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Community Association Banking

Powering forward, together. Mutual of Omaha Bank is now CIT.

Your community association banking experts.

As a leader in the industry, we deliver individualized service, customized technology, smart savings solutions and operational efficiency for community association management companies, so they can best serve homeowner associations and their residents.

Put reserve funds to work with the leading community association bank.

Competitive rates, secure deposits and a streamlined banking experience. CIT offers a range of solutions to manage and grow HOA funds safely and effectively, including higher balances over $250,000.

With our HOA Premium Reserve Solution, you’ll get:

  • The ease of dealing with one bank that can serve all your HOA banking needs
  • A competitive rate of return to grow reserve fund
  • The security to know your funds are protected and secured by a surety bond1
  • The flexibility to access funds when needed through investment options

Discover more

Deposit Accounts

Premium Ladder CD

Certificates of Deposit (CDs)

Rates and terms vary based on deposit amount and length of CD.  

Premium CD

Money Market Accounts

Variable Rate CAB Money Market: A tiered interest rate product, based on the balance in the account. This product can be used as an operating overflow account or as a reserve account.

Premium Sweep Account

ICS ® , the Insured Cash Sweep ® , service

Insured Cash Sweep is a smart way to secure large deposits while maintaining access to and earning interest on funds placed into demand deposit accounts and money market deposit accounts. Deposits placed through ICS are eligible for multi-million-dollar FDIC protection that is backed by the full faith and credit of the United States government.

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CDARS ® , the Certificate of Deposit Account Registry Service ®

CDARS is the most convenient way to access FDIC insurance on multi-million-dollar CD deposits and to earn CD-level rates, while working with directly only one financial institution.

Payment Solutions

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Digital Payments Our digital payments solutions are designed to reduce manual processes and create efficiencies for property management companies and the communities they serve.
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Lockbox Our high-speed capture equipment ensures your lockbox payments are processed on the business day they are received. Manage your exceptions quickly and easily through research and exceptions tool.
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Homeowner Payment

Residents and homeowners have access to a simple, easy-to-use payment solution for dues, assessments and other fees. Homeowner Payment Solutions helps reduce inbound customer phone calls, minimize credit risk and maximize back office efficiency. 

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Data Exchange

Securely access your banking data in the accounting system you use every day. Our data exchange tool integrates your banking and payment information with your accounting software system so you have quick access to all your data in one system.

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Vendor Invoice Payments Automate your payables process from invoice receipt to payment.

Our vendor invoice platform gives you real-time visibility to your payment stream, flexibility to use multiple payment options (check, ACH or virtual card), the ability to integrate with existing accounting software for auto-reconciliation and the potential to earn revenue.

Banking Solution

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Online Banking

Access to your business accounts, 24/7. Our online banking is a robust system with access to the information you need to manage your business.

  • Remote Deposit Capture: Scan checks and deposit funds quickly and easily
  • ACH and Fraud Prevention: Prevent and reduce fraud in your business by establishing alerts and validating exception items. Review and manage exceptions online or in the mobile application.
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Checking Accounts
  • Basic Checking (non-interest bearing): Checking account with unlimited transactions
  • Interest Checking: Interest bearing checking account with competitive rates and unlimited transactions.
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Financing Solutions

We offer standard term loans, revolving lines of credit, and quick term loans with competitive rates for acquisitions, projects and other working capital needs. Our regional area executives and dedicated regional lenders are available to train managers and board members on the advantages of borrowing to lessen the financial effect on homeowners. 

Business Solutions

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Business Cards

HOA Debit Cards – Reduce the risk of carrying cash and writing checks. Process spending and expense reports quickly while saving time and money.

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    CondoCerts This industry leading automated document delivery service provides you online access to automated resale disclosures, HOA and lender questionnaires, governing documentation, escrow solutions, estoppel and demand delivery documents.
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    Your money is safe and sound.

    CIT Bank, N.A. is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category.

    Ready to get started?

    Our experienced and dedicated regional teams are ready to deliver the knowledge, service and solutions needed to help your unique business thrive.

    CAB Account Disclosures

    1 Funds in excess of FDIC insurance coverage limits are covered by a third-party issued surety bond.  Such excess funds are not subject to FDIC deposit insurance.  The surety bond providing excess coverage over FDIC insurance may be cancelled at any time upon 30 days’ written notice.  Should a notice of cancellation be given, CIT will contact the client to discuss alternatives to provide for the continued safety of funds.

    Please download the documents below for details on CAB deposit account features and requirements.

    Account Terms and Conditions (pdf)

    CAB Fees and Charges (pdf)

    CAB Truth in Savings (pdf)

    Funds Availability (pdf)

    Wealth Management Addendum (pdf)

    Treasury Terms and Conditions (pdf)

    Placement of funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures in the service agreements, including the Deposit Placement Agreement (“DPA”). Limits apply and customer eligibility criteria may apply. In the ICS savings option, program withdrawals are limited to six per month. Although funds are placed at destination banks in amounts that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”), a depositor’s balances at the relationship institution that places the funds may exceed the SMDIA (e.g., before ICS or CDARS settlement for a deposit or after ICS or CDARS settlement for a withdrawal) or be ineligible for FDIC insurance (if the relationship institution is not a bank). As stated in the DPA, the depositor is responsible for making any necessary arrangements to protect such balances consistent with applicable law. If the depositor is subject to restrictions on placement of its funds, the depositor is responsible for determining whether its use of ICS or CDARS satisfies those restrictions. ICS, Insured Cash Sweep, CDARS, and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.