CIT Debuts Amenities Payment Feature

CIT Group Inc.’s Community Association Banking division has launched a new amenities feature in C-PropertyPay, a secure payment system to help residents and association members pay their dues, rent and other shared services fees online or via a mobile app, according to a company announcement Tuesday (Nov. 16).

CIT Community Association Banking clients who use C-PropertyPay can use the amenities feature to pay for pool keys, access cards and more in one system. Homeowner associations and community association managers can use the feature to streamline the accounting experience, because amenities are separate transactions from dues and assessment payments.

The money for amenities is deposited into association accounts, and reports are provided for fulfillment.

“We understand the unique needs of community association managers and their residents, and the new amenities feature further reduces the need for multiple software programs and helps make payment processes easier,” said Alan DeTata, president of Community Association Banking, in the CIT announcement.

“We are pleased to continue to advance our suite of digital solutions and the value they deliver for our clients,” he said.

CIT’s Community Association Banking business also includes other banking services, such as certificates of deposit, money market accounts, and a variety of digital payments solutions, supported by CIT’s Treasury and Payment Services business.

Related news: First Citizens, CIT Group Merger Will Create $100B Bank

CIT Group and First Citizens finalized an approximate $2.2 billion all-stock merger deal in October 2020 that created the 19th biggest U.S. bank, with more $100 billion in assets at the time. The agreement gives First Citizens stockholders about 61% ownership and CIT stockholders a 39% stake.

The merged firm is based in Raleigh, North Carolina, operates as First Citizens and uses the NASDAQ ticker symbol FCNCA. The combined entity has operation centers in New York, New Jersey, California, Nebraska, Arizona, Florida and South Carolina, among other locations.