ChexSystems is a reporting agency that keeps track of your bank deposit accounts, such as savings and checking accounts. A ChexSystems report shows the activities on your account, including but not limited to, past accounts that have been closed, involuntary account closure, bounced checks and overdrafts, unpaid negative balances, debit or ATM card abuse, suspected fraud or identity theft, and excessive account application. Also, consumer risk scores are being generated to further evaluate the said accounts. The scores are similar to credit scores and range from 100 to 899. The lower the score, the higher the risk.
Nevertheless, banks and credit unions use this report to decide whether or not they will approve your application for a new deposit account. Hence, if a financial institution sees your report on the negative side, chances are, your application will be declined.
However, while it can be frustrating to have a bad ChexSystems report, you still have a chance. And, if you happen to be in New Mexico, good news awaits you.
Roughly 85% of banks in New Mexico use ChexSystems while some banks offer the so-called “non-ChexSystems checking account or second chance checking accounts” to help people re-establish their credit and financial standing. Below is the list of banks in NM that don’t use ChexSystems.
BBVA, USA is probably the most friendly and the fastest bank to approve your application. It offers an online checking account that only requires a minimum deposit of $25. You can submit your application online through their simple and easy-to-use website.
On top of the abovementioned, BBVA also offers:
This bank is scattered throughout New Mexico, including but not limited to Alamogordo, Albuquerque, Las Cruces, and Rio Rancho.
Chime Bank is an online bank that offers savings and checking accounts. There’s no minimum deposit and setting up your account is relatively easy. It also has an exceptional mobile app that’s so easy to use and provides real-time alerts. Another cool feature is its “automatic savings.” When turned on, this feature allows you to save the change on your debit card/ATM purchases and deposit it right into your savings account.
Upon opening your account, you’ll also get:
Since 1901, 1st Convenience Bank has been putting its customers first. It’s also a non-ChexSystem bank that offers a consumer on-the-go style of banking. Hence, the bank offers an e-Account that leans more towards digital banking. You can either open the account in person with no minimum deposit required or open the account online with a minimum initial deposit of $20.
Nonetheless, your account comes with the following:
This bank is located inside Walmart stores throughout New Mexico, including but not limited to Alamogordo, Albuquerque, Bernalillo, Carlisle, Clovis, Farmington, Hobbs, Las Cruces, Rio Bravo, Rio Rancho, and Roswell.
If you’re having a hard time getting past a regular checking account, perhaps, due to your past financial mishaps or challenges, the Bank of Albuquerque offers a second chance checking account through its Opportunity Banking Account. As the account name speaks for itself, it’s meant to give you the “opportunity” to re-establish a solid checking history. However, you’ll need a minimum initial deposit of $50 to open an account and there’s a monthly service fee, which can be reduced if you enroll in a qualifying direct deposit.
Nonetheless, here’s are some other features of the account:
This bank is located in and around Albuquerque and Rio Rancho.
Bank of the West does look at your ChexSystems. However, they still offer a second chance with their Fresh Start Checking Account. For as long as it has been a year since you’ve had an issue with your ChexSystems and you have no history of fraud, the approval of your application should be easy.
Here are the top features of the account:
This bank can be found in more than 20 locations in New Mexico, including but not limited to Albuquerque, Anthony, Cedar Crest, Las Cruces, Los Lunas, and Rio Rancho.
While these five banks made it to our list, know that each one has its unique offers, features, and services. Thus, the best one will almost always depend on your specific needs. Do you want flexibility on your account? Do you want more convenience and/or accessibility? Are you after the minimum deposit required? And so on… The takeaway is, choose the bank that will best fit your needs.