Brand Overview: Newtek Bank
Newtek Bank, N.A. is a federally chartered, digital-first bank that operates as a subsidiary of the financial holding company NewtekOne, Inc. The bank traces its operational origins back to 1963 through the National Bank of New York City, which Newtek acquired and rebranded as Newtek Bank in early 2023 to provide nationwide digital banking and business financing.
Contact Info
Customer Support Email: [email protected]
Customer Support Phone: 1-888-681-7238 (General Inquiries: 1-855-763-9835)
Industry and Operations
Newtek Bank operates in the financial services and banking industry. It primarily focuses on small and medium-sized businesses, as well as individual retail depositors, delivering online-first financial tools and deposit accounts.
- High-Yield Savings and Money Market Accounts: Competitive interest-bearing accounts for personal and business savings.
- Certificates of Deposit (CDs): Fixed-term deposit products across multiple maturity options.
- Business Checking: Zero-fee business checking accounts with free ACH transfers and debit cards.
- Business Financing: Small Business Administration (SBA 7(a)) loans, term lending, and commercial lines of credit.
- Payment and Merchant Solutions: Integrated payment processing, payroll services, and business management software through NewtekOne subsidiaries.
User Sentiment
User feedback reflects frequent frustration regarding transaction processing times, customer service responsiveness, and account access limitations.
- Fund Transfer and Withdrawal Delays: Many users report lengthy hold times on outgoing ACH transfers and unexpected delays when trying to move funds back to external accounts.
- Certificate of Deposit (CD) Rollovers: Customers report not receiving proper advance notices before CDs mature, resulting in automatic renewals into new terms and unexpected early withdrawal penalties.
- Customer Service Accessibility: Callers report difficulties reaching representatives who have the authority to resolve technical or account issues, as well as unreturned follow-up calls and slow email replies.
- Account Freezes and Verification Obstacles: Account holders, particularly business clients, note unexpected account restrictions, lengthy identity verification procedures, and sudden account closures.
- Mobile App and Platform Technical Issues: Users complain of frequent bugs, login problems, and an unintuitive interface within the online banking portal and mobile app.
Share Your Experience
If you have experienced issues with Newtek Bank, you are not alone. Share your experience or file a complaint on Xolvie to let your voice be heard.