If you’ve struggled to open a traditional checking account due to past banking issues, second chance banks in New Mexico offer a fresh start.
These institutions provide special accounts that either don’t check your ChexSystems report or are willing to look past previous missteps, giving you access to essential financial services while you rebuild your banking history.
With lower barriers to entry and features designed to help you regain control of your finances, second chance bank accounts can be a vital resource to make smarter financial decisions and avoid the high costs of alternative money services.
Online Second Chance Banks in New Mexico

Upgrade Rewards Checking
$0 minimum to open
Up to 2% cash back on purchases
Get paid up to two days early
More than 55,000 free ATMs

SoFi Bank
$50 minimum deposit
Welcome bonus up to $300
No monthly maintenance fees
Get paid up to two days early
55,000+ fee-free ATMs

Acorns
$25 minimum deposit
Earn 2.57% APY on Checking and 4.05% APY on Emergency Fund
Get paid up to 2 days early
Tungsten metal debit card
55,000+ fee-free ATMs

Current Banking
$0 minimum to open
4% APY on savings up to $6,000
Get paid up to two days early
Up to $750 cash advance
Credit building secured card

mph.Bank - Second Chance Fresh Account
$9.00 a month service fee
Zelle® Integration
Get paid up to two days earlier
55,000+ free AllPoint ATMs
Second Chance Banks in New Mexico
1st Convenience Bank
The eAccount does not require an opening deposit and has a $5 monthly service fee. You’ll have free access to online banking, mobile deposit, bill pay and account alerts.
Lea County State Bank
The LCSB SECOND CHANCE CHECKING requires a $100 opening deposit and has a $5 monthly service fee. You’ll have free access to mobile budgeting apps plus no overdraft or non-sufficient funds fees.
New Mexico Bank & Trust
The Check Free Banking Account requires a $25 opening deposit and has a $5 monthly service fee. You’ll have free access to mobile budgeting apps plus no overdraft or non-sufficient funds fees.
Sunflower Bank
The Achievement Checking Account requires a $25 opening deposit and has a $5 monthly service fee. You’ll have free access to online banking, mobile deposit, bill pay and account alerts and there’s no minimum balance requirement.
WaFd Bank
The Fresh Start Account requires a $25 opening deposit and has a $4 monthly service fee. You’ll have free access to mobile budgeting apps plus no overdraft or non-sufficient funds fees and there’s no minimum balance requirement.
Second Chance Credit Unions in New Mexico
First American Community Credit Union
The Second Chance Checking Account requires a $50 opening deposit and has a $10 monthly service fee. You’ll have free access to mobile budgeting apps plus no overdraft or non-sufficient funds fees and there’s no minimum balance requirement.
Nusenda Credit Union
The Visa® debit card requires a $5 opening deposit. There are no hidden fees and you’ll have free access to mobile budgeting apps.
Rio Grande Credit Union
The Fresh Start Checking Account requires a $25 opening deposit and has a $0 monthly service fee. You’ll have free access to mobile budgeting apps plus no overdraft or non-sufficient funds fees and there’s no minimum balance requirement.
US Eagle Federal Credit Union
The FlexChecking Account requires a $5 opening deposit and has a $5 monthly service fee. You’ll have free access to online banking, mobile deposit, bill pay and account alerts and there’s no minimum balance requirement.
New Mexico Unbanked Numbers
According a Federal Deposit Insurance Corporation (FDIC) 2023 Survey, 5.3% of New Mexico’s residents were unbanked. It’s estimated that unbanked people pay up to 10% of their salary for check cashing services. New Mexico has one of the highest percentages of unbanked or underbanked households in America.
Without access to traditional banks that offer free checking or second chance banks with low monthly service fees, too much money is being paid to conduct basic financial transactions.
ChexSystems Resources
- Banks That Don’t Use ChexSystems – Take a look at our list of banks that do not use ChexSystems for a new checking account.
- EWS (Early Warning Services) – EWS is similar to ChexSystems and can prevent you from opening a checking account.
- Check your ChexSystems Report – Unsure what information exists in your ChexSystems report? Learn how to find out.
- ChexSystems Scores – Did you know that you have a ChexSystems score similar to a credit score? Find out how to get yours.
- Account Abuse – Find out why ChexSystems often reports customers for account abuse with no real explanation of what that notation means.
Upgrade Disclaimers
1 Active Accounts with a monthly direct deposit of $1000 are eligible for additional benefits on Rewards Checking Plus such as additional cash back rewards, ATM fee reimbursement, and more. See the Active Account page for more information.
2 Rewards Checking Plus customers who set-up monthly direct deposits of $1,000 or more earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card purchases. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card purchases for the remainder of the year. Rewards Checking Plus accounts with less than $1,000 in monthly direct deposits 60 days after account opening will earn 1% cash back on common everyday expenses and 0.50% cash back on all other eligible debit card purchases. Some limitations apply. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information.
3 The 1.5% Annual Percentage Yield (APY) for the Performance Savings account is effective as of June 1, 2023. The APY for the Performance Savings account is variable and may change at any time. Active Accounts qualify for 5.07% APY with monthly $1000 direct deposit. The APY for Active Accounts is effective as of September 1, 2023, is variable, and may change at any time. Please refer to the applicable Cross River Bank Performance Savings Deposit Account Agreement and Truth in Savings Disclosure. To earn APY, you must open and fund a Performance Savings account. Rewards Checking Plus accounts do not earn APY.
4 Early direct deposit requires set up of recurring electronic direct deposit from your employer, payroll, or benefits provider and is limited to direct deposits under $5000. Early access to direct deposit funds depends on the timing in which we receive notice of impending direct deposit, which is generally up to two days before the scheduled deposit date.
5 There are no overdraft fees or annual fees associated with Rewards Checking Plus accounts. Rewards Checking Plus charges no ATM fees, but third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA® Debit Card internationally. For Active Accounts, Upgrade will rebate ATM fees charged by another institution for debit card withdrawals in the United States, up to five times per calendar month. To be eligible to receive third-party ATM fee rebates in any calendar month for eligible ATM withdrawals made during that month on a Rewards Checking Plus account, the account must be an Active Account in the prior calendar month. See the Active Account page for more information. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for 60 days after account opening regardless of account user status. Some limitations apply. Please refer to the applicable Cross River Bank Checking Deposit Account Agreement and Upgrade VISA® Debit Card Agreement and Disclosures for more information.