Does CIT Bank Use ChexSystems?

CIT Bank offers online checking with no monthly maintenance fee or overdraft fees. Its accounts can be opened from anywhere in the United States, but applicants must pass the bank’s identity and account history review.

Past unpaid balances, forced account closures, or suspected fraud can affect the result. Here’s how CIT Bank uses ChexSystems and what to know about its eChecking account before you apply.

CIT Bank Uses ChexSystems

CIT Bank uses ChexSystems when it reviews checking and savings account applications. Negative information in your ChexSystems consumer report can lead to a denial.

CIT Bank can review information about your previous deposit accounts, unpaid balances, and account closures. Its account agreement also allows the bank to obtain account experience or credit information from consumer reporting agencies when you open an account.

The bank also verifies your identity. CIT Bank asks for your legal name, street address, date of birth, Social Security number, and other personal information during the application process.

Which ChexSystems Records Can Affect Approval?

CIT Bank doesn’t publish a list of entries that always result in a denial. Recent and unresolved banking problems create the highest risk.

The bank can consider:

• Unpaid balances: Money owed to another bank or credit union can reduce your approval chances.
• Suspected fraud: Fraud warnings or questionable deposits can cause a denial.
• Forced account closures: An account closed by another financial institution can affect the decision.
• Repeated overdrafts: Several unpaid overdrafts can show continued account problems.
• Returned payments: Returned checks or electronic transfers can raise concerns.
• Previous CIT Bank debt: Money owed from an earlier CIT Bank account can prevent approval.

A paid entry can remain in your ChexSystems consumer report. The updated status still shows CIT Bank that you resolved the debt.

CIT Bank Doesn’t Offer Second Chance Checking

CIT Bank doesn’t offer a second chance checking account with separate approval standards.

Its eChecking account has no monthly maintenance fee or overdraft fees, but those benefits don’t remove the ChexSystems review. Account pricing and account approval are separate.

Applicants with serious negative records should consider a bank that doesn’t use ChexSystems or one that clearly offers second chance checking.

CIT Bank eChecking Requires $100 to Open

CIT Bank eChecking requires a minimum opening deposit of $100. The account has no monthly maintenance fee or minimum ongoing balance requirement.

The account includes:

• Debit card access: Make purchases and withdraw cash with a CIT Bank debit card.
• Mobile deposits: Deposit eligible checks through the CIT Bank mobile app.
• Online transfers: Move money between CIT Bank and linked external accounts.
• Bill Pay: Schedule one-time and recurring payments through digital banking.
• Interest earnings: Earn a variable annual percentage yield on the account balance.
• ATM access: Use eligible ATMs for withdrawals without a CIT Bank fee.
• ATM reimbursements: Receive up to $30 per month in eligible fees charged by other ATM owners.

CIT Bank doesn’t operate a traditional branch network. Customers manage their accounts online, through the mobile app, or by phone.

eChecking Has No Overdraft Fees

CIT Bank doesn’t charge a fee when it pays a transaction that creates an overdraft. It also doesn’t charge a nonsufficient funds fee when it returns an unpaid transaction.

The bank can still decline or return a payment when your available balance is too low. CIT Bank also requires you to repay any negative balance immediately.

Customers can enroll in Savings Overdraft Transfer Service. CIT Bank transfers available money from a linked savings or money market account when eChecking doesn’t contain enough funds. The transfer covers the exact overdraft amount.

No overdraft fee doesn’t mean an account can remain negative without consequences. CIT Bank can close an account after excessive insufficient funds activity and report the problem to a consumer reporting agency.

CIT Bank Is Part of First Citizens Bank

CIT Bank is a division of First-Citizens Bank & Trust Company. First Citizens acquired CIT in 2022, but CIT Bank continues to offer online deposit accounts under its existing name.

Current CIT Bank products include:

• eChecking
• Savings Connect
• Platinum Savings
• Money Market
• Certificates of deposit
• Custodial accounts

CIT Bank accounts and First Citizens Bank accounts are held by the same legal bank. Deposit insurance limits can apply across eligible accounts held under both names.

Check Your ChexSystems Consumer Report Before Applying

Review your ChexSystems consumer report before CIT Bank checks it.

Look for:

• Unknown accounts: An account you don’t recognize can point to identity theft.
• Incorrect balances: Confirm that every reported amount is accurate.
• Paid debts shown as unpaid: A resolved balance should display the correct status.
• Wrong closure reasons: Make sure the former financial institution reported what happened correctly.
• Incorrect dates: A mistake can make an older problem appear more recent.

ChexSystems collects information about checking account applications, openings, closures, and check-writing history. You can request a free consumer report every 12 months and dispute inaccurate information.

Accurate negative information can generally remain for five years. Paying a valid balance usually won’t remove it early, but the reporting institution should update its status.

What to Do if CIT Bank Denies You

CIT Bank should send an adverse action notice when ChexSystems or another consumer reporting company affects its decision. The notice should identify the company that supplied the information.

Request your ChexSystems consumer report and review the entry that caused the denial. File a dispute when the information is incorrect.

Contact the bank or credit union that reported an accurate unpaid balance. Ask how to pay it and when the updated status will appear.

A denial can also result from identity verification problems. Confirm that your name, address, Social Security number, and date of birth match your official records before you apply again.

Best Banks That Don’t Use ChexSystems

If CIT Bank’s ChexSystems policy stands in your way, there are several strong alternatives that welcome customers with past banking challenges.

Learn More

• Banks That Don’t Use ChexSystems – Take the first step to rebuilding your banking history with our list of banks that do not use ChexSystems for account approval.
• Credit Unions That Don’t Use ChexSystems – Find a credit union that will work with you, not against you. Learn about the credit unions that don’t use ChexSystems.
• Am I in ChexSystems? – Unsure if you’re in ChexSystems? Learn how to find out and take control of your financial status.
• How to Get Out of ChexSystems – Learn how to get out of ChexSystems in four simple steps.
• Second Chance Checking Accounts – Take control of your financial future with our list of over 450 banks that offer second chance checking accounts.