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New Mexico Second Chance Checking Accounts

  • Banking

New Mexico has several banks that offer second chance checking accounts for consumers with past banking issues.

According to Statistics provided by Prosperity Works, 11 percent of New Mexico families don’t have access to bank accounts. Unbanked consumers pay a ton of fees just to cash checks and conduct day-to-day financial transactions.

Traditional banking is not only convenient but can save you money.

With second chance checking and New Mexico banks that don’t use ChexSystems, your ChexSystems history won’t necessarily prevent you from opening an account.

New Mexico second chance checking accounts

Chime Spending Account – Free overdraft up to $200

Chime will spot you up to $200 on debit card purchases with no overdraft fees. Eligibility requirements apply.¹ Chime’s Spending Account is similar to a traditional checking account but without check writing.

Banking is easy with Chime where customers can transfer money, send and deposit checks and pay bills with no monthly fees and no overdraft fees.

Open the optional savings account and Chime will round up your Visa Debit Card transactions to the nearest dollar and transfer it to your savings account.

Chime Spending Account Features

  • Get your direct deposit up to 2 days early.
  • Chime Visa® Debit Card.
  • Access cash at 38,000+ fee-free ATMs.
  • An optional savings account earns 0.50% (APY).
  • Leniency for people with previous checking account problems.

1st Convenience Bank

1st Convenience Bank does not use ChexSystems and can be opened with only $1. The Checking with Interest monthly maintenance fee is $12. Customers enjoy a FREE Debit MasterCard®; FREE Online Services and FREE Money Orders.

Bank of Albuquerque

Bank of Albuquerque offers an “Opportunity Checking” account designed to let you start over even though you’ve been reported to ChexSystems. You must visit a banking center to apply for the account. Features of the Opportunity Checking include a $50 minimum opening deposit, free Visa Debit Card, Online BillPay – $3.95 monthly fee; includes 15 payments per month & $0.20 per payment thereafter. The monthly service fee is $14.95.

Bank of the Southwest

Bank of the Southwest offers a variety of checking accounts to fit your financial needs and goals. If your ChexSystems record is paid and over one year old you may be able to open an account.

First American Community Credit Union

They offer a Second Chance Checking Account. Rebuild your credit with this convenient account. The monthly service charge is $10 and there is no minimum balance requirement.

Jamez Valley Credit Union

Jamez Valley Credit Union only requires proper identification to open an account. One of the accounts offered is the Share Draft Checking Account that features nO monthly service fee, no minimum balance required and dividends are paid monthly on balances of $2,000.00.

Lea County State Bank

Lea County State Bank offers an Opportunity Checking Account that requires a $100 minimum opening deposit. There are fees associated with this account.

Bank of the West

Bank of the West does run a ChexSystems report but they have a second chance banking program called “Fresh Start.” Your Chexsystem listing must be older than one year and it cannot be for fraud. Basic checking has a $10 monthly fee but it is waived when you: Maintain an average monthly balance of $1000; Receive a direct deposit of $250; or Use your Bank of the West Debit Card for 10 or more purchases during each statement cycle.

US Bank

Most US Bank branches located “in store” branches will open a checking or savings account for consumers in ChexSystems; some “in-store” branches even have signs stating “Chexsystems? No Problem!”. But you must not owe US Bank money if they reported you to ChexSystems or have been reported to ChexSystems for fraud. Some regular branch locations may also open an account but it’s best to call first to inquire. The minimum opening deposit is $25.

Final thoughts

Past banking issues along with negative banking records can impact low- and middle-income households. Second chance banking will get you back on track even if you have bad credit.

A negative ChexSystems record can remain 5 years unless you successfully dispute ChexSystems to get it deleted. For consumers with an EWS record, it can last for 7 years unless you’re able to successfully dispute EWS.

Whether you choose a bank or credit union, take the time to build a solid banking relationship that will help you grow your money while maintaining a safe place to conduct daily expense transactions.


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