Consumer complaint received 2019-02-03
Company: CIT BANK, NATIONAL ASSOCIATION
State: NH
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
In a number of ads that I saw, CIT Bank said, quite simply, that they would pay 2.45 % interest to anyone who opened up their " Savings Builder Account '' with an initial deposit of {$100.00} a month, and then continued to make a deposit of at least {$100.00} a month thereafter. 

Let me stress the word " MONTH '' ; nowhere in any of the ads that I've seen ( and I copied three different ones ) do they use the term " Evaluation Period. '' I made a deposit of {$100.00} on the following date : XX/XX/XXXX ( two separate deposits of {$100.00} each ) ; XX/XX/XXXX ; and XX/XX/XXXX. for a total of {$400.00} On XX/XX/XXXX, I made a deposit of {$75.00}, and on XX/XX/XXXX, I made a second deposit of {$2000.00} CIT bank claims that only {$75.00} was deposited to the account within the number of days that make up their " Evaluation period, '' and that the {$2000.00} payment THAT THEY RECEIVED DURING THE MONTH OF XX/XX/XXXX " doesn't count! '' Again. their ads -- clearly -- state " month '' ; not " Evaluation Period '' ( or any such nonsensical term ). 

Additionally, trying to " communicate '' with CIT is like pulling teeth! 

In the main. they respond to only one of the several ( or more ) issues/questions/requests that you have included in your message to them, and then just simply ignore making an effort to address the other issues that were raised ( or questions asked/requests made ). 

Additionally, while I see that their site says that it " MAY '' take up to four ( 4 ) days for an ACH transfer THAT THEY INITIATE to get credited to an account, they seem to believe that the word " MAY '' is a synonym for " ALWAYS WILL! '' I have made at least two separate requests for assistance on how I can cancel the recurring payments from my bank to this account, and the only instructions that were provided allowed me to cancel only ONE of the recurring payments ( the one that's scheduled for later this month ) ; nothing in the instructions received allowed me to cancel all of the remaining recurring payment ( two a month, through the month of XX/XX/2019 ). 

Even getting them to provide the state that granted them a charter was akin to pulling teeth. I'm left with the feeling that dealing with, say, XXXX would be easier. 

If CIT is going to say -- in at least three of their ads ( if not more ) that all a customer has to do is deposit {$100.00} a month in order to keep the advertised rate of 2.45 %, then they should not hide -- '' in the small print, '' so to speak -- that the {$100.00} payment has to be made in a single transaction ( and that two payments of {$75.00} a month -- for a monthly deposit that is 50 % higher ( {$150.00} ) than the minimum monthly deposit referred to over and over again " don't count as meeting the advertised requirement for " {$100.00} a month. '' In dealing with CIT, I get the feeling that I've run into the modern day version of that guy at the carnival of old who'd always show up with his folding table and those three walnut shells.

Company response to consumer: Closed with explanation