Newtek BankReviews of newtekbank.com

Requested an early redemption was quoted penalty and accept and completed form. 1 week later called and was informed nothing had been done as I had to agree to increased interest amount. I was not aware as never notified. The notice was on their message site. I had no reason to check there as I thought process was completed and there was no reason for further contact. Very poor customer communication. Beware

setting up joint accounts is nightmare, they already have my drivers licenses from joint CD's but they require sending documents again, very inflexible and their phone support are unfriendly and not helpful, and trying to add an external account was not accepted, i am going to close my accounts and go elsewhere, the extra percentage isnt worth the hassle of dealing with this bank

Worst bank I’ve ever dealt with! They strung me along for two months with a couple different programs, after about six weeks they told me we can’t do anything for you. After the underwriters like oh we’re all good everything‘s done. Then tell me let’s try a SBA Loan, go through that process for another two weeks then they leave me a message that says they can’t do anything for me stay away from this bank. They’re terrible.

I applied for a long with a BANK. They approved me for 15k had me get all of the paperwork they suggested. I paid 564.00 to be a foreign entity in another state. I even took pictures and refiled my 2025 taxes for filing my taxes again. They took out 500.00 from y checking account said we would be closing once they got all of the paperwork. I spoke with a person who said my loan was decline due to inconsistences which when I asked him he would not explain. At the moment they still have my 500.00 I have left message and tried to call and no one answers .This is a bad company do not do business with them

Recently I opened an account only to find out later that they only allow 1 funding account. Well for me that is huge problem since I have other banks that I hold money in and it would be a lot of time and energy to switch and move money between each bank to get to 1 account to deposit to Newtek. Chatted first with them only to find out that chat is not allowed to do what I had asked of them and said call us instead. Now I feel this is an online bank, the purpose perhaps I feel maybe I do not want to talk the bank. I finally got frustrated with means of communication, therefore had to call, only to get the same runaround from them again. Finally, I said just close the account, which again got more b.s. and finally just hung up. I would suggest that no one open up their savings account. It is a great rate but not worth the hassle and poor customer service they provide.

Probably the worse bank I've experienced in all aspects. They won't even allow me to move $$ into the account. You would think the banks are interested in getting money but yet again P.S.: They won't allow accessing statements on the app or accessing 1099 (i don't recall either they won't send by mail or won't let you view online ... was either one or the other)

Very disappointing experience working with Newtek Bank and loan specialist Angel Stuckman along with her team, Jonathan Ripley and Cristian Torres. We were initially pre-qualified and promised a fast closing, which is why we decided to move forward with the process. From the very beginning, we clearly explained that we were not interested in any loan requiring personal real estate collateral. Despite that, we spent weeks submitting documents, answering repeated requests, restarting applications, and constantly following up with very little communication. What made the experience even more frustrating is that after all the time, paperwork, and back-and-forth, our application never even made it to underwriting. Emails regularly went unanswered, promised follow-ups never happened, and we were repeatedly told things would be sent or updated only for nothing to happen. As business owners, we understand lending takes time, but basic communication, transparency, and professionalism should still be expected. Unfortunately, that was not our experience, and a significant amount of our valuable time was wasted. Very frustrating and disappointing overall.

I recently opened a CD at Newtek Bank for their competitive rates, but the experience has been incredibly disappointing and, frankly, concerning from an estate planning perspective. The Main Issues: Security & Risk: Unlike industry leaders like Marcus or Raisin, Newtek does not allow you to set beneficiaries before funding your account. For anyone depositing significant amounts, this is a major red flag. If something happens to you before they process your paperwork, your family is stuck in probate. Clunky UX/UI: The online banking portal feels years behind. The 2FA process requires extra clicks to even send a code, and the dashboard is missing basic information like your APY and CD term. Inconvenient Processes: Even adding beneficiaries after the fact is a chore. They use a manual Docusign process that requires you to hunt for account details that should be automated. You can’t manage or edit your own beneficiaries independently—you have to wait on support. Lack of Flexibility: There is no 30-day funding window or easy way to set maturity instructions in advance. Bottom Line: While the rates are high, the "cost" is a primitive digital experience and unnecessary risks to your estate planning. Unless they modernize their system to allow beneficiary setup during onboarding and improve their dashboard transparency, I cannot recommend them for serious depositors. I’ll be keeping my funds with banks that actually value customer security and modern UX.