How to Close a CIT Bank Account: Comprehensive Step-by-Step Guide for 2025

Introduction to CIT Bank and Account Types

How to Close a CIT Bank Account is a leading online-only bank known for its competitive interest rates, low fees, and digital-first banking experience. As a subsidiary of First Citizens Bank, CIT Bank offers a range of FDIC-insured products designed to maximize savings and flexibility. Its key account types include:

• Platinum Savings: A high-yield savings account offering 4.10% APY for balances of $5,000 or more, with a $100 minimum opening deposit.
• Savings Connect: A high-yield savings account with a 4.00% APY, requiring a $100 minimum deposit and no monthly fees.
• eChecking: An interest-bearing checking account with 0.10%–0.25% APY, no overdraft fees, and up to $30 monthly ATM fee reimbursements.
• Money Market Account: Offers a 1.55% APY with a $100 minimum deposit, ideal for quick access to funds via Zelle or mobile check deposit.
• Certificates of Deposit (CDs): Include Term CDs (6 months to 5 years, 0.30%–3.50% APY), No-Penalty CDs (11 months, 3.50% APY), and Jumbo CDs (2–5 years, 0.40%–0.50% APY), with minimum deposits of $1,000–$100,000.

Since CIT Bank operates entirely online, closing an account involves digital or phone-based processes, which can differ from traditional banks with physical branches. For more on online banking, check out our guide on choosing the best online bank for 2025.

Why People Close Their how to close a cit bank account

There are several reasons why customers choose to close their how to close a cit bank account. Understanding these motivations can help you decide if closure is the right move:

• Switching to a New Bank: You may find better rates, features, or local branches elsewhere. For example, some prefer banks like Ally for higher CD rates.
• Consolidating Finances: Managing multiple accounts can be cumbersome, prompting users to centralize their funds.
• Dissatisfaction with Services: Limited features, such as no paper checks for eChecking or no cash deposits, may not suit everyone.
• Low Balances: Accounts with less than $5,000 in Platinum Savings earn only 0.25% APY, pushing users to seek higher yields.
• Life Changes: Relocating, changing financial goals, or closing joint accounts after life events like marriage or divorce.
• CD Maturity: After a CD matures, some choose to close the account rather than renew, especially if rates are uncompetitive.
• Environmental Concerns: Some customers switch to sustainable banks, as CIT Bank’s parent company has ties to industries like oil and gas.

Whatever your reason, closing your how to close a cit bank account requires careful planning to avoid complications. For tips on switching banks, see our article on how to switch banks seamlessly.

Pre-Closure Checklist

Before initiating the closure process, complete these essential tasks to ensure a smooth transition and avoid issues like fees or delays. Below is a detailed checklist:

Additional Tips

• Review Your Account: how to close a cit bank account Log into CIT Bank’s website or mobile app to check your balance, recent transactions, and linked services.
• Secure Records: Save digital statements via CIT’s online portal, as access may be limited post-closure.
• Plan for CDs: If closing a CD, wait until maturity or confirm the no-penalty option (11-month CD) to avoid fees.
• Update Financial Apps: If you use budgeting tools like Mint, update your account details after transferring funds.

Completing these tasks minimizes risks and ensures compliance with CIT Bank’s closure requirements. For more on financial organization, read our guide on managing multiple bank accounts.

Step-by-Step Guide: How to close a cit bank account

Closing a how to close a cit bank account is straightforward but requires contacting customer service, as the bank does not offer an online closure option. Below is a step-by-step guide for closing checking, savings, money market, or CD accounts:

Step 1: Prepare Your Information

• Gather your account number, Social Security number, and a valid photo ID (e.g., driver’s license).
• Confirm your account balance is $0 or positive after transferring funds to another bank.
• For CDs, ensure the term has matured or verify if it’s a No-Penalty CD to avoid penalties.

Step 2: Contact CIT Bank Customer Service

• Phone: Call 855-462-2652, available Monday–Friday, 9 a.m.–9 p.m. ET, and Saturday, 10 a.m.–6 p.m. ET. Sundays and holidays are unavailable.
• Secure Email: Log into your how to close a cit bank account online or via the mobile app and send a secure message through the customer service portal.
• Note: CIT Bank does not allow account closure via regular email or mail for security reasons.

Step 3: Request Account Closure how to close a cit bank account

• Inform the representative that you want to close your account (specify checking, savings, money market, or CD).
• Provide your account number and answer verification questions to confirm your identity.
• State how you want to receive any remaining balance (e.g., ACH transfer to another bank, check by mail, or wire transfer).

Step 4: Complete Any Required Forms

• CIT Bank may provide a digital Account Closure Form via secure email. Fill out all fields, including account details and fund transfer instructions.
• For joint accounts, both account holders may need to sign the form or provide consent.
• Submit the form via the secure portal or as instructed by the representative.

Step 5: Confirm Closure

• CIT Bank typically processes closure requests within 1–3 business days. You’ll receive a confirmation email or letter once the account is closed.
• Verify that your account no longer appears in your online banking portal or mobile app how to close a cit bank account.
• Check your new bank account to ensure the transferred funds have arrived (may take 2–10 days for ACH transfers).

Step 6: Retain Records

• Save the closure confirmation and final statement for your records, as CIT Bank retains account data but may limit access post-closure.

For detailed banking procedures, visit CIT Bank’s FAQ page or explore our article on navigating online banking in 2025.

“Closing an online bank account like CIT’s requires preparation, but it’s a simple process if you clear your balance and communicate clearly with customer service.” – Rachel Patel, Financial Advisor

How to Avoid Fees or Penalties During Closure

CIT Bank is known for its fee-friendly structure, but there are potential costs to watch for when closing an account:

• No Account Closure Fees: CIT Bank does not charge fees for closing checking, savings, or money market accounts.
• CD Early Withdrawal Penalties:
  • Term CDs (up to 1 year): 3 months’ simple interest penalty.
  • Term CDs (1–3 years): 6 months’ simple interest penalty.
  • No-Penalty CDs: No penalty if withdrawn 7 days after funding how to close a cit bank account.
• Excess Transaction Fees: Money Market accounts have a $10 fee per transaction after six per statement cycle. Ensure no pending transactions before closure.
• Wire Transfer Fees: If you request a wire transfer for remaining funds, CIT may charge a fee (typically $10–$25). Opt for free ACH transfers when possible.
• Overdraft Risks: If autopay transactions are still linked, you could incur overdraft issues during fund transfers. Cancel all autopay settings first.

Tips to Avoid Fees how to close a cit bank account

• Wait for CD Maturity: Close Term CDs only after the term ends to avoid penalties.
• Zero Out Balance: Transfer all funds via ACH to avoid wire fees or overdraft risks.
• Monitor Transactions: Check for pending deposits or withdrawals to prevent unexpected fees.
• Contact Support Early: Clarify any fees with a representative before initiating closure.

For more on banking fees, visit NerdWallet’s guide to bank fees or our article on avoiding hidden banking fees.

Closing a Joint Account vs. Individual Account

Closing a how to close a cit bank account differs slightly depending on whether it’s an individual or joint account:

Individual Account

• Process: how to close a cit bank account Follow the steps above—contact customer service, provide verification, and request closure. Only the account holder needs to initiate the process.
• Requirements: No additional signatures or consents are needed, making it simpler and faster.
• Timeframe: Typically completed within 1–3 business days after verification how to close a cit bank account.

Joint Account

• Process: Both account holders may need to provide consent, either by signing a digital Account Closure Form or verbally confirming via phone.
• Requirements: CIT Bank verifies the authority of all signatories, referencing the account’s empowering documents (e.g., original account opening forms).
• Challenges: If one account holder is unresponsive, closure may be delayed. In some cases, CIT allows one holder to close the account, but this varies by account agreement.
• Timeframe: May take 3–5 business days due to additional verification.

Best Practices

• Communicate with Co-Holder: Ensure both parties agree on closure and fund distribution.
• Specify Fund Allocation: Clearly indicate how remaining funds should be split (e.g., equal ACH transfers to each holder’s new account).
• Verify Documentation: Provide updated KYC documents (e.g., ID copies) if requested by CIT Bank.

Alternatives to Closing: Downgrading or Freezing the Account

If you’re hesitant to close your how to close a cit bank account, consider these alternatives:

• Downgrade to a Lower-Tier Account:
  • Switch from Platinum Savings to Savings Connect to maintain a high-yield account with a lower balance requirement (4.00% APY vs. 0.25% for Platinum Savings under $5,000).
  • Contact CIT Bank to adjust your account type without closing.
• Maintain a Minimal Balance:
  • Keep $100 in a Savings Connect or Money Market account to avoid closure while earning interest.
  • Useful if you plan to reactivate the account later.
• Freeze Transactions:
  • Pause autopay or linked services to “freeze” the account without closing it, preserving access for future use.
  • Contact customer service to disable transactions temporarily.
• Convert to a Custodial Account:
  • Transform a savings account into a custodial account for a child, maintaining savings with a purpose.

These options preserve your relationship with CIT Bank while addressing concerns like low balances or unused accounts. For more on account management, check Investopedia’s guide to bank accounts.

What to Do After how to close a cit bank account

After closing your how to close a cit bank account, take these steps to ensure a clean break and secure your finances:

• Verify Fund Transfers: Confirm that all funds have reached your new bank account. ACH transfers may take 2–10 days.
• Update Financial Records: Remove the how to close a cit bank account from budgeting apps and update your financial plan.
• Monitor for Residual Activity: Check for unexpected transactions (e.g., forgotten autopay) in the 30 days post-closure.
• Shred Sensitive Documents: Destroy any physical CIT Bank statements or debit cards to protect your identity.
• Save Closure Confirmation: Retain the closure email or letter for at least one year for tax or dispute purposes.
• Review FDIC Coverage: If you’ve moved funds to a new bank, ensure your total deposits stay within the $250,000 FDIC insurance limit. Visit FDIC’s insurance guide for details.

For post-closure financial planning, explore our guide on rebuilding your financial strategy.

Expert Quotes & User Experiences

Expert Insights

“how to close a cit bank account is straightforward if you plan ahead. Clear your balance, cancel autopay, and save records to avoid surprises. Online banks like CIT prioritize digital efficiency, so use their secure portals for communication.” – David Nguyen, Banking Consultant

“For CD holders, timing is critical. Wait for maturity or choose a No-Penalty CD to avoid fees. Always confirm fund transfer methods with CIT to ensure a cost-free closure.” – Laura Simmons, Certified Financial Planner

User Experiences how to close a cit bank account

• Positive: “I closed my CIT Savings Connect account after switching to Ally for a higher APY. The process took two days via phone, and the representative was helpful. Just make sure your balance is zero first!” – Sarah T., Reddit user
• Positive: “Closing my 11-month No-Penalty CD was easy. I called after transferring funds, and there were no fees. CIT sent a confirmation email within 24 hours.” – Mark L., Trustpilot review
• Critical: “It took longer than expected to close my joint account because my spouse was unavailable to sign the form. Wish CIT had clearer instructions online.” – Emily R., Yelp reviewer
• Critical: “The phone wait time was 15 minutes, and I had to call twice to confirm closure. Transferring funds was seamless, though.” – John K., Google review

These experiences highlight the importance of preparation and communication when closing a how to close a cit bank account.

Final Advice and Action Steps

Closing a how to close a cit bank account—whether checking, savings, money market, or CD—is a manageable process with the right preparation. By following the steps outlined, you can avoid fees, ensure a smooth fund transfer, and maintain control over your finances. CIT Bank’s digital-first approach requires proactive communication via phone or secure email, but its fee-friendly policies make closure accessible for all customers.

Action Steps:

1. Complete the Pre-Closure Checklist: how to close a cit bank account Open a new bank account, transfer funds, cancel autopay, and download statements. Use the checklist table to stay organized.
2. Contact CIT Bank: Call 855-462-2652 or send a secure message to initiate closure. Have your account details and ID ready.
3. Specify Fund Handling: Request an ACH transfer for remaining funds to avoid wire fees. For CDs, confirm maturity or no-penalty status.
4. Verify Closure: Check for confirmation within 1–3 days and ensure funds arrive in your new account.
5. Retain Records: Save closure documents and monitor for residual activity for 30 days.

For additional resources, visit CIT Bank’s official help page or explore our banking tips for 2025. Act confidently today to close your CIT Bank account and take charge of your financial future!