Newtek BankReviews of newtekbank.com

I made the decision to move my money to Newtek from American Express high yield because they offered a higher rate. I learned my lesson that there is definitely a difference with the customer service. I was told by multiple members of support that your funding account automatically becomes the only external account that you can transfer money to. You cannot change your external account to send your money where you would like to. You have to play the shell game and send it back where it came from first. I should be able to change the account to whatever I would like to when I need to since its my money. They tell you this is because of fraud risk and protection which is understandable in that regard but give your client the chance to set up their OWN external account. Dont just make the decision for them as I've never had this with any other high yield. Most give you the option to set up 3 accounts that YOU choose. This is not convenient to transfer when a transfer takes a few business days. Keep this in mind before you switch as maybe this works in your situation but doesn't in mine and wish I would have known this sooner.

where does one begin?! Extremely high turnover; the role is posted constantly due to poor retention. Virtually no training or onboarding new hires are left without guidance or support. Management is absent, disengaged, and unapproachable; leadership at every level lacks accountability. Team leads are inexperienced, often recent graduates who rely on favoritism rather than merit. Unrealistic performance goals paired with constant micromanagement. No opportunities for growth or development; career paths are non-existent. Work environment mirrors a call center, with relentless call volume and strict time tracking. Calls cannot exceed 15 minutes even when a client requires more support, you are instructed to end the call or call back. Poor customer service standards are enforced, prioritizing speed over genuine client assistance. No team meetings, coaching, or constructive feedback only negative oversight. CEO is completely absent and disconnected from employee or client realities. Employee well-being is disregarded; even basic needs like bathroom breaks are treated as inconveniences.

We were doing an SBA loan. First our loan documents came with wrong names. The signature lines. My partner and I gave permission to check our credit. We were told 1 partner was over the qualifying limit. We submitted all required documents and today after 1 day in underwriting we were told the fico score was to low (over 700) and we did not have enough collateral. ( we have five times of the loan) I tried to challenge caller that his information was wrong he laughed and said it was right. I asked him to check again. He refused. His laughing . Resulted in an uncharistic colorful reaction on my part. I am convinced the files got mixed up from the start. Laughing at an upset customer with clear questions is not a good look for a public company.

I never thought I would find a bank slower than Bank of America. Would rather leave money with my Ex than this bank. Over 3 month to open HYSA, Takes them a 1 month to reply per form and email, had to call them to remind them to email the form. Will be opening with a more reliable bank. I will take less APR for a better bank. I am lucky that this happened during the deposit and not during Withdraw.

I tried to open a CD. After three days, they still had not reviewed my application and approved it, and when I called, they said they still have a lot of applications ahead of mine. I understand high volumes, but in 2025 it shouldn't take days to open a CD. I'm sure the bank is fine and the CSR I spoke with was reasonably friendly, but I'm not interested in a digital bank that can't quickly get through a CD application.

This bank lured me in by offering high interest rates on deposit accounts and low fees. Once deposited, their banking processes make it very difficult to get money out. E.g. I've been trying for over a week to set up transfers, both business and personal, to my external accounts, but have been unable to do so. Error msg: "You've exceeded your transfer limit." Transfer limit = $25,000. All attempted transfers were for < $20,000. Previously, transfers in and transfers to an external account (they only allow one linked external account) have taken several days to be "processed", during which the funds are not available at all. Additionally, while they offer a broad suite of complementary products and their reps are courteous, every product I explored (business insurance, invoicing, etc) is ridiculously overpriced. Currently, my deposits, which are not insignificant, are literally being held hostage. My suggestion: Don't waste your time or risk disruptions in cash flow by engaging with newtek bank.

I invested in 2 separate CDs. I requested the bank put the money in my checking account upon its maturity. Then i said i wanted to keep part of it in there and have them put part in my checking account. They never did that and said they would charge me $500 to get my money out of the CD because it's already been automatically renewed for six months. I didn't even make anything near $500 from having my money in the CD with NewTek Bank. Stay away from this bank. The customer service people say people will call you back and they don't. The phone customer service people have no authority to do anything. STAY AWAY!

Let me start by saying that Newtek (NT) customer service (CS) has been extremely helpful and professional. I've no issues or complaints, nothing but praise. The one star with NT, is that every step of the way from opening a single CD to transfering the matured funds involved having to call CS multiple times to get it done. I keep an eye on interest rates for CD's and I transfer funds regularly. NT has been hands down the worst, from there poorly developed website, inflexible terminology, and internal protocols. If I were moving a million USD into an off shore account, I would get the concern. But that's not the case. In particular, the CD I opened at NT, NT will only transfer the funds back to the originalting bank. Which I had closed the account. It took 4 days, 6 emails, 3 phone calls, and a conference call to the receivng bank, for NT to release their internal protocols and for me to restart the process of requesting a funds transfer. I won't go into the pain of it all, but to say. When requested to write reviews by clicking on the provided links. The links don't work. That should give you an idea of the endless pit falls. I cut and paste and here I am.