Newtek Bank, N.A. Launches Newtek Zero-Fee Business Banking™
NewtekOne's subsidiary, Newtek Bank, has launched Zero-Fee Business Banking™, offering commercial clients depository accounts without any hidden fees or costs. The program eliminates charges for ACH, wires, monthly service, maintenance, overdrafts, and insufficient funds, with no minimum balance requirements. The bank aims to provide higher interest rates compared to national averages on commercial checking and savings accounts. Customers can verify potential savings using the newly launched Newtek Zero-Fee Calculator™ on their website.
La filiale di NewtekOne, Newtek Bank, ha lanciato Zero-Fee Business Banking™, offrendo ai clienti commerciali conti di deposito senza commissioni o costi nascosti. Il programma elimina le spese per ACH, bonifici, servizi mensili, manutenzione, scoperti e fondi insufficienti, senza requisiti di saldo minimo. La banca punta a fornire tassi di interesse più elevati rispetto alla media nazionale per i conti correnti e di risparmio commerciali. I clienti possono verificare i potenziali risparmi utilizzando il nuovo Newtek Zero-Fee Calculator™ sul loro sito web.
La subsidiaria de NewtekOne, Newtek Bank, ha lanzado Zero-Fee Business Banking™, ofreciendo a los clientes comerciales cuentas de depósito sin tarifas ni costos ocultos. El programa elimina cobros por ACH, transferencias, servicio mensual, mantenimiento, sobregiros y fondos insuficientes, sin requisitos de saldo mínimo. El banco tiene como objetivo proporcionar tasas de interés más altas en comparación con los promedios nacionales para cuentas comerciales de cheques y ahorros. Los clientes pueden verificar los ahorros potenciales usando el nuevo Newtek Zero-Fee Calculator™ en su sitio web.
NewtekOne의 자회사인 Newtek Bank가 Zero-Fee Business Banking™을 출시했습니다. 이는 상업 고객에게 숨겨진 수수료나 비용 없이 예치 계좌를 제공합니다. 이 프로그램은 ACH, 송금, 월 서비스, 유지관리, 오버드래프트 및 잔고 부족에 대한 비용을 없애며, 최소 잔고 요건이 없습니다. 은행은 상업 수표 및 저축 계좌에 대한 이자율을 전국 평균보다 높게 책정하는 것을 목표로 하고 있습니다. 고객은 새로 출시된 Newtek Zero-Fee Calculator™를 사용하여 잠재적인 절감을 확인할 수 있습니다.
La filiale de NewtekOne, Newtek Bank, a lancé Zero-Fee Business Banking™, offrant aux clients commerciaux des comptes de dépôt sans frais cachés ni coûts. Ce programme élimine les frais pour ACH, les virements, les frais de service mensuels, la maintenance, les découverts et les fonds insuffisants, sans exigences de solde minimum. La banque vise à fournir des taux d'intérêt plus élevés par rapport aux moyennes nationales pour les comptes courants et d'épargne commerciaux. Les clients peuvent vérifier les économies potentielles en utilisant le nouveau Newtek Zero-Fee Calculator™ sur leur site web.
Die Tochtergesellschaft von NewtekOne, Newtek Bank, hat Zero-Fee Business Banking™ eingeführt, das kommerziellen Kunden Einlagenkonten ohne versteckte Gebühren oder Kosten anbietet. Das Programm eliminiert Gebühren für ACH, Überweisungen, monatliche Dienstleistungen, Wartung, Überziehungen und unzureichende Mittel, ohne Mindestguthabenanforderungen. Die Bank hat das Ziel, höhere Zinssätze im Vergleich zu nationalen Durchschnitten auf Geschäftsgiro- und Sparkonten anzubieten. Kunden können ihre potenziellen Einsparungen mit dem neu eingeführten Newtek Zero-Fee Calculator™ auf ihrer Website überprüfen.
- Introduction of zero-fee business banking with no hidden costs
- Higher interest rates offered compared to national averages
- No minimum balance requirements for business accounts
- Elimination of multiple common banking fees (ACH, wires, overdrafts, etc.)
- None.
Insights
The launch of Newtek Zero-Fee Business Banking™ represents a significant strategic move in the competitive business banking landscape. The elimination of common fees like ACH, wires, overdrafts and maintenance charges, combined with no minimum balance requirements, creates a compelling value proposition that could drive substantial deposit growth. This zero-fee model is particularly attractive in the current high-interest-rate environment where businesses are increasingly sensitive to banking costs.
The bank's ability to offer this model stems from their higher-margin asset generation, suggesting a robust underlying business model. This strategy could lead to accelerated deposit gathering and improved net interest margins, as the bank can potentially deploy these deposits into higher-yielding assets. However, the sustainability of this model will depend on maintaining those higher margins and effectively managing operational costs.
The competitive advantage of truly fee-free banking, coupled with above-average interest rates, positions Newtek Bank favorably against traditional banks that rely heavily on fee income. This could translate into significant market share gains in the commercial banking segment.
Goal is to Attract Business Deposits with Full Transparency, Trust, and Low Cost
BOCA RATON, Fla., Nov. 18, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ: NEWT) announced today that its national bank subsidiary, Newtek Bank, N.A., member FDIC, has launched Newtek Zero-Fee Business Banking™, which provides its commercial clients with true zero-fee business banking depository accounts without hidden banking fees or costs. Newtek Bank does not charge fees to its business banking clients for ACH, wires, monthly service charges, maintenance or activity, overdrafts, or insufficient funds and no minimum balance requirements, making its business banking account a true, trusting, zero-fee banking account.
Barry Sloane, President, Chairman and CEO commented, “We are pleased to finally launch true zero-fee commercial business banking at Newtek Bank. Due to Newtek Bank’s ability to generate assets that provide greater margins, we are proud to be able to give back to our commercial depositors a true, zero-fee banking business depository account, where our commercial clients do not need to worry about charges for hidden fees or costs. With Newtek Zero-Fee Business Banking™, we believe that our business clients will be able to receive higher interest rates on their commercial checking and savings accounts versus the national averages and have zero cost to process commercial monetary movements. Indeed, our customers can validate the benefits of Newtek Zero-Fee Business Banking™ -- higher income and reduced costs -- by using Newtek Bank’s newly launched Newtek Zero-Fee Calculator™ on our website. Banks typically offer their commercial clients a depository relationship with a qualification or fee, such as minimum account balances, interest rates for a limited period, overdraft fees, stop-payment fees, incoming and/or outgoing wire fees, ACH fees, maintenance fees, etc. We at Newtek Bank, however, believe that one of the most important things about a banking relationship is the concept of trust. Newtek Bank (formerly National Bank New York City) has provided business-first banking since 1963 and is the bank that business depositors can trust; we are who we say we are. For independent business owners seeking to fight inflation by growing interest income and reducing hidden banking fees and costs, we welcome all depositors on a national basis to go to www.NewtekBank.com to open a business banking account with true Newtek Zero-Fee Business Banking™.”
About NewtekOne, Inc.
NewtekOne®, Your Business Solutions Company®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries (collectively, “NewtekOne”), provides a wide range of business and financial solutions under the Newtek® brand to independent business owners. Since 1999, NewtekOne has provided state-of-the-art, cost-efficient products and services and efficient business strategies to independent business owners across all 50 states to help them grow their sales, control their expenses and reduce their risk.
NewtekOne’s and its subsidiaries’ business and financial solutions include: banking (Newtek Bank, N.A.), Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.
Newtek®, NewtekOne®, Newtek Bank®, National Association, Your Business Solutions Company®, One Solution for All Your Business Needs® and Newtek Advantage® are registered trademarks of NewtekOne, Inc.
Note Regarding Forward-Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of the rules and regulations of the Private Securities Litigation and Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences and are subject to change, possibly materially. See “Note Regarding Forward-Looking Statements” and the sections entitled “Risk Factors” in the NewtekOne’s filings with the Securities and Exchange Commission which are available on NewtekOne's website (https://investor.newtekbusinessservices.com/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). Any forward-looking statements made by or on behalf of NewtekOne speak only as to the date they are made, and NewtekOne does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
SOURCE: NewtekOne, Inc.
Investor Relations & Public Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@newtekone.com
FAQ
What is Newtek Zero-Fee Business Banking and when was it launched?
What fees are eliminated in Newtek's (NEWT) new business banking program?
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