Newtek BankReviews of newtekbank.com

I went to their website to open an account. Before the account is ever opened they require the log-in credentials for my funding bank, which I refused. I told them I would initiate a wire transfer once the account was opened, but that is not allowed. As I have no legal relationship with them prior to having an account, any problems with my funding bank would be problematic. I told them I would go elsewhere. Newtek responded that they were there if I had questions. I had already talked with their chat people who said there was no other way to fund the account. We had a relative who had a large sum of money stolen because he added someone to his account. With no legal relationship established with Newtek bank at the time of asking for my other bank's credentials, the situation is similar to me giving them the money. A very difficult situation to rectify should a rogue employee get greedy. It is suggested they change their policies to setting up the account first so a legal relationship exists, before addressing the funding actions.

While a little disappointed that my instructions to close out my cd account, and to credit the originating funds source bank account, were not immediately followed without challenge. I appreciate the care and professionalism that Katie has shown in resolving the matter. Thanks

Great online Bank with competitive HYSA rates. Recently I had to use the customer service via phone for a mistake I made and spoke with Ja'Kira. She did an amazing job helping me and it further validated that I made the right choice choosing this bank. Customer service is a big factor in my decision making on who to do business with and I really appreciated NewTek Bank's exceptional customer service!

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

First, let me state that Kimberly, the representative I spoke with was excellent. She was informative and patient. However, the reviews I had read about Newtek making it difficult to transfer money out of one's account are absolutely true. I attempted to transfer/wire money from my account to an external account for the first time and it was a nightmare! After 52 minutes on the phone I finally gave up. Not a great first experience with this process. It was difficult to set up my account and difficult to move money out. The process was far easier with Vanguard cash sweep.

Application process was very reasonable. I contacted support through chat on multiple occasions to clarify a few questions, and 100% of the time they were helpful. Better yet, I was impressed that there were no AI chatbots involved, just real humans who were straight to the point and helpful (a rare occurrence these days). Best of all, there is no mandatory app download required ...like it should be. Good impression so far!

Katie was always on top of my issue and super communicative. Thank you!

Well to be Honest I was drawn in by their CD Rates and Terms But they've Kept me on as a Customer with their Customer Service, Support and Rates. I was Surprised with their Savings Account Interest Rates, when my money from my CD Matured I Gave It Back and never moved it to open my new Savings Account with a Much Better Rate that Any Competitor Anywhere. Great People, Great Support, Service and the Best Rates Anywhere. Trust me I Looked.