CIT Bank Reviews (4)

LOST CD INTEREST update
Bank rep claims he understands the issue and will adjust the date of the term to correspond with the date of the opening deposit. He also says that this has been an ongoing "systems issue" that is being looked at. OK...benefit of the doubt...

LOST CD INTEREST due to CIT bank's bookkeeping methods:

When a CD account is opened online, and then funded by transfer or by mailing a check, interest is lost for the number of days that the bank begins the term of the CD (when the application is submitted and approved) vs the date of funding.
Let's say you apply online for a 1-yr CD on the 1st, and the account is opened. You mail a check which is received and deposited on the 7th.
The TERM of your CD begins on the 1st and expires 1 year later, but you only get paid interest from the 7th. You lose a few days interest because the term as defined expires early.

In this example, you have been sold a 1-year CD but have been delivered a 359-day CD.

The obvious answer is for CIT to start the term of the CD on the date it is initially FUNDED, and not the date the application is submitted online. OTHER BANKS DO THIS, so it is completely discretionary.

@ Martha

They are an online bank so they only have online locations. I use them and find the interface to be pretty easy.

I would like to tranfer money form a savings earning less that 1% to your 5 year CD... do you have a brick and mortar location? or is all banking done on line?
M