eChecking is the newest digital CIT Bank product following the launch of Savings Builder, a smart savings option that rewards those who consistently save at least $100 each month or maintain a balance of at least $25,000 with a competitive interest rate
Image: CIT has expanded direct bank offering with launch of eChecking. Photo: courtesy of rawpixel from Pixabay.
CIT’s national direct bank, CIT Bank, announced the launch of eChecking, a new digital checking account featuring no monthly fee, up to .25% APY and an ATM Fee reimbursement of up to $15 a month.
To enhance the banking experience, the new account also features a wide variety of electronic transfer and payment solutions, including debit card controls, Zelle®1, 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.”
According to a 2019 CIT survey, U.S. consumers who have bank accounts utilize mobile banking an average of seven times each month, a 40% increase from the prior year. Nearly two-thirds of U.S. consumers have or would consider opening an eChecking account, according to the same 2019 report.2
“Our new account provides a number of ways to send, receive and deposit money while also empowering customers to earn more on their deposits,” continued Kumar. “We’re pleased to expand our portfolio of checking and savings solutions to provide consumers additional opportunities to achieve their goals regardless of where they are in their financial journey.”
eChecking is the newest digital CIT Bank product following the launch of Savings Builder, a smart savings option that rewards those who consistently save at least $100 each month or maintain a balance of at least $25,000 with a competitive interest rate. The account seamlessly connects to Savings Builder and other CIT savings products, providing useful linkage for those with multiple accounts.
CIT’s new capabilities come at a time when saving is becoming increasingly pressing for U.S. consumers. According to CIT Bank’s new Financial Bliss survey, the majority say saving money makes them happier than spending, highlighting the value of online money management options.
Source: Company Press Release