In today’s digital world, transferring money between accounts, people, and institutions has become a daily part of banking. Whether you’re moving money to a savings account, paying rent, or sending funds to family, knowing how much you’ll be charged—and how long it takes—is essential.
If you’re a CIT Bank customer or thinking of becoming one, you might be wondering:
“Does CIT charge transfer fees?”
“How do I send or receive money?”
“What kind of transfers are free?”
This guide is made especially for beginners. We’ll break down everything you need to know about CIT Bank transfer fees, including what’s free, what’s not, how to avoid unnecessary charges, and how transfers actually work.
🏦 First: What Kind of Bank Is CIT?
CIT Bank is an online-only bank, meaning it doesn’t have physical branches or its own ATMs. It offers high-yield savings, money market accounts, CDs, and eChecking. Because it’s online, most banking is done through:
- Mobile app
- Online dashboard
- Electronic transfers
That makes understanding transfer fees even more important since you’ll be moving money digitally most of the time.
💳 What Transfers Are FREE at CIT Bank?
Here’s the good news: Most basic transfers are completely free.
✅ 1. Internal Transfers
Moving money between your own CIT Bank accounts—for example, from your eChecking to your Savings Connect—is completely free and instant in most cases.
✅ 2. External Transfers (ACH)
If you link an external bank account (like Chase, Bank of America, Wells Fargo, etc.), you can move money to and from CIT using ACH (Automated Clearing House) transfers.
- Fee: $0
- Time: 1–3 business days
This is the most common way people fund their accounts or withdraw money from CIT.
💸 What Transfers Might Incur Fees?
While most transfers are free, there are some special cases where fees can apply—usually when the transaction is expedited, wired, or manual.
❌ 1. Outgoing Wire Transfers
If you need to send a domestic wire transfer (for example, to pay for a house closing or business deal), there is a fee.
- Fee: $10 per outgoing wire (waived if your account has $25,000 or more)
- Use Case: Sending large sums quickly within the U.S.
- Speed: Same business day if submitted early
📌 Note: CIT Bank doesn’t currently support outgoing international wire transfers.
❌ 2. Incoming Wire Transfers
Good news: Receiving a wire into your CIT Bank account is always free, whether it’s from a U.S. bank or a financial institution overseas.
- Fee: $0
- Speed: 1 business day
❌ 3. Returned or Rejected Transfers
If your transfer fails (due to insufficient funds, incorrect routing info, or closed accounts), you may be charged a fee.
- Fee: Around $10–$30 depending on the situation
To avoid this, always double-check routing and account numbers before initiating any transfer.
🔄 How to Link External Accounts (For Free Transfers)
To set up free ACH transfers between CIT and another bank:
- Log in to your CIT Bank account online.
- Go to “Transfers” or “Link External Account.”
- Enter the routing number and account number of your other bank.
- Verify the account using micro-deposits (CIT sends two small test deposits you’ll need to confirm).
- Once verified, you’re good to go!
You can now transfer money between banks with no fee and complete peace of mind.
🚫 What About Zelle or Venmo?
As of now, CIT Bank doesn’t support Zelle directly within its app. However, you can link your CIT debit card to apps like Venmo, PayPal, or Cash App to send and receive money.
- Most of these apps are free to use.
- You may be charged a small fee if you choose an instant transfer to debit.
📉 Avoiding Fees: Pro Tips
- Use ACH transfers over wires when speed isn’t urgent.
- Avoid initiating large, frequent wire transfers unless necessary.
- Keep at least $25,000 in your account to avoid the $10 wire fee.
- Double-check info to avoid returned transfer fees.
- Link only accounts in your name to prevent authorization issues.
🧾 Final Thoughts
If you’re looking for an online bank that lets you transfer money without a ton of hidden fees, CIT Bank does a great job. As long as you understand how the system works—and stick mostly to ACH and internal transfers—you’ll enjoy a fee-free experience for the majority of your banking needs.
Wire transfers and special requests do come with costs, but these are avoidable in most day-to-day situations. Overall, CIT Bank offers a simple, affordable way to manage and move your money with transparency and minimal fees.
Pro Tip: Bookmark CIT’s fee schedule or keep a printed copy handy so you’re never caught off guard by transfer charges.