CIT's direct bank announces new digital self-service capabilities

PASADENA, Calif., Aug. 27, 2020 /PRNewswire/ -- CIT's national direct bank CIT Bank today announced new self-service capabilities to move funds via wire transfer and to manage mature certificates of deposit (CDs) through the bank's online and mobile platforms. The new functionalities add simplicity to the CIT digital banking experience and further enable consumers to manage their money remotely and at their convenience.

"We're committed to simplifying the banking experience for our customers and empowering them to meet their goals with ease and efficiency," said Ravi Kumar, head of CIT's direct bank. "These latest enhancements provide added flexibility to help customers bank from anywhere, at any time."

Unique to the new wire transfer capability is the option to choose the recipient type, such as an escrow company, intermediary or standard recipient, simplifying the data entry process. Transactions are kept secure through the use of a one-time passcode delivered by SMS message or phone call.

CD management upgrades enable customers to manage their accounts at their convenience. Now, once a CD matures, customers can simply log-on through their online or mobile banking platform for options such as changing their CD terms or transfer funds to an existing CIT bank account.

CIT's self-service features are the latest digital functionalities introduced by the direct bank. Last fall, the bank also rolled out eChecking, featuring a wide variety of electronic transfer and payment solutions, including debit card controls, Bill Pay, Apple Pay and Samsung Pay, as well as partnering with Zelle^®1.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

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¹ Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

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SOURCE CIT Group Inc.

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