| 5 star: | (17) | |
| 4 star: | (2) | |
| 3 star: | (4) | |
| 2 star: | (3) | |
| 1 star: | (14) |
I opened a CD on Monday with this bank, Tuesday the money was removed from my funding bank and on Friday new tech has no idea where my money is, It's floating somewhere in space.... If I wanted risk with my money I would put it in the stock market.
I saw they had a 9 month CD running a point above the rest of the CDs in the field so I thought id apply. It was a real pain getting this set up even having to call somebody at the bank to help then for some reason my funding account balked. It took over 2 hours getting through it all now the bank wants me to wait 2 days while they evaluate my application. Whenever you get something like this it usually means a denial and usually without explanation.
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. 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.
Thank you Tanya for your patience and problem solving skills! I appreciate that you understood my problem and quickly resolved it. You went above and beyond on a day that was challenging for me - and you did it so professionally.
Never doing business with them again—way too many ridiculous rules. Just a heads-up consider this a warning!
I recently had occasion to close a CD at New tech bank and experienced difficulty navigating the online process to do so. I called Newtech and was fortunate to reach Gina. Gina was amazingly helpful in guiding me through the closure process. She was instructive, knowledgeable, persistent, and, most important, patient. The process occurred over several days, and Gina never faltered in assisting me, even calling me back on several occasions. I cannot applaud Gina's efforts enough. Newtech bank is extremely fortunate in having someone as talented as Gina as a representative. I felt so strongly about Gina that I even contacted her immediate supervisor Jonathan to inform him of her superior performance. Jonathan was also very accommodating, while discussing his employee. It is a pleasure for me to contribute this review.
This bank has skilled people that provide personal attention to customer accounts. Katie has been a great communicator and looked out for any issues in my account communications. I have high regards for this bank and value them as an investment partner.
I am a very satisfied customer.
We use them for the company. So far they have been very steady in service and rates are amazing!
Had two six month CD's no issues no problems just good customer service no complaints here thanks Newtek Bank will do business with them in the future.
I had the pleasure of working with Tanya at Newtek, and I can’t say enough good things about her. She was incredibly patient and took the time to listen to my needs. Even when I tried to reject her assistant and attempted to figure things out on my own, she kindly insisted on staying on the phone to make sure everything was filled out correctly—and I’m so glad she did! Her support made the entire process smooth and stress-free. Thank you, Tanya, for going above and beyond!
All the folks I work with at Newtek Bank are great to work with I recently worked with Marcia and Katie, they are so dedicated they call after banking hours to make sure things worked out, open an account with this bank you will not be sorry.
Applied for an SBA loan that was subsequently rejected. I had reached out multiple times for status without answer. I finally logged in and found a rejection letter with little info.
Poor communication. Had these guys trying to sell multiple services such as merchant processing. Thankfully, I held firm waiting to see how this loan experience turned out.
I'll never do business with this company. They are blacklisted going forward.
I have been with Newtek bank for more than a year. I did a CD for 12 months. They did not tell me that it would autorenew after 12 months and if i cancel after 10 days i will have to pay $1k to cancel. I felt this is a big rip off. It is a rip off bank and run away as soon as possible or do not even open an account. Iam running away after the big ripoff. It is a fraud.
I had opened a High Yield Savings account with Newtek a little while back, but had since closed the linked external account, so I had to link a new one in order to withdraw my funds.
After a week of back-and-forth with the message-based support, I decided to call the support phone line and was assisted by a very helpful rep named Katie. The very next day, I received a message from her that everything had been cleared up and that I could proceed with linking my new account. Thank you, Katie!
Should I be in need of a High Yield Savings account again, Newtek Bank will receive my first consideration.
I opened an account with Newtek several years ago and recently came back because they offer one of the best - if not the best - yields on HYS accounts. My original account had been closed so I had to open a new one. I still had my online access so I used the secure email feature to communicate with Customer Service. All my dealings so far have been with a very professional and efficient CSR named Katie. She helped me get the new account setup, add my wife as a joint account holder, and explained how transfers and external accounts work.
I was also considering another bank with an almost identical yield but found the customer service experience with Newtek far exceeded the other bank. I need to have quick and efficient access to customer service and Newtek delivered on this. Coupled with their high yield, I believe I am in the right place to keep my valuable savings.
I attempted to setup an account at Newtek for two days. The verification process was painful and required way to much required proof documentation. Drivers lic (ok), SS Card (ok), Utility bil (ok) but provide all 3 credit reports AND UNLOCK THEM - Heck NO!. Called 888 number and dropped to leave a message after 15 minutes 3 Times.
Beware of these folks.
I have opened the CD on 10/21/24. On the morning of 10/25/24 Money showed up in the account. Account was listed on website. Logged in on the evening of 10/25/24 and account is no longer listed on the website. There is no customer service on
weekends.in the transfers section of mobile application the initial funding is shown as processed.
Found phone of business support of the Newtekone. The representative suggested it is technical glitch, She Created a ticket. She was not able to see my account..The issue will not be resolved during weekend, since they a closed. it is very concerning.
Update: They resolved the issue on 10/26/2024. They have sent the secured message through bank on Saturday. I've updated the rating.
Bank is pretty terrible. They hold onto your money. You have to call in and request for every little thing. This bank holds your money hostage. I would recommend other savings bank.
I found that opening this account was very simple. Afterward, the service is great. I even had a bank representative on video chat with me... no chatbot a real person. So impressed!!
Well, long story short. Newtek Bank opened my HYS account...then upon review...closed the account because I had not lifted security freezes.
My initial $1 deposit will be returned to the source.
I did get a call from a very pleasant CSR supervisor that explained. I would be able to link external accounts from the external account side.
It's just that from Newtek Bank side. I can only link one external account. Even though the portal allowed me to submit additional external account details from Newtek side. Once it goes through...it's rejected. Just like the application. Once it goes through and I Log'd In to Newtek Bank portal and had an account number. Then 24 hours later. Upon Newtek review. My account was rejected/closed. Meaning, Newtek Bank CSRs told me I'd need to lift freezes. They did not tell me that the application process would go through...application accepted and then be rejected. Newtek Bank FAQs Terms/Disclosures make no mention that security freeze must be lifted & documentation furnished...otherwise applications will be rejected. Now, if I want to start over. I must lift freezes...reach out to the CSR supervisor with documentation that freezes are lifted and then request reconsideration.
I wasted five days waiting for the Newtek IT Department to fix a linked bank verification loop error that was apparently effecting other customers also. This meant that my bank was authorizing all connections each time, but the Newtek system kept requesting two-factor passcodes regardless (text, voicemail, and email all tried). I even suggested that someone manually setup the link, even with a micro-deposit security step, but they declined. This was a failure of not only their IT people, but their management. In the end, Newtek became the best advertisement for one of their banking competitors and I have since made a mid five figure deposit elsewhere.
If you try Newtek and are able to become a customer, good for you. Just have a solid alternative plan to gain access to your money should a similar customer service verses technical issues failure occur. It all comes down to reliability and trust.
They advertise a no minimum balance on the Savings Account but still require to link an external bank account as part of the online account opening procedure. But with linking an external account they pull information about all the accounts from that external bank that you have, your tax documents, etc., etc.
At the same time, they do not allow to push money from an external bank, they only allow pulling it themselves from your other accounts.
That's a serious reason for concerns, if not a consumer rights violation.
My attempt to open an account with was met with unnecessary hurdles and a clear demonstration of incompetence. Despite providing a valid U.S. Passport as proof of citizenship, the staff insisted on additional, irrelevant documentation. This not only shows a lack of understanding of basic documentation requirements but also adds unnecessary complexity to what should be a straightforward process.
I've decided to take my business elsewhere due to this cumbersome process and the staff's evident incompetence. I would advise potential customers to look for a bank that values efficiency and possesses a competent understanding of customer service.
robinmuller | May 27, 2023 Been with them for 3 month or so and have several external accounts linked for ACH transfers. They are also on the faster side compared to others, but every time there is a holiday (like this upcoming Monday) it shifts the earliest transfer date to Wed or Thu instead of Tue.
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So, originating transfers need to be scheduled? days ahead?
Re; linked accounts.
I'm curious. I was told Newtek only allows one external linked account? I'm curious how you have several linked accounts. Is there away to get around their one linked account limit? Thanks
I opened a cd and requested the receipt by mail. I gave them a seasonal address. A month later it was sent to the wrong address. I tried to print a statement and had to call them. I was told statements weren't working and couldn't be printed that day.
I'm a depositor at Newtek. I have experienced nothing but good things with them. I recently received an email advising me they were raising my savings rate from 5% to 5.25%, automatically. Today, I wanted to see how responsive they were to a request for a wire transfer. I was on hold for just a couple of minutes at most. Jonathan answered, and I asked to speak to the wire desk. He said he could help me. He was very cordial. After verifying my identity, he explained the process and requirements. He promptly emailed me a wire form via Docusign. I filled it out, and it automatically was returned to Newtek. The wire transfer hit my bank within a couple of hours. Maybe sooner, but that is when my bank posted it.
They do have restrictive ACH limits. $25,000/day in or out. They will not increase the limits. So, if you want to move a sizeable amount of money, you will need to do it by wire transfer. I don't believe Newtek charges a wire fee. I will have to look at my EOM statement to verify.
I have money stuck with them for over 5 days. I say stuck because I've called twice and was told that I either called when the right people weren't available or was told to call back and a complimentary wire would be approved to get my funds back to the source bank.
Both times I've had the other agent say; can we call you back? I asked to speak with the wiring department, and he's that guy. I asked to speak to management; none available.
So ACH issues, bank unable to post transfer, low staffing and inept folks handling your money. It's not worth the high interest rate. I'd rather have it making 4.50% at a reliable bank than ever let my money touch newtek bank again
Possibly a new client... initial comments/experience by others appears favorable, but several questions important to me and estate structure.
1) Any problem/issue with establishing a joint/wros account with my wife.
2) Any problem/issue with establishing POD's for my two children .... and associated with that, will I have/receive good documentation that my POD's are of proper official bank record for my files.
I have to rate my experience to post...but I have no experience...so I have just rated neutral.
Newtek Bank only allows one external account to be linked to its savings account. In addition, you must schedule an ACH transfer at least three business days beforehand. For example, if you go to schedule an ACH transfer on Monday then the earliest it will be processed is on Thursday. "Transfers to or from accounts at other financial institutions must be scheduled at least three business days in advance of the effective date of the transfer."
The standard transfer limit is $25,000. You can make up to six (6) transfers per monthly statement cycle.
Newtek is the only bank that requires you to upload a pic of your social security card. Which I don't believe I've had since college. No bank, employer, has EVER needed my PAPER social security card. Their approval process is in the dark ages.
They do have easy to reach, friendly customer service reps, who tried to help me work around that requirement by telling me to upload other tax return forms showing my complete SSN. I did so. But then I was rejected.
In the meantime, I applied for and received a new SS card (which of course is not required by any other bank) and the Newtek APY rates have gone down. Luckily I was approved by another bank with comparable APY rates.
Everything went smoothly opening an account. I like this bank so far. Easy to navigate the site once the initial sign up is done.
They do not have the resources to properly identify legitimate people when they apply. Not for the serious saver to even mess with.
From my savings account dashboard, I sent a message to Newtek Bank seeking clarification about the monthly ACH transfer limits and daily transfer limits and whether the latter can be raised above $25,000. Within three hours, I received the following reply, which responded to each of the questions I posed:
Good afternoon,
The 6 transfers limit refers to debits only, meaning you are limited to 6 withdrawals a month. There is no limit to the number of credits you can complete. The transfers are limited per monthly statement cycle, our statement cycle begins the 1st of every month. So, you will be limited to 6 withdrawals from the beginning of May 01, 2023, until May 31, 2023. And it will continue like that going forward for every statement cycle. And regarding the daily limit, the maximum limit we can offer you is $99,999.00. Please keep in mind that the bank will lower the ACH limit if the activity on the account is not constant. For example, having no transfer activity will prompt the bank to lower the account limit back to $25,000.00. However, you would be able to request an adjustment to the limit again should you ever need to.
If you would like for us to raise your daily limit, please let us know.
Regards,
Newtek Business Service Specialist
The online application process was straightforward. As part of the process, you will be prompted to set-up your access code and password (for website access to your account) and security verification questions. Upon completing the application, I was informed on screen of the approval. I also received an email.
During the application process you can also link an external bank account. I opted to instead use trial deposits; the trial deposits were sent within 24 hours. I was then easily able to complete the link of my external account to the savings account. I set-up a transfer to fund my account.
One thing that some may find off-putting, but I welcome, is two-factor authentication each time you log into your account. You will be sent an eight-digit code by email or text message, depending on which method you previously indicated as your preference.
Assuming no error or timing issues with the external transfer (I am having Newtek Bank pull the funds from my external account), I am happy with the speed in which I was able to set-up an account. I did not need to contact customer service so I cannot comment on how quickly (or not) a customer service representative is accessible. Further, I also did not need to send any messages to Newtek Bank seeking assistance.
ADDED 04-24-2023...
The external transfer was completed and posted in a timely manner with the funds available immediately.
I also received a phone call from David Filippone, Business Service Specialist at Newtek to thank me for my business.
I recently became aware that Newtek Bank was offering a 5% HYSA. I applied, and was approved in two days. Emails regarding the process were prompt and informative. Upon approval, money was ACHed from my external account with no problem. The website runs smoothly, and seems well thought out.