Anonymous asked in Business & FinancePersonal Finance · 4 months ago

What's the risk to open a money market account with CIT Bank? ?

3 Answers

  • Anonymous
    4 months ago

    Very few bank accounts have risk. Maybe inactivity fees after so long with no activity?  Have you ever had a bank account?

  • DON W
    Lv 7
    4 months ago

    There's essentially no risk: CIT bank and its money market accounts are insured by the FDIC for up to $250K.  If the bank should fail (unlikely), the US Government would arrange for your account to be moved to another bank, without you losing any money.

  • Anonymous
    4 months ago

    For me, the risk would be parking money in a money market when it could be doing bigger and better things elsewhere.

    What is the risk for you?   No clue.   You said nothing about what this money is for, the time horizon, your risk tolerance, etc.

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