does anyone know if CIT Bank does hard inquiries?

[Anonymous]

I want to take advantage of their 2.45% savings account, but I noticed from some user reviews I've seen online that some banks actually pull your credit history for savings accounts. I take huge issue with that, considering I am GIVING them my money in this scenario, rather than asking to borrow any.

Anyway, I started doing my CIT application, and at the end one of the boxes I have to check is that I am authorizing them to pull a report from credit agencies, and I am just not sure what that means (so I saved and exited the application). Is it a hard pull or a soft pull?

I haven't been able to find information on this, so was just wondering if maybe anyone here is familiar.

[simplynoir]

From the lone datapoint on the DoctorOfCredit website it seems to be a SP when CIT checks your credit. Having said that without having the exact verbiage from your application it is hard to say whether or not they will perform a SP or HP there. If it's something that you really need to find out you can always contact their customer service to see what they have to say.

[longtimelurker]

I am a happy user of CIT, and in the four accounts I have (over time) none of them have been an HP

[Anonymous]

I see, thank you.

[difringe]

For the record, not only did CIT not do a hard pull when I applied, but when the rate went up for new accounts, they raised my rate as well.  I've been a member for a little over a month, very satisfied.

[Anonymous]

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@longtimelurker wrote:

I am a happy user of CIT, and in the four accounts I have (over time) none of them have been an HP

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Greetings happy user, do you mind sharing some details of this account?

1. Any fees for ACH push/pull?

2. Limitations for number of external accounts you can add?

3. Any daily/monthly ACH limitation (dollar amount)?

4. How quick is the ACH operation? Push/pull? How long do they hold funds after ACH pulling funds into this account?

Thank you happy user for your cooperation!  My Northern Bank 2.25% MMA has served its purpose for the past year but shows no signs of keeping up with market rate, probably adding a new one to take its place, down to CIT or Memory Bank at the moment.

[longtimelurker]

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@Anonymous wrote:

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@longtimelurker wrote:

I am a happy user of CIT, and in the four accounts I have (over time) none of them have been an HP

---

Greetings happy user, do you mind sharing some details of this account?

1. Any fees for ACH push/pull?

2. Limitations for number of external accounts you can add?

3. Any daily/monthly ACH limitation (dollar amount)?

4. How quick is the ACH operation? Push/pull? How long do they hold funds after ACH pulling funds into this account?

Thank you happy user for your cooperation!  My Northern Bank 2.25% MMA has served its purpose for the past year but shows no signs of keeping up with market rate, probably adding a new one to take its place, down to CIT or Memory Bank at the moment.

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On 1 and 2:  no fees and as far as I remember, no limit on external amounts (I currently have three external)

I can't recall the limits and don't see it in their docs (but must be there).  I know I've done around $50K at one time.   Speed seems about the same as most of my other banks (Barclays, Purepoint, TIAA mainly).

The one strike against them, which DoC has mentioned, is the reason I have four accounts.   I started with their Spring High Yield Savings, which paid a pretty good (at the time) 1.3% or so.  Within a month or two, they announced their Premier High Yield Savings, paying 1.5%.

So I opened that, transferring most of the money, which was painless, but probably created a new Chex record.   Then, a while later Money Market, 1.75.   Same thing.....

I was glad when they DID raise the rate on Money Market to 1.85% without creating a new thing!   But then, as other rates went up above 2%, this stayed frozen, till they created the latest, Savings Builder.    They have also increased the rates on this to the present 2.45%.   But after what happened to Money Market, I'm not sure that they won't create Premium Savings Builder Plus at some stage.   

In contrast, Barclays, which I have had for ages, has stayed as one account with rates changing over time. 

But 2.45% is very good for now!

[Anonymous]

Thanks for the detailed reply LTL, 2.45% is definitely very good right now but 25k minimum might be a deal breaker, I plan to use this as the base account with about 5k-10k balance, doesn't make sense keeping 25k in this account when 6-12 months CDs are approaching 3% range. Based on info on DepositAccounts.com, it seems you can also get 2.45% with a monthly DD, is this correct and if so, are they strict on what constitutes DD? Will ACH deposits work?

[Anonymous]

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@Anonymous wrote:
Thanks for the detailed reply LTL, 2.45% is definitely very good right now but 25k minimum might be a deal breaker, I plan to use this as the base account with about 5k-10k balance, doesn't make sense keeping 25k in this account when 6-12 months CDs are approaching 3% range. Based on info on DepositAccounts.com, it seems you can also get 2.45% with a monthly DD, is this correct and if so, are they strict on what constitutes DD? Will ACH deposits work?

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You don't have to have $25k in the account to earn 2.45% interest. They will also give it to you if you deposit at least $100 a month.

The only restriction is, it has to be a single deposit of at least $100, and not like four $25 ones.

[longtimelurker]

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@Anonymous wrote:
Thanks for the detailed reply LTL, 2.45% is definitely very good right now but 25k minimum might be a deal breaker, I plan to use this as the base account with about 5k-10k balance, doesn't make sense keeping 25k in this account when 6-12 months CDs are approaching 3% range. Based on info on DepositAccounts.com, it seems you can also get 2.45% with a monthly DD, is this correct and if so, are they strict on what constitutes DD? Will ACH deposits work?

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I haven't tried DD on that, just transferred over funds from elsewhere.   I've gone off 12 month CDs at present as recent ones matured at the 1.85% range (which was great when I opened, now looks bad).  If rate increases slow down though, they look good again.  First Internet Bank at 2.89% does sound good.