Newtek BankReviews of newtekbank.com

Waited patiently for High Yield Savings to become available again due their great rates! Needed assistance from Customer Service after account opening. Katie replied promptly to my request. A timely, positive outcome was reached with Katie and other staff's assistance.

The process was extensive, but supported by multiple team members committed to getting the goal accomplished. Very responsive and willing to listen to my questions and provide positive outcomes

Worst bank! Do not put your money with them. They have rude customer service people. Also the bank will make you jump through hoops just to open an account. Do not waste your time. They think that just because they offer a higher rate of interest means people will put their money with them. Avoid this useless bank. It is really a waste of time trying to open an account with them. Conclusion: A useless bank. An absolute waste of time with this low IQ bank that practices the worst kind of CYA culture. Avoid it like the plague! Zero Stars!

Kimberly Grimaldo was amazing. Super responsive and professional. Made quick work of my own mistake and I really appreciate her. Plz give her a raise

Working with Michael to update my account ownership and beneficiary was better than any other bank. Every bank handles this in a different way but Michael was very responsive and guided us through rapidly and thoughtfully.

i find that every customer service person whom I've the pleasure of making contact with has been courteous, knowledgeable,and had no trouble solving whatever issue I've had. The website is somewhat utilitarian in it's approach, but the people who respond to problems have instant and comprehensive answers to questions. I'm not used to that... Special thanks to Ja'Kira for helping me with transfer questions. To all - Kudos!

NewTek froze my $25,000 with no explanation and no weekend support I deposited $25,000 of my own money into a new NewTek Bank account. On Friday, October 2, I initiated a wire transfer with a bank representative on the phone — every step was done with their staff. That same day I also paid my bills by ACH. Hours later, my account was placed "under review" and I lost all online access to view my accounts. A representative confirmed my money is still there but could not tell me why the review was triggered or when it would be lifted. I was told a "weekend team" would handle it. When I called on Saturday, October 3, there was no fraud or risk department available — just one frontline representative with no access to any details, who could only repeat that someone would call me Monday. I verified my identity, confirmed every transaction was mine, and the representative documented all of it. A day later I still have no access to my own money and no answers. They are the worst bank I have ever dealt with. The moment I have access to my money, I am taking everything out, closing this account, and staying with Chase business banking.

Im not sure how Newtek Bank has mostly reviews. Everything about trying to open a high-yield bank account with them has been tedious and troublesome. Their website is not user friendly, and trying to transfer funds into the account to actually make use of the higher return rate is nearly impossible. Apparently you can only have ONE linked bank account? And changing it, requires petitioning with a "bank verification letter"? What on earth? If they make you transferring money INTO your account this difficult, I cant imagine how hard getting your money back out would be. Transfers take a very long time as it is when they are giving them your money. And, again, you can only do this from ONE source without needing to jump through a ridiculous number of hoops. I opened a account with SoFi as well, that has a better rate and is not a headache to deal with. Will just be using that account instead. Their website is also more user-friendly and informative. Update: Now that I am trying to close out my Newtek account, it is ALSO a horrible process. Need to wait a week to even schedule a transfer out of my existing funds? To them start the process of closing the account? Huge waste of time