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Complaint Details
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Initial Complaint
03/25/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
This lender unfairly denied my loan application, claiming theres something wrong with either my business or personal credit score. My personal credit score is around 700. The lender wasnt clear on the requirements and doesnt take everything into account as they should do by law.
Business response
04/09/2024
RE: BBB Complaint ID *******
Dear Better Business Bureau,
Thank you for the opportunity to respond to the above referenced complaint submitted to Newtek Bank, N.A. (Bank). In the complaint,the complainant claims the loan application was unfairly denied, references the personal credit score, states the bank was not clear on the loan requirements and did not take everything into account as we should by law. The bank takes claims of unfair treatment very seriously and has policies and procedures in place to ensure no applicant is treated differently.
Upon receipt of the complaint, the bank investigated further into the matter. As stated in the adverse action notice provided to the applicant, both the business and individual credit of each owner or principal of the business was reviewed. The main factor resulting in the denial of this application was related to the business credit history. Upon review, our credit team discovered there was a recent chapter 7 bankruptcy case that was closed in 2021. The second factor resulted in very limited liquidity reported on the personal financial statements. Ultimately, the loan decision was based on the aforementioned factors, and not on the complainants personal credit score.
Sincerely,
Compliance ****************************************** N.A.Initial Complaint
12/08/2023
- Complaint Type:
- Billing Issues
- Status:
- Resolved
I withdrew $213,698.33 from my bank account between 10/17/23 and 10/19/23 with the intent of closing the account after the interest was posted at the end of the month. The interest for having the funds in the account for more than half the month is over $500. The bank will not pay me any interest because I didn't have a balance of at least one ***** at the end of the month. They claim they don't have to pay me any interest for the month due to fine print at the back of a long account agreement regarding the one ***** minimum. This is an extreme lack of transparency and a shady attempt to steal my money to unjustly enrich themselves at my expense. I have contacted them twice 11/2, 11/3 & 11/22 via messages in their app and called 12/8, all with no luck in getting them to reverse their robbery. I request they pay the interest owed based on the daily balance as is their policy.Business response
12/28/2023
The customer maintained a ****************** Account at the Bank. After a final withdrawal on October 19, 2023, the customer's balance was $0.00. The account balance remained at zero for the remainder of October 2023. The Bank's Deposit Agreement states that a minimum balance of $.01 must be maintained in the account each day to obtain the disclosed annual percentage yield. As the balance was $0.00 at month end, no interest was paid.
As a one-time courtesy to the customer,management reviewed the complaint and credited the interest to their account on December 22, 2023.
Customer response
12/30/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Sincerely,
*************************Initial Complaint
11/29/2023
- Complaint Type:
- Billing Issues
- Status:
- Answered
I kept money in the bank and it accrued a lot of interest. Midmonth I withdrew the deposit but kept the account open. The bank is now refusing to pay out the interest. The Bank's Deposit Account Agreement is clear that the only way to forfeit the interest is if I close the account. it is also clear that the account remains open without fees even if I withdraw all funds. In fact, I have transactions pending that the bank is processing. I want the Bank to pay all accrued interest.Also, I requested Statements from the bank but they refused to provide me with statements bearing the bank name or full account number. I believe that federal regulations require banks to provide these as I have made transactions this month.Business response
12/28/2023
The interest was credited to the customer's account on December 1st. The customer subsequently transferred the credited interest out of the account.Customer response
01/01/2024
Complaint: 20931035
I am rejecting this response because:
It is true that the bank eventually did deposit some interest into my account. However, They subsequently withdraw from my account. Only after I noticed and complained did they redeposit. Additionally, I have yet to receive an official bank statement from them.Reading the complaints and my own experiences with Newtek have made me feel like i am dealing with some overseas scam. Cheating and stealing until official complaints are filed. Then redepositing and cheating and stealing again. This is not a trustworthy bank.
Sincerely,
*********************Business response
01/10/2024
Dear Better Business Bureau,
Thank you for giving us the opportunity to address the response received from the referenced customer.
We make every effort to resolve customer concerns and made two attempts to contact our customer by phone to assist with this matter. We must work with our customer directly to address account related issues. Account statements are available electronically within the online banking portal.
For further assistance, our **************** team is available at **************.Initial Complaint
10/31/2023
- Complaint Type:
- Product Issues
- Status:
- Answered
Requested close of CD within 7 days.No response from bank.Did not return my money, instead rolled over to new CD.Business response
11/01/2023
The funds were wired to the customer on November ******. A bank representative will contact the customer and follow up.
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Get a QuoteCustomer Complaints Summary
5 total complaints in the last 3 years.
5 complaints closed in the last 12 months.