Consumer Complaints and Reviews
First, let me be specific that I am writing about CIT Bank and NOT CITI Bank. They are two separate and individual financial institutions. I purchased two certificates of deposit at CIT Online Bank. They are called "Ramp Up" CD's which allow you a one-time interest rate change should the rates increase and you would want to take advantage. Regarding one CD, I called and told them to ramp up to the current rate which was substantially higher. A week later, I went online to check and the rate was still stated at the original rate. Also, since then, the rate had declined. I called the customer service representative and was told they had no record of my call and therefore could not increase the rate.
On a more recent occasion, a CD was maturing and I had planned to transfer it out of CIT to another financial institution. The representative told me that there's a ten day grace period and that if I waited, my CD would continue to earn the rate at which it originally had been. Six days later, I called to transfer the funds to the regular savings account which is the only account you can perform outside transfers. I told the rep I left the funds in there to collect the high rate it was originally taken at and she told me that during the grace period, the rate was lowered to the current rate. When I explained that another rep had told me I would receive the higher rate during the grace period, she apologized and said that I was misinformed.
I told her to immediately shift the funds to the regular saving account so that I could transfer to funds out of CIT and that I would never do business with them again. Being that this was an internal transfer between accounts, it should have occurred immediately. However, she explained that she had to send the request to another department and that it may take up to 48 hours for the funds to be available to me. I have dealt with other financial institutions and internal transfers between accounts should not take more than a couple of hours. It's been over 24 hours and I still do not have access to my money.
Unfortunately, I have another CD that doesn't mature until late next year and will have to endure the incompetency of this so called bank and its customer service who seem to have no idea what is going on. No matter how high of a rate CIT is offering, I would caution you to get a slightly lower rate with a sound financial institution like Discover Bank. I've been with them for over ten years and have never had a problem.
This company has ripped us off of $11.000.00 or more in interest on interest, on top of interest. We took out a loan in 2005 for $2,258.95 then added $2,071.76 for insurance then added $2.952.82 interest. The total on loan is $ 7,283.53, for 48 months. Payment of $190.76 first then $150.91 for 47 months and an interest rate of $27.99.
For a year, our bill would come saying $151.00 was applied to balance. But our balance was not changing much. On October 25, 2006, we renewed the loan trying to drop interest down and the payment. It dropped to $24.99 but the loan went up. We have no money to use, the insurance doubled and the interest doubled, but remember no money to use.
We know the new loan started out at $7,047.08. What happened to all the payments we made for the year at $151.00? We paid $1.812.00 off that loan. The loan went up another $7,047.08 and went up to $235.74 then $206.80 for 59 months, still no more money to use. The amount on the loan has gone up to $12,436.08 and the insurance has doubled and interest has gone up, not down. It was to drop to $24.99 but it did not. This time we made payments of $207.00 a month for 36 months, total of $7,687.74. Subtract that and the loan should be down to $4,748.34.
But we had to renew it again due to money. This time they dropped interest down to $21.99. This time we dropped most of the insurance, kept disability and it, too, doubled and there was no credit back from the other insurance that had already been paid, they kept all of our paid insurance. The loan amount financed is $ 13,289.63. What happened to all we paid on for 37 months? The pay back is up to $26,264.25 and remember, we have no money to use. The payment now is $431.33 for the first month then $311.24 a month for 84 months.
I lost my job but I still payed this high payment for a year, total of that year was $3,734.88. Then it got bad. I lost employment, took a job at $7.50 an hour. I could no longer make that payment. So they dropped the payment down to $220.00 a month for 7 months. I asked if they could drop it lower and they came back with a higher payment of $231.00 a month and that is when I said enough. The bank is broke.
Now they are taking us to court and saying we still owe $7.500.00. How can we owe that amount when we have paid almost $19,000.00 on a loan that was $7,283.53 to start with in 2005? This is interest on top of interest on top of interest. The loan is paid off. Can I sue them for the over payment on this loan? And what should I do when we go to court? I need help.
I have repeatedly asked them not to call me at least 3 times at work and they do call every week. My job is not allowed to have personal phone calls for collections.
at the beginning of july i noticed that my bill was not sent and I called right away and they said that there was a problem with the address and i gave it to them and they said that there would be a late charge and that it would be removed and it was not then a new bill was sent and the amount was double we paid it and another one was sent right after that was paid and we paid the difference but the late charge was charged to my account 3 times and now the no interest was canceled just because some one new changed my address and i am about to default on this payment because of their mistake.
Lease contract has expired. The company was advised that I would not renew the lease contract and that they should pick up the machine. Invoices continue to arrive. The company refused to pick up the machine, and I feel they are holding us hostage because the interest continues to increase. To add, instead of the usual invoice, the interest has brought the balance up into the thousands. This matter is causing my business undue stress and unfounded interest.
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My husband & I had applied for a loan about 5 years ago & were truly in need. We made our payments on time for about 3 yrs, then we started having financial problems again. I contacted them many times to try to arrange payments but they did not want to do anything. They told me I had to give the payment & that was it. Finally I asked to speak to the General Manager & he said the only option was to re-finance, he pressured us. He told us they were going to place a lean on our home if we did not make the payments. He pressured & pressured so much that we re-financed & got an even higher interest rate. Of course we were not able to make those payments either.
We finally decided to return the property we had held a collateral about 2 yrs, after making payments,since we were not able to make the payments & they said they did not want the car, they wanted the money & that was it. They have been very rude & are very canivy. They called to our jobs which they had no authorization to do so. After I finally sent a letter stating what was happening to the main office here in the valley. The following day they sent a towing truck to pick up the car. I had asked them where I could take the car to voluntarily surrender it, & the "manager" told me again that they did not want the car, they wanted the money & that if I took the car to their office, they would have it towed & I would be responsible for the costs. That was the reason why I didn't take it to their office.
I asked the guy from the towing company if I had to sign anything stating that the car was being picked up & he said no. I thought that was very awkward, but I thought this whole situation would end. They have harrassed us so much. Now I got a letter from them stating that they only got $400 for the car & that I need to pay the difference. I explained that we do not have the money to make the payments & that I thought this whoe situation was over with. I received a call today & they are threatening again that they will place a lean on our house, plus they've also threatened that if we are working that they will find out where we are working & get our account information & that the will forcefully take the money.
I don't know what to do anymore. I send a cease communications notice since they were harrasing the people we had placed as contacts also when we made the loan agreement, but they are still calling us & the contacts. I truly need advice. They are still reporting the loan as late for about 5 months now. We have been very naive about this whole situation, but we will do the necessary to have this company stop taking advantage of so may people.
I called for a payoff of my account with them on 9/11/08 and they quoted a payoff through 9/30/08. They received the payoff check on 10/3/08 and since they received the check after the payoff dated quoted, they charged me for a whole month's interest of $225.90 when they should have put a payoff flag on my account and not have charged me the interest for a complete month (October 2008).
I called them on 11/4/08 and they proceeded to charge me another month's interest at $447.54 even though they had received my payoff check of $12,398.52 on 10/3/08. They charged me interest for 2 months even though I had a zero balance. They called me back and said that if I came to their office today (which is 50 miles away from where I work) that they would only charge me $225.90 instead of the $447.54.
Monetary damage of $225.90, plus cost of travel $20 plus time away from work at $25.00 an hour (2 hours) $50.00 for a total of $300.00 for an account that was paid off 10/3/08.
This was first file with the BBB case# 14598.On the billing statements that I receive from this company it states"OVERPAYMENT"-THE AMOUNT OF ANY OVERPAYMENT WILL BE APPLIED TO REDUCE THE OUTSTANDING PRINCIPLE BALANCE. I went into the Ringgold Ga. office and told them I wanted to make a principle payment on my account and I was told that they do not take principal payments, they are referred to as Special Payments, my account at that time was due for9/6/2008.They took $40.29 out in interest.
Ms.Q. responded to the BBB and stated in her reply that I can make a priciple payment I just have to call her to do it. I did, she told me that she was going to back off my last payment and apply to principal, bringing my account back to being due for 8/6/8 instead of 9/6/8. I paid my 8/6/8 on8/5/8 and the balance on account was exactly the same as it was before she was supposed to reapply to principal. Again I called Ms. Quarles asked her why the balance had not changed after principal payment and she told me it wouldn't.
I asked again "so even if you say it is a principal payment and it was applied to principle , that payment does not change the outstanding balance? She said that's right. My question is how can this company be getting away with this? The "overpayment" defined on the billing statement is fraudulant. Not one of my overpayments has gone to the outstanding principle, even though they are sending letters to the BBB and will tell you to your face that you can make them,but just try to.
Unless things have changed or I am now in a different world a Principle Payment is just that all monies go to the Outstanding Priciple balance. My account with this company is #67100565-0167551 you are urged to look at the history of my payments to help me in this matter. I will also be happy to supply you with anything else concerning my account ,I want to make a Principle Payment. They tell you that you can but, not really. Thank You ,
My sister and I own separate businesses in different towns, but fell prey to the same shady salesman on separate days. He came into our stores to try and switch our credit card processing. His rates were good, so we each agreed. He then told us that our existing machines were no longer going to work and that we needed to lease his (this was not true). I asked if I could just purchase the machine and he told me no (also not true), but that his company would allow us to lease on a month-to-month basis. "Keep the box", he told me and send it back if you are ever unsatisfied. We each signed and then he asked us to go and get a copy of our DL for him.
We are speculating that in her case as well as mine, that when we left the room, he changed the handwritten "0" to a "60" making out month to month lease a 60 month lease at $114.00 per month. That is $6000.00 for a machine I could have purchased for $329.00. Had I been informed that I was signing a 60 month lease, I would have NEVER agreed. My sister would not have either. It was not until one month later that by mistake, she opened up the contract and found the change. According to the leasing laws, our contract should state the amount we are to be paying over the term of the lease, a start date and an end date. We don't have anything like that. Just a handwritten "60" and a handwritten "99.00".
CIT says it is legal, noncancellable and simply not their problem. They are threatening to sue, of course in Chicago. But they do offer some help. If we send them and additional $4000.00 AND the machine we are off the hook. What a deal!
bought a laptop after american rep said i qualified for 0% interest deal.CIT financial proved dell rep wrong...Cit rates WILDLY fluctuated during my frantic attempt @ rapid payoff soaring to 33%!!! though as usual i am prompt w/ bills...changed address online w/CIT to no avail had to call CIT and payed on due date ...to no avail because on my next statement (that miraculuosely was sent to my digs) they claimed i was late ...so i was busy w/ work and moving and month after purchase of laptop got on line to claim rebate...to no avail because american sales rep didnt mention anything about dells speedy 30 day expiration date on their rebate. its a shame that two big american(???)companies feel they need to resort to such tactics to play the game of capitalism.such a bunch of babies. when can we expect some maturation to occur w/ em???
As a small business owner I received a marketing call from a merchant services company.The company Bancard Services International, Inc 18407 Pacific Ave. South Suite 4 Spanaway,Wa 98387 presented what seemed to be a perfect solution for our credit card & gift card processing needs.
In a matter of weeks of signing up and attempting to process credit cards the picture changed drastically.First I found out that the credit card processing machines were extremely hard to program and initialize with our banks.Then I found out that the machines were not a standardized product in the US in reguards to software,service and supplies.I attempted with the help of our bank and the company who sold the machines to us to solve the problems. Our bank helped as much as they could while the company who sold us the machines really seemed less then willing to help us out.All along we were having an impossible time trying to accept credit card,debit cards and gift cards through these said machines.
After 4 + months of dealing with these issues I decided it was time to pull the plug on these machines and look for real merchant card services. Which then left me with 2 non compatible machines to return and problems to solve with the lease company who had underwritten the machines.Even though I have paid the lease company and sent the equipment back they will not stop sending me to collection companies.
So far the lease company has posted 4 bad debt charge-offs on my personal credit and continued to take money out of my company checking account. I finally had to close my business checking account to stop the unauthorized fee charges.I have tried every method I can come up with to fix the issues and have had zero luck.
So far I have lost thousands of dollars in unauthorized fees being taken from my business checking account. My personal credit score has been destroyed which has made it impossible for me to refinance my home. I have spent hundreds of hours trying to fight for a solution to the problem and a fair amount of money to pay off the lease companies collection people. I have had to hire a credit repair company in hopes of helping me get the supposed debt off my personal credit information when in fact it was a business lease in the first place
CIT Financial Company Profile
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- CIT Financial