Checking Account » Banks in New Mexico that offer Free Checking Plus Second Chance Accounts

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Banks in New Mexico that offer Free Checking Plus Second Chance Accounts

Best Banks in New Mexico that offer monthly free checking plus some that offer second chance checking.

Finding the best free banks in New Mexico depends on your banking needs. Whether your priority is interest-bearing checking accounts, high-yield savings, a variety of banking products, digital banking or physical branches, there is a bank in New Mexico that can meet your requirements.

However, if you’re unable to open a checking account due to ChexSystems or Early Warning Services (EWS) records, we also compiled a list of second chance banks in New Mexico that offer an opportunity to build a new banking history. Keep in mind there will likely be a monthly service fee associated with second chance banking accounts.

In this article

1 10 Best Free Banks in New Mexico

2 Second Chance Banks in New Mexico

3 Second Chance Credit Unions in New Mexico

4 New Mexico Unbanked Numbers

10 Best Free Banks in New Mexico

1. First Citizens Bank

First Citizens Bank was originally founded as the Bank of Smithfield in 1898. Headquartered in Raleigh, NC, First Citizens Bank has branches in 21 states. They offer a wide range of financial services to individuals, businesses, and organizations including checking, savings, trust services, mortgage loans, credit cards, investment services, insurance, and more. The Free Checking account has many features including the following:

$50 Minimum opening deposit
Pay your bills from any device, transfer funds to other accounts and send money with Zelle®
Manage and monitor your funds with free online banking tools
Link your debit card to digital wallets like Apple Pay® and Samsung Pay®
Choose the right level of overdraft protection coverage for your account.

APPLY NOW

2. Chime Checking Account

Chime is available to people in all states and can be opened online with no deposit. The Chime free checking account does not use ChexSystems so it can be used as a second chance checking account. Chime’s checking account has many features including the following:

$0 Minimum opening deposit
Overdraft protection up to $200¹ if you have a qualifying direct deposit
Receive pay up to two days earlier with Chime direct deposit
Manage your money with 24/7 mobile banking.
Access cash with over 60,000 fee-free ATMs²

APPLY NOW

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC

3. Consumers Credit Union

Consumers Credit Union is a credit union based in Illinois with membership open to anyone regardless of where they live or work. Financial products and services include checking, savings, CDs, personal, auto and mortgage loans, small business banking, investments and financial education. The monthly free checking account is called Rewards Checking with the following features:

Unlimited reimbursement for any and all ATM fees**
Over 30,000 ATMs & over 5,000 shared branches
Online & mobile banking plus bill pay
Get paid as much as two days early with early direct deposit**
No monthly maintenance fees, for anything

APPLY NOW

4. SoFi Bank

SoFi Bank is a bank headquartered in California with membership open to anyone regardless of where they live or work. Financial products and services include checking, savings, personal, student and mortgage loans, investments and retirement planning. The monthly free checking account is combined with savings account with the following features:

$10 Minimum Opening Deposit if you link an external bank account or $50 if you open with a debit card.
Welcome Bonus up to $250 when you sign up and set up direct deposit.
Get paid up to 2 days early with direct deposit.
55,000+ fee-free ATMs within the Allpoint® Network.
Members with direct deposit can earn 4.20% APY on their savings and Vaults balances, and 1.20% APY on their checking balances.
Deposits are insured up to $2M through a network of participating banks.

APPLY NOW

5. OneUnited Bank

OneUnited Bank’s Online Checking Account is a free checking available to people in ALL STATES. OneUnited Bank is a Black-Owned Bank that offers the Black Wall Street Checking account with no monthly fee. If you’re looking for second chance banking options, OneUnited Bank’s U2 E-Checking Account is available but it has a monthly fee of $12. With OneUnited Bank customers can add cash to the OneUnited Bank Debit Card at over 90,000 locations across the country through a partnership with Green Dot^®.

Here are the checking account features:

$25 minimum opening deposit
No monthly fee.
Get paid up to 2 days early with early direct deposit.
Free Online & Mobile Banking.
Obtain Cash, Surcharge Free at Over 35,000 ATMs Nationwide.
Deposit checks through the mobile app.
Free Bill Pay

APPLY NOW

6. BMO Harris Bank

BMO Harris Bank is a well-established financial institution with over 500 branches across U.S. and access to over 40,000 ATMs. As the 8th largest bank in North America by assets, BMO Harris Bank has $852 billion in total assets. Financial products and services include checking, savings, CDs, personal, auto and mortgage loans, HELOCs, small business banking, investment and retirement accounts. The monthly free checking account is called Smart Advantage Account with the following features:

$25 Minimum Opening Deposit
Unlimited Transactions at 40,000+ fee-free ATMs nationwide
$0 Monthly maintenance fee
BMO Digital Banking – pay bills, transfer money and more

7. Bank of Oklahoma

Bank of Oklahoma is a regional bank that was founded in 1910 and is headquartered in Tulsa, Oklahoma with 15 branches in New Mexico. The full-service bank offers a wide range of financial products that include checking, savings, CDs, personal, auto and mortgage loans, HELOCs, wealth management and investment services. The monthly free checking account is called Access Checking with the following features:

$50 Minimum Opening Deposit
One complimentary overdraft fee refund per calendar year (upon request)
$0 Monthly maintenance fee
Free Online and Mobile Access with Bill Pay

8. Bank of the Southwest

Bank of the Southwest was founded December 10, 1992, under the name of First Bank of Truth or Consequences. Today, the Bank of the Southwest is a full-service bank offering a wide range of financial products for personal and small business banking. The monthly free checking account is called Southwest Personal Checking with the following features:

$25 Minimum Opening Deposit
Unlimited check writing
$0 Monthly maintenance fee
Free Online and Mobile Access with Bill Pay

9. First Financial Credit Union

First Financial Credit Union was established in 1937 by a group of ten individuals who were employees of the telephone company in New Mexico. Since that time, the credit union has grown to serve the employees of over 200 companies. The monthly free checking account is called Kasasa Cash Checking with the following features:

Free checking that pays high dividends
Refunds on ATM withdrawal fees, nationwide (up to $25 monthly)
No minimum balance to earn rewards
No monthly maintenance fees

10. Jemez Valley Credit Union

Jemez Valley Credit Union has dedicated itself to delivering exceptional service to its valued members for over five decades. Jemez Valley Credit Union’s primary objective is to provide members with efficient, precise, and top-notch services at affordable rates. The monthly free checking accounts have the following features:

No minimum balance requirements
No monthly maintenance fees
Free Online Access
Free Online Bill Pay
Debit Card with Rewards

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) 2021 Survey, 7% 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 one of the highest percentage 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.

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