How to Withdraw from CIT Bank: A Complete Guide: CIT Bank is a popular online bank known for its competitive interest rates on savings accounts, money market accounts, and certificates of deposit (CDs). However, since it operates primarily online, some customers may find the withdrawal process different from traditional banks.
If you’re wondering how to withdraw from CIT Bank, this guide will walk you through the different withdrawal methods, fees, processing times, and tips to ensure smooth transactions.
Table of Contents
- Understanding CIT Bank Withdrawal Options
- How to Withdraw from a CIT Bank Savings Account
- Withdrawing from a CIT Bank Money Market Account
- Early Withdrawal from a CIT Bank CD
- CIT Bank Withdrawal Limits & Fees
- How Long Do CIT Bank Withdrawals Take?
- Troubleshooting CIT Bank Withdrawal Issues
- FAQs on CIT Bank Withdrawals
- Conclusion
1. Understanding CIT Bank Withdrawal Options
Unlike traditional banks with physical branches, CIT Bank operates online, meaning withdrawals are processed electronically. Here are the main ways to withdraw money:
- ACH Transfer (to an external bank account)
- Wire Transfer (for faster transfers)
- Check Withdrawal (request a check via mail)
- ATM-Withdrawals (only+available for CIT-Bank Money-Market Accounts)
Each method has different processing times and potential fees, which we’ll explore below.
2. How to Withdraw from a CIT Bank Savings Account
CIT Bank offers high-yield savings accounts, but withdrawals must be done electronically. Here’s how:
Option 1: ACH Transfer (Free & Most Common)
- Log in to your CIT Bank account.
- Navigate to “Transfers” > “External Transfers.”
- Link an external bank account (if not already done).
- Enter the withdrawal amount and confirm.
- Funds will arrive in 1-3 business days.
Option 2: Request a Check (Slower but No Fee)
- Call CIT Bank customer service at (855) 462-2652.
- Request a check withdrawal.
- The check will be mailed to your address (takes 5-7 business days).
Option 3: Wire Transfer (Fast but with Fees)
- Login and go-to “Transfer’s” +“Wire Transfer.”
- Provide recipient bank details.
- CIT Bank charges $10 for domestic wires and $25 for international wires.
- Funds arrive within 1 business day.
3. Withdrawing from a CIT-Bank Money Market-Account
CIT Bank’s Money Market Account (MMA) offers limited check-writing and ATM access, making withdrawals easier.
Option 1: ATM Withdrawal
- Use your CIT Bank debit card at any ATM.
- CIT Bank reimburses up to $30/month in ATM fees.
- Daily withdrawal limit: $1,000 (may vary).
Option 2: ACH or Wire Transfer
- Same process as savings accounts (see above).
Option 3: Write a Check
- CIT Bank MMA allows check withdrawals (limited checks provided).
4. Early Withdrawal from a CIT Bank CD
Withdrawing from a Certificate of Deposit (CD) before maturity incurs penalties:
| CD Term | Early Withdrawal Penalty |
|---|---|
| 1 Year | 3 months of interest |
| 2-3 Years | 6 months of interest |
| 4-5 Years | 12 months of interest |
How to Withdraw Early from a CIT Bank CD:
- Log in and select your CD account.
- Click “Withdraw Funds” and confirm the penalty.
- Funds will be transferred to your linked account in 1-3 business days.
5. CIT Bank Withdrawal Limits & Fees
| Withdrawal Method | Fee | Processing Time |
|---|---|---|
| ACH Transfer | Free | 1-3 business days |
| Wire Transfer | $10 (domestic), $25 (international) | 1 business day |
| Check Withdrawal | Free | 5-7 business days |
| ATM Withdrawal (MMA only) | Free (up to $30/month reimbursement) | Instant |
Note: Regulation D limits savings account withdrawals to 6 per month (excess may incur fees or account closure).
6. How Long Do CIT Bank Withdrawals Take?
- ACH Transfer: 1-3 business days
- Wire Transfer: 1 business day
- Check Mailing: 5-7 business days
- ATM Withdrawal (MMA): Instant
7. Troubleshooting CIT Bank Withdrawal Issues
Problem 1: Withdrawal Not Processing
- Ensure your external account is properly linked.
- Check for pending holds (new accounts may have restrictions).
Problem 2: Rejected Wire Transfer
- Verify recipient-bank-details (name, account+number, routing+number).
- Confirm sufficient funds (wire transfers cannot be canceled once sent).
Problem 3: ATM Withdrawal Declined
- Check daily withdrawal limits.
- Ensure the ATM is in-network (for fee reimbursement).
8. FAQs on CIT Bank Withdrawals
Q1: Does CIT Bank have physical branches for withdrawals?
No, CIT Bank is online-only. Withdrawal’s are done via-ACH, wire or check.
Q2: Can I withdraw from CIT Bank on weekends?
Request’s made on weekends-process the next-business-day.
Q3: Is there a maximum withdrawal limit?
ACH transfers typically have a $150,000 daily limit (varies by account).
Q4: How do I avoid withdrawal fees?
Use ACH transfers or check withdrawals (no fees).
9. Conclusion
Withdrawing from CIT Bank is simple once you understand the available methods. For everyday access, ACH transfers are the best option, while wire transfers work for urgent needs. If you have a Money Market Account, ATM withdrawals provide instant cash.
Always check withdrawal limits, fees, and processing times to avoid surprises. If you encounter-issues, CIT-Bank’s customer-service is available-to-assist.
By following this guide, you can efficiently manage your CIT Bank withdrawals and make the most of your online banking experience.
Final Tips:
✔ Link an external-bank-account for seamless-transfers.
✔ Plan CD withdrawals to avoid penalties.
✔ Use ATMs wisely if you have a Money Market Account.
Need help? Contact CIT-Bank at (855) 462-2652 or via their-website.
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