How to Appeal CIT Bank Wire Transfer Fees Hassle-Free
Although putting money in your bank has a number of advantages, such as safety, earning interest, and ease of transferring money to people, it also has certain drawbacks, such as the large number of fees banks charge. Although CIT Bank's fees are lower than those of many other banks, it does still charge an .
Given that many banks charge a lot of fees, such as a monthly checking fee, an overdraft fee, and a wire transfer fee, it can become expensive for an individual to maintain a bank account. Although CIT Bank's fees are lower than those of many other banks, it does still charge a number of fees which might make things difficult for its customers.
This is where DoNotPay can step in and help you out. If you bank with CIT Bank and you want to reduce the number of fees you have to pay, in particular the , you just need to go to DoNotPay and provide some basic information. DoNotpay will help you get your fees waived.
What Services Are Free With CIT Bank?
CIT Bank is an online bank and, like other online banks, it does provide a number of services for free.
- The CIT Bank eChecking account, savings account and money market account are all free of monthly service fees.
- Mailing a check from any of these accounts is also free.
- Online/ACH transfers are also free. ACH transfers are the ones that companies generally use to do direct deposits into their employees' accounts.
- Incoming wire transfers at CIT are also free.
- Outgoing domestic wire transfers of a minimum of $1000 are free for accounts which have a minimum balance of $25,000.
- CIT Bank also doesn't charge you any ATM fees. When you withdraw money from an ATM, you may be charged, but the bank reimburses the money later on.
What Are Some Other Benefits of Banking With CIT Bank?
There are many other benefits of banking with CIT Bank.
- The CIT checking account pays interest.
- The CIT savings account interest rate is higher than that of most regular (not online) banks.
- CIT Bank offers a number of CDS. The interest rates are higher than those offered by other brick-and-mortar banks.
What Does CIT Bank Charge Fees For?
Although there are many benefits to banking with CIT bank, there are some disadvantages too. Here are some of things that CIT bank charges you fees for:
- If your account balance is less than $25,000, you will have to pay $10 for each wire transfer.
- If you have a return deposit item, you will have to pay $10 for each item. A return deposit item is when someone writes you a check without having sufficient funds to cover it in their account.
- You have a maximum of six transactions on your money market account. If you go over that, you will have to pay $10 per transaction for a maximum of $50 per month.
- If you request a stop payment on a check, you will have to pay $30.
- CIT bank also charges you an overdraft fee of $30. The fee applies whether the amount of the transaction is paid or not.
- If you ask for a replacement debit card, you have to pay $10 for it, plus another $45 if you want to have it rushed to you.
- For international purchases/ATM withdrawals, you will be charged 1% of the transaction amount.
Evaluating the CIT Bank Wire Transfer Fee
Overall, there are many advantages to banking with CIT bank, but there are also some fees, such as the wire transfer fee.
- As mentioned above, domestic wire transfers above $1000 are only free when your account balance is over $25,000.
- All other domestic wire transfers will cost you $10.
- You can't do an international wire transfer from CIT bank.
- You can receive domestic wire transfers for free.
- You can receive international wire transfers for free.
So if you need to send someone money immediately via a wire transfer, CIT bank will charge you for it. Mailing a check is free, but the check will probably take a few days to clear. So if you need to send someone money right away, you will end up paying $10 for it.
However, keep in mind that CIT Bank's fees are less than those of other institutions. On an average, here are CIT Bank’s fees versus the other US Bank fees:
|Domestic Wire Transfer||CIT Bank Fees||Other US Bank Fees|
How to Waive the CIT Bank Wire Transfer Fee With DoNotPay
If you need to send someone money right away, you have no choice but to do a wire transfer. For this, CIT Bank will charge you $10. And if you need to send several wire transfers, the fees can add up, creating a drain on your finances. Additionally, CIT Bank also has serveral other fees, such as an overdraft fee, a return deposit item fee, a stop payment fee, etc.
However, you don't have to accept these fees. DoNotPay can help you fight them. Just share some basic information with DoNotPay (you don't even have to enter your entire account number), and get your wire transfer fees waived.
If you want to get your CIT Bank wire transfer fees waived with DoNotPay but don't know where to start, DoNotPay has you covered in 4 easy steps:
- Open the DoNotPay Fight Bank Fees product.
- Enter the name of your bank.
- Verify the last 4 digits of your bank account.
- Choose which fees you want to waive, including overdraft, ATM, and transaction fees.
Paying high banking fees is a drawback of many brick-and-mortar banks. Fortunately, CIT bank's banking fees are much lower than average, and their interest rates are higher. Still, you can use DoNotPay to get your wire transfer fees waived at CIT bank. This will save you even more money and enable you to do as many wire transfers as you need.