CIT Bank Rolls Out Digital Checking Product

digital banking

National direct bank CIT Bank is introducing eChecking, a new digital checking account with a wide variety of electronic transfer and payment solutions, the company announced in a press release on Friday (Nov. 15).

The new accounts have no monthly fee and offer ATM fee reimbursement of up to $15 a month. Customers can use numerous electronic transfer and payment solutions, including debit card controls, Zelle, Bill Pay, Apple Pay and Samsung Pay.

“Today’s consumers want the flexibility to manage their finances from anywhere and at any time,” said Ravi Kumar, head of CIT’s direct bank. “At CIT Bank, we’re committed to prioritizing convenience for our customers as digital payments continue to gain traction.”

Mobile banking has jumped 40 percent over last year — an average of seven times each month — according to a July Harris Poll conducted on behalf of CIT. The survey also showed that almost 67 percent of respondents either have or would consider opening eChecking accounts, the release said.

According to CIT Bank’s recent Financial Bliss survey, the majority of respondents say saving money makes them happier than spending it, highlighting the value of online money management options.

“Our new account provides a number of ways to send, receive and deposit money while also empowering customers to earn more on their deposits,” Kumar said. 

He added that the bank wants to offer consumers expanded solutions to help them “achieve their goals regardless of where they are in their financial journey.”

The launch of eChecking follows the introduction of CIT’s Savings Builder, which offers interest rate rewards to users who have a track record of saving a monthly minimum of $100 or maintain a balance of at least $25,000. 

In other digital banking news, wireless carrier T-Mobile announced in April it was getting into the banking market with the launch of T-Mobile MONEY nationwide, a no-fee, interest-earning, mobile-first checking account that anyone can open and manage from their smartphone.

T-Mobile said its checking account offers customers the ability to earn 4 percent Annual Percentage Yield on balances up to $3,000, which is 50 times higher than the average U.S. checking account.