How To Avoid CIT Bank’s Monthly Maintenance Fees
Most banks charge their customers fees for monthly maintenance, ATM use or for overdrawing the account. Fortunately, the CIT Bank monthly maintenance fees can be avoided by being more strategic about how you do your banking. When you opened your account online, you might have skipped all the fine print explaining how you could save on many of the CIT Bank fees. No worries, you’re about to find out how.
What Are the CIT Bank Checking Account Fees?
There is no CIT Bank monthly maintenance fee for the bank’s eChecking account. Here’s a look at all the other CIT Bank checking account fees:
| Fee | Amount Charged |
|---|---|
| Out-Of-Network ATM fees | Refunded up to $30 per month |
| International debit card purchases and withdrawals | 1% of amount |
| Overdraft | Free |
| Returned deposit per item | $10 |
| Bill stop payment | $30 |
| Foreign exchange rate | Varies |
| Outgoing wire transfers | $10 |
| Incoming wires | Free |
| Online transfers | Free |
What Are the CIT Bank Savings Account Fees?
Like the CIT eChecking account, there is no CIT Bank monthly maintenance fee for the bank’s savings and money market accounts. Here’s a look at all the other CIT Bank savings account fees:
| Fee | Amount Charged |
|---|---|
| Returned deposit per item | $10 |
| Excessive transactions | $10 per transaction capped at $50 per month |
| Bill stop payment | $30 per check |
| Money market overdraft | $30 each |
How To Avoid CIT Bank Monthly Maintenance Fees
CIT Bank doesn’t charge as many fees as other banks, so you have fewer fees to worry about. Regardless, every penny you can save counts. Here are three ways you can avoid CIT bank fees:
1. Limit Your ATM Withdrawals
CIT doesn’t have its own network of ATMs, so you’ll need to be more careful of how often you make cash withdrawals. CIT will refund up to $30 in ATM fees charged by the cash machine providers, but that might only cover a handful of withdrawals per month.
Instead of making frequent trips to the ATM, consider limiting your withdrawals to only one per week and taking out enough to cover all your cash needs. Limiting your cash withdrawals shouldn’t be a banking deal breaker. When you’re following a strict budget, paying in cash makes it harder to track your expenses. You could be better off using your debit card to pay for as many transactions as possible so you can examine your spending and see where your money goes every month.
2. Watch Your Savings and Money Market Withdrawals
Similar to limiting your ATM withdrawals to save on ATM fees, be careful about the number of withdrawals you make from your savings and money market accounts. Federal rules limit the number of withdrawals you can make to only six per month. The rule applies to all transfers and withdrawals. Go over the limit of six and CIT will charge you up to $50 per month in excessive transaction fees, which cost $10 each.
3. Be Careful of Who You Send and Receive Money From
Some of the highest CIT Bank fees could be due to changing your mind about a payment you’ve made or arranged to receive. CIT Bank charges $10 per returned deposit if someone sends you money and stops it or refuses to honor it later. Changing your mind about a payment you issued and requesting a bill stop payment will cost you $30.
How To Avoid CIT Bank ATM Fees
CIT Bank doesn’t charge ATM withdrawal fees, but the ATM providers where you make the withdrawal probably will. To offset this, the bank will refund $30 per month in ATM fees. It should cover you for a few withdrawals, but considering that some banks charge as much as $5 for every ATM transaction, CIT Bank’s $30 refund doesn’t cover much. As mentioned above, the best way to save on ATM fees is to limit how many transactions you make by withdrawing more cash fewer times during the month.
How CIT Bank’s Account Fees Compare To Other Banks’
Here’s an overview of how CIT checking and savings account fees compare.
| Fee | CIT Bank | Wells Fargo | Chase | Bank of America | Citibank |
|---|---|---|---|---|---|
| Monthly maintenance | None | Up to $10 | Up to $25 | Up to $25 | Up to $30 |
| Out-of-network ATM withdrawl | CIT Bank will refund the first $30 of fees per month | In U.S.: $2.50
Outside U.S.: $5 |
In U.S.: $2.50
Outside U.S.: $5 |
In U.S.: $2.50
Outside U.S.: $5 |
$2.50; additional 3% fee for transactions made outside U.S. and Puerto Rico |
| Overdraft (nonsufficient funds) | Free | $35 | $34 | $35 | $34 |
| Excess transactions | $10 each for up to $50 per month | $15 | $5 | $10 | No fee |
| Wire transfer | $10 | $15-$30 | $15-$30 | Varies | $15-$45 |
| International debit purchase | 1% of transaction | 3% of transaction | 3% of transaction | 3% of transaction | 3% of transaction |
Getting the Most Out of Your CIT Bank Account
CIT Bank shines when it comes to its savings products. The accounts pay some of the highest interest rates on the market. Consider moving your cash over to a savings product to grow your money faster. And for those who’ve wanted to sock some money away but haven’t yet made the leap, there’s no better time to start. Here are CIT Bank’s current savings rates:
- Savings Builder: Up to 1.00% APY for balances of $25,000 or more or when you make a deposit of $100 per month
- Premiere High-Yield Savings: 0.30% APY
- Money Market: 1.55% APY
Avoiding CIT Bank Fees Is Simple
CIT Bank is one of the lowest-cost banks around. As long as you don’t mind doing your banking online or through the mobile app, you’ll pay fewer fees and earn a higher interest rate on your savings. Keeping CIT Bank fees low isn’t hard because the bank doesn’t charge many in the first place. You might miss out on physical bank branches and having access to a wide network of free ATMs, but the savings could be worth the small adjustments you need to make.
Information accurate as of June 9, 2022.
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