FAQ

• Newtek Bank is banking that’s built for business. We are a subsidiary of NewtekOne (NASDAQ: NEWT), a leading provider of business solutions with a 20+ year track record.
• In Newtek Bank, we’ve created an institution that goes beyond banking to provide you with the tools, services, and 24/7 dedicated support you need to thrive. Plus, you can bank anywhere, anytime with online and mobile banking.

• As of January 6th, 2023, Newtek has completed its acquisition of National Bank of New York City (NBNYC). As a result of the merger, NBNYC has been renamed National Bank of New York City, a Division of Newtek Bank, National Association.

• Yes, Newtek Bank N.A. is a member of the FDIC. Your deposits are insured up to the maximum amount allowed by law, which is currently $250,000.

• We offer accounts for both business and commercial customers, all designed to help your money work for you.
  • Business
    • Business Checking
    • Business Money Market
  • Personal
    • High Yield Savings
    • Certificates of Deposit

• The Newtek Advantage is the One Dashboard for All Your Business Needs. As a free asset to NewtekOne clients, the Newtek Advantage gives you access to:
  • Relationships – Face-to-face connection with a Newtek relationship manager and dedicated product specialists, available 24/7/365
  • Analytics – A single view of website health, account balances, merchant processing data, and more
  • Transactional capability – Manage upcoming payroll, get same-day transfers from your merchant account, and more
• You can create your Advantage Account for free on our website.

• No. You will be required to link an external account during the account opening process to fund your Newtek Bank account, but you do not need to switch banks.

• There are no monthly fees on our Business Checking, Business Savings, or Consumer High Yield Savings Accounts. Certificate of Deposit accounts may have penalty fees for early withdrawals.

• Yes, Newtek Bank clients receive a debit card with a Business Checking account. Additionally, they have access to the MoneyPass ATM network at no extra cost. For more information, please call 866-820-8891.

• There are no minimums for Business Checking, Business Savings, or Consumer High Yield Savings. Certificate of Deposit accounts have a $2,500 minimum.

• For our Consumer High Yield Savings, Business High Yield Savings, and Business Checking products, you can open one of each account type. You can open as many Certificate of Deposit accounts as you would like. All accounts can be seamlessly managed from your online banking account or the mobile app.

If you are an existing client and forgot your Digital Banking passcode, click ‘Forgot Password?’ on the Log In portal. You will be prompted to enter your Access ID, the email address associated with your account(s), and your SSN or Tax ID. You will then need to answer your security question. Once this information is confirmed, a temporary passcode will be delivered to your email address, along with steps to reset your passcode.

If you simply wish to change your passcode, you can do so in your Digital Banking portal.

• Click your name in the top right of the screen
• Select Passcode
• Follow instructions to reset your passcode

If you are a new client with an application in progress and forgot your passcode, please contact us at 888-681-7238.

• When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you or your business. We may also ask to see your driver’s license or other identifying documents. Federal law requires all financial institutions to verify the identity of each person who opens an account.
• During the account opening process, you will also be required to link an external account to fund your Newtek Bank account. To do so, you will need the log-in credentials for your external institution. This information is not stored or saved by Newtek Bank.

• No, we do not do a hard pull of your credit score when you open a Newtek Bank account.

• During the account opening process, you will be required to link an external account to fund your Newtek Bank account. To do so, you will need the log-in credentials for your external institution. This information is not stored or saved by Newtek Bank.

• To transfer external funds to your Newtek Bank account follow the steps below:
  • Log into your Newtek Bank account
  • Under Move Money, select the type of transfer
  • Choose the account, amount, frequency, scheduled date, and then submit
• You can also wire money to your Newtek Bank account. Please use routing number 026004297.

• The standard transfer limit is $25,000. Please contact 718-358-4400 to speak with a banking specialist to help with larger transfers or wire transfers.
• For Consumer High Yield Savings accounts, you can make up to six (6) transfers per monthly statement cycle. Withdrawals from your account can only be transferred to the original external funding source.

• Transfers take approximately 3 business days to process.

• 026004297. Due to the recent acquisition of National Bank of New York City, your existing bank may have not updated their directory to show Newtek Bank N.A.

Bill Pay is available for business customers to pay vendors seamlessly and securely from your Newtek Bank account. You can request Bill Pay through your Digital Banking portal.

• Click the Settings (wheel) icon in the top right, and then click Modify Access & Services.
• For the desired account, select Edit (under Actions)
• Click the radio button for Basic with Bill Pay, and then Submit
• Click Confirm to submit the request to a Newtek Bank specialist

For further assistance with Bill Pay, please contact us at 888-681-7238.