CITReviews of cit.com

I opened a high-yield savings account several years ago. It had a rate competitive with other banks offering the products, I think over 5%. I periodically noticed the rate was decreasing but thought it was because interest rates in general were lower. Now I've discovered the interest rate has plummeted to 0.25%. At the same time, however, CIT is presently marketing other savings accounts with yields over 4%. Apparently they offer high rates and then gradually reduce them and hope the customer doesn't notice or make an effort to close the account. They don't make it easy. Otherwise, I haven't had a problem with transfers, the website, or customer support.

CIT seems unable to enter the correct tax rate when the rate varies at different locations. 6 months into our lease, and we still can't get a correct invoice.

The website CIT uses for the leases handling is clunky, outdated, and not easy to navigate. 1. Layout. You need to guess how to navigate the website (not intuitive) 2. Try/Error. While navigating the system and finding the information, there is a few try and error to do before you get what you need. 3. Outdated. This is not just the website/layout, but the content itself. For example, invoices cannot be sorted by date. They are displayed by old to newest. The same with payments. 4. Lack of reporting building, or reports at all. To match the invoice vs the payment, both records need to be downloaded. Then, you match them manually. For all the money they make, this seems like a negligent section CIT doesn't want to put emphasis into.

Good bank. But resetting your ID or password is painful. They send 2-3 text codes and email codes but when you get to the change password area you need to enter your old password. Ummm, duh! I wouldn't be here resetting my password if I knew it! Needless to say, after several attempts of guessing my old password to set a new password (dumb). I got locked out.

I am not a person who leaves a lot of reviews, but if you're thinking of using Direct Capital, you should know a couple caveats: 1. After you sign up for the loan, you will be required to provide a special Certificate of Insurance (COI) to show that you're insuring whatever they funded. This is not a normal COI, but a special COI, which means that your insurance company has to be able to put a lot of very specific requirements that aren't normally required on a normal COI. There's an almost certain chance that your insurance company won't be able to meet this requirement (mine couldn't), and I honestly think Direct Capital counts on this as an income stream. My loan interest started at 10%; however, when you add the cost of their insurance, the equivalent interest rate exceeded 37%. 2. Direct Capital does not provide detailed financial statements to its customers. You will not know how much they are taking out per month, or how much of that is principal, interest, and fees. They claim that they'll provide it on request via email, but I've requested this same information for several months and I've given up trying. I basically cannot reconcile my accounting, because I don't know how much went to what. 3. Their customer service department is wired to provide ambiguity. They refuse to provide account details in any form, and they say that it's the customers "responsibility" to do the math themselves and figure out how their money is being applied to the loan. So, why two stars? Simple: DC is a company that manages to straddle the space between legitimate bank loans and cash advance scammers. They WILL take more money than you bargained for and they WILL be frustrating to work with... BUT, but.. if your company cannot get a legitimate loan, they are the cheapest option among the alternative lenders. In other words: among all the conniving, cheating loan outfits on the internet, they are probably best-in-breed. **You can decide if the headache is worth the cost savings, but my recommendation? Use a credit card; it's cheaper and you know where your money is going.**