CIT Bank

Report Card
A
Overall Grade
A
Debt Collection Grade
A-
Bank Account Services Grade
CIT Bank is rated overall in the top 99 percentile (out of 100) based on 22 customer complaints.

Statistics

Complaints Currently In-Progress1
Complaints per $100K of Deposits1.5
Complaints Resolved in a Timely Manner100%
Resolutions Disputed by Customer22.7%
Average Time Until Resolution39 days

Financial Report

Owner CorporationCit Group Inc.
EstablishedOctober, 2000
FDIC InsuredOctober, 2000
FDIC Certificate #035575
Number of Branches1
Total Assets$20.3 Million (50th)
Total Deposits$14.4 Million (54th)
Total Equity$2.7 Million (48th)
Quartarly Net Income$16.4 Thousand (71st)

Contact Information

Corporate Headquarters
2150 South 1300 East, Suite 400
Salt Lake City, UT 84106
United Statesflag
Website
bankoncit.com
Data Summary
CIT Bank logo

Grade Summary

Overall, CIT Bank received a grade of "A" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

Grades are also broken down by the financial products offered be each institution. CIT Bank is rated "A" in Debt Collection, and "A-" in Bank Account Services. Click on any of the financial products to see how CIT Bank compares.

Overview

CIT Bank has received 22 consumer complaints since March, 2014 – more than 77% of other banks.

Of those complaints, 100% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' CIT Bank meets the 60-day response deadline more frequently than 71.2% of other banks.

After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 22.7% of customers dispute CIT Bank's response to complaints — worse than 70% of other companies.

Most of CIT Bank's customers complain about mortgages with the primary issue being "loan modification,collection,foreclosure."

CIT Bank is primarily a commercial bank with a commercial lending specialization. CIT Bank is based in Salt Lake City, Utah and is the 50th largest FDIC insured bank in America.

Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.

However, even after adjusting for bank size and number of customers, CIT Bank receives far more complaints than most other banks. CIT Bank recieves more complaints per customer than 96% of other banks – customers are significantly more likely to file complaints than customers of most other banks.

Corporate Headquarters
Complaints by Product
Complaints by State
Complaints Against CIT Bank
#Financial ProductSub-ProductComplaint IssueComplaint Count
1MortgageOther mortgageLoan modification,collection,foreclosure3
2Bank account or service(CD) Certificate of depositAccount opening, closing, or management3
3Bank account or serviceSavings accountAccount opening, closing, or management3
4Debt collectionOther (phone, health club, etc.)Taking/threatening an illegal action2
5Debt collectionOther (phone, health club, etc.)Cont'd attempts collect debt not owed2
6Bank account or serviceOther bank product/serviceAccount opening, closing, or management2
7Debt collectionCredit cardTaking/threatening an illegal action1
8Bank account or service(CD) Certificate of depositDeposits and withdrawals1
9Debt collectionCredit cardCont'd attempts collect debt not owed1
10Debt collectionCredit cardDisclosure verification of debt1
Responses From CIT Bank
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation2222 (100%)5 (22.7%)
2Closed55 (100%)1 (20%)
Complaints over the Past Year