s because you don’t have an opening account at that bank. So, it will affect you hard if you have an active automated payment system.
Ask for Banking Statement Report
Your bank statement is the important thing which you need to check every month. You should know what is going on in your bank as well as your all transaction.
Suppose you don’t have a habit to check your bank account statement. So, if a bank is deducting money from your account for additional unnecessary charges or your automated payment system deducts more money than before then you can solve that situation.
Besides, you should always know the monthly transaction history of your bank. If you are changing the bank then it will help you out to determine what type of service charge you are bearing on CIT bank.
So, if you don’t want to activate those extra service charges on your new bank then you can simply ask them to deactivate them.
Check Bank Balance
You should always know how much amount you currently have in your bank account. If you requested to close an account without checking your total balance and if the bank deducts money from your account then how will you know?
Banks usually don’t deduct the amount from your bank when you are about to close your account. But they may charge extra costs for discontinuing your account.
Besides, if your bank balance is negative then you can’t close your account. You need the required amount from your bank before closing it.
So, always check how much funds you have in your bank account before closing it.
Setup Auto Payment
As I already said, you must change your auto payment information from your bank. If you close your account then your auto payment method will also be closed.
So, when there is a time for your payment and if the company doesn’t find your correct source for payment then the monthly payment will be in the queue. If you have too much payment in the queue which needs to be completed then you will be charged with a late payment fee.
That’s why first set up your automated payment system completely before closing your account. Once the payment gateway is open then you can request to cancel your account.
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Unlink Accounts
Most people link their bank account to a retirement account or other financial institution. The company will deduct a certain amount of money from the bank account and load it into your external accounts (retirement or investment).
If you don’t change your information or source of money then your financial institution won’t be able to transfer the money to your account. So, for the automated investment, you need to swap the information to your new bank account.
This way, you don’t have to worry about your other investment plan savings.
Be Aware of Closing Charges
You may have to bear the closing account charges from your bank. If you are about to close your bank within 14 days of opening then you don’t have to pay the charge.
But if the account is a month old or crosses 14 days then some of the banks charge the closing account fee.
So, if you are choosing a new bank then select such type of bank that doesn’t charge a fee after closing your account.
How to Cancel CIT Bank Account?
If you don’t want to continue with CIT Bank then you can easily cancel your account. You just need to submit few written documents and your personal information for discontinuing your account.
But remember there shouldn’t be a negative balance in your account. Bank usually doesn’t allow you to close your account if you don’t have a balance in your account. So, make sure you have at least $10 or even more in your account.
Moreover, you also need to clear out all your pending dues. If you still have lots of pending payments then you first need to sort it all out before requesting for cancellation.
Once you settle down your pending dues and negative balance then you can start the account cancellation process.
Close CIT Bank Account by Visit CIT Bank Branch
CIT Bank is an online bank but it still does have its main physical branch. If you wish to visit the bank directly and request to close your account then you have to reach out to your main office or location.
The branch of CIT Bank is located in Pasadena, CA 91109-9699 (P.O. BOX 7056). You can visit the location and search for the bank. If you are having trouble locating the bank then you can also ask the local people over there.
Once you find the CIT bank then visit the bank and follow the following steps to cancel your account.
- Go to the help desk section inside the bank.
- Talk to the account manager and request to cancel your account.
- Now, you will either have to fill out the form or provide your bank detail.
- So, provide your name, account number, and other additional required information.
- Now, you have to provide a reason why you are closing your account.
- Once you provide your reason then proceed to the further steps.
- Finally, after submitting all the required information, your account will be terminated.
So, this is how you can cancel your bank account within a few minutes. Besides, it will be better for you to visit the bank on the working days from Monday to Friday. The bank will be closed if there’s a holiday or special event.
Close CIT Bank Account by Contacting CIT Bank Customer Support
You can also contact CIT bank customer support and request to terminate your account. If you don’t want to visit the bank physically then you can reach the support team of CIT through the phone is the best option you can choose.
The customer support team of CIT Bank is online from Monday to Friday (9 am – 9 pm). If you are willing to call on Saturday then you have to call from 10 am – 6 pm (ET).
Simply call them and state your problem regarding closing an account.
CIT Bank Customer Support Number
Within the U.S: 855-462-2652
Outside the U.S: 626-535-8964
Now, let’s see how you can do that.
- Call on the above-mentioned number.
- Speak to the support manager.
- Request to close your account.
- Provide your bank detail and personal information.
- Verify your closing account.
Now your request will reach the executive manager of CIT Bank and your account will be terminated soon.
What Happen After You Close Your CIT Bank Account?
If you close your CIT Bank account then you can’t access your account anymore. It will cut off the connection between you and your account.
Similarly, all your saving or checking, or investment account information will be removed. More, your automated payment method will also no longer be available. You can’t make any transaction or transfer money from the moment when you terminate your account.
If you have linked your bank account to other financial institutions then they can’t reach your account. It means your banking transaction and transfer will be disabled.
However, the bank will keep your record safe in case you want to re-open your account in the future.
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How Long Does It Take to Close CIT Bank Account?
CIT Bank takes closes your bank account after your request is accepted.
Once you request to cancel your CIT bank account then you’ve provided all the required bank detail along with your personal information. After that, the bank will examine your account completely whether everything is correct or not.
If your bank detail is correct and you don’t have any pending dues or transactions then your account will be terminated. But, if you have lots of pending dues and you don’t have sufficient balance in your account then your request will not be accepted.
Conclusion
So, you can close your CIT Bank account either by visiting the main branch or contacting customer support. You can follow anyone option which is suitable for you and easy to terminate your account.
But remember to open a new account and transfer all your current funds to your new account. Also, update automated payment details so that you won’t be charged with late payment fees. In addition, don’t forget to have a minimum balance in your account so that you won’t face any rejection while closing an account.
Thank you for reading our article.