Banks Not Using ChexSystems in New Mexico

A few banks in New Mexico specifically offer a “Second Chance Checking Account” Program, which means they’ll open an account for you even if you’re on Chexsystems as long as any money owed has already been paid. Some banks have other names for these banking programs such as “Opportunity Checking” or “Fresh Start Checking.” To open a checking account through one of these special bank programs, you usually have to apply in person and, in many cases, the bank requires you take a class on how to balance your checking account and avoid overdrawing your account.

The best checking accounts you can open online with no credit check, low to no opening deposit and no Chexsystems are: List of Second Chance Banks

• CIT Bank – CIT Bank’s Premier High Yield Savings Account allows you to build your savings at one of the highest interest rates available in the industry. Enjoy ultimate online banking convenience by managing your account from your smartphone or computer. This account does have balance tiers to determine the APY you earn, with the lower balance tier earns at a higher APY, while the upper balance tier still earns well above the national average. CIT Bank compounds interest daily to further maximize your earnings. Plus, there are no account opening or maintenance fees to worry about. Your money gets to grow without being disturbed by pesky fees. A $100 opening deposit is required to open an account.

• BBVA Compass Bank – Open an online checking account with the new ClearConnect checking account.  The BBVA Compass ClearConnect Checking Account is a free checking account and offers customers the chance to open an online checking account for only $25. Enjoy no monthly service charges, free online and mobile banking, bill pay and online statements. The ClearConnect Checking Account has no ATM fees at any BBVA Compass or Allpoint® ATM. You’ll also receive a BBVA Compass Visa® Debit Card you can personalize with you favorite photo. List of Second Chance Banks in New Mexico that do not use Chexsystems
• Discover Bank – Open a Discover Bank savings account online instantly and earn a rate 5x the National Savings Average with a low opening deposit and access to your cash anytime.   Discover Bank also offers its customer the opportunity to open a checking account. To open a Discover Bank checking account, you have to open either a Discover Savings account or credit card. You have 30 days to make a deposit at a local branch or by setting up direct deposit. You can also make your opening deposit by mail. Second Chance Checking

The banks on the list of Second Chance banks in New Mexico do not use Chexsystems or check your credit history. Most have short, online applications and most of them do not require an opening deposit as most banks require. So, you can open a checking account online and get an instant account number to set up direct deposit. Alternatively you can mail in the opening deposit, or sometimes use a credit card or prepaid card. Second Chance Banks in New Mexico

Of course, you can also apply for a new checking account with a bank that offers second chance accounts. One such second chance bank in New Mexico is Lea County State Bank. Lea County State Bank offers New Mexico residents a “Second Chance” checking account, which requires a $100 opening balance and entails a $10 monthly service fee.

Yet, if you don’t have the money to pay off your old, overdrawn bank accounts, even banks specifically offering second chance checking might not let you open a bank account. Your Chexsystem record stays on file for 5 years unless the information in Chexsystem’s report is inaccurate and you file a dispute. Even if you pay off your old bank account, you still have to make sure the bank sends a letter to Chexsystems requesting the removal of any negative information.

Applying for a Bank Account with Bad Credit

When you apply for a new bank account, some banks will also check your complete credit report and score. The credit check itself typically isn’t the reason banks will deny you a checking account. Banks tend to deny you a bank account, not because you have unpaid credit cards or a bad credit score, but because you bounced checks in the past or still have a negative balance with a previous checking account.

To prevent terrorism and fraud, all banks are required by law to verify your identity in the form of a “soft pull” of your credit report. This means they only access your credit report to check that your name and address match up with your social security number. This is how the bank obtains the information that makes up the random identity confirmation questions during the process of applying for a checking account. A soft pull of your credit report won’t lower your credit score and doesn’t mean the bank can see detailed information about late car payments or bills in collection.

Still, banks requiring that your checking account is enrolled in overdraft protection, in the form of a bank-issued line of credit, will require that you don’t have bad credit. The bank will conduct a “hard pull” of your credit report, meaning that the credit check itself will lower your credit score by 2 points. Our list of recommended national and local second chance banks in New Mexico include banks that do not use ChexSystems or check your credit history. Second Chance Banks in New Mexico