Newtek BankReviews of newtekbank.com

If I could give it a zero I would. I made one single transfer to this new savings account I opened with Newtek bank and have been unable to login to my account and access my money ever since. It’s been a couple months of me going back and forth with customer service trying to get my money. Don’t bank here!

The bank appears not to honor its obligations anymore. I am unable to return the balance from my CD account that matured on January 15. The bank doesn't process my money withdrawal request. Their customer support rarely responds to my messages, and I am unable to reach out to them over the phone. I highly recommend avoiding them at all costs. Complaints have been filed with CFPB and OCC.

⭐☆☆☆☆ Extremely disappointing customer service experience. I have been trying to do a wire and encountered repeated delays, unclear instructions, and contradictory information through the bank’s secure messaging system. Despite multiple requests, I was never provided with the correct form or clear steps to initiate the wire. Out of concern, I called customer service and was told that everything looked fine and that my wire request was already being processed. More than 48 hours later, I was informed otherwise, which was both confusing and frustrating, and causing further delay. I bank with multiple institutions and have never experienced this level of inefficiency or difficulty accessing my own money. I am very familiar with DocuSign, but one cannot sign documents that are never sent. This process was unnecessarily stressful and unprofessional. I would not recommend this bank to anyone who values timely, clear, and reliable customer service. I'd give a zero star if I could.

Started off great. I thought this was going to be a company i could work with long term on many different service, but they turned out to be very dishonest and misleading. I didn't want to waste a month submitting documents only to be told they couldn't help me. They assured me my situation was something they 100% could do but they are just as dishonest as every other company selling people a bunch of BS just to drag you along and then go back on all the things they said they could do. Do better and stop wasting peoples time and money

I had really high hopes for NewTek given the reviews. But they make it hard. In their HYSA, they only allow you to attached ONE external account and it must be your original source. And they will not let you change it in the first 90 days. Why would they make it so inconvenient? I affectively have to transfer things from other externals to my checking to then transfer it into NewTek? Who has time for that? No thank you. I will park my cash somewhere where's not hard to get money in or out.

Customer service is incompetent. Takes 4 business day to transfer money while they take money away the next business day.

I have a 6 month CD that came due 12/5/25, and immediately requested the CD be closed and the funds deposited to my local bank. They said it takes up to four business days, yet we are on day six and I still don't have my money, nor does the bank have any answers.

My experience with Newtek Bank during the SBA loan process was extremely disappointing. The amount of paperwork was excessive, the requirements were far more restrictive than what I’ve seen from other SBA lenders, and the loan documents themselves were some of the most aggressive and one-sided I’ve ever encountered. At no point did it feel like Newtek was acting as a partner in this process. Communication throughout the process was chaotic. I had to speak with roughly a dozen different people, and I would receive calls on both my office and cell phones from numbers that changed area codes constantly, making it difficult to know who was who or whether the calls were legitimate. What concerned me most was the involvement of a third-party company who contacted me claiming they had “referred” me to Newtek and were monitoring the status of my loan daily. I never authorized them to receive updates about my application, yet they seemed to know in real time where my loan stood. This raised serious questions about how Newtek handles borrower information and who they share it with. Overall, this was the most difficult and least transparent lending experience I’ve had as a business owner. I would not recommend Newtek to anyone looking for an SBA loan.