If you have found yourself on the ChexSystems database, you may be wondering how you will ever open another bank account. Luckily, there are financial institutions that do not use ChexSystems, or they subscribe to it but do not use the information to keep people from joining.
If you have poor financial credit, many banks will consider you a risk. This includes when you have bounced checks, kited checks, accrued NSF fees, or even had a negative balance for a specific amount of time. Oftentimes, once your poor credit has been noticed you will no longer be extended the opportunity to bank with ChexSystems banks. With 80% of all banks belonging to the ChexSystems agency, it can be difficult to find a bank that will work with you.
However, almost every state has what are sometimes called ‘last chance banks’ or ‘non-ChexSystems banks’ which provide services to customers with bad credit. These financial institutions accept you, knowing that you are a risk. This can mean that they may require a deposit to be held in reserve, in case of NSF fees, etc. or it may mean that they require some form of collateral. Either way, you are able to rebuild your credit by using these alternative banks or credit unions.
New Mexico has one financial institution that does not use ChexSystems. You may want to start with this one and see if they can provide the services you are looking for.
Please note that the information about non chexsystems banks changes each year (even month). We cannot guarantee any of the banks listed won’t do a non chexsystems check (though at the time of compiling, these banks don’t require a chexsystems check). You will have to call the banks to see.
If you have problems opening up a bank account, the best solution is to open up an online bank account here.
Nonchexsystems Banks in New Mexico
- Alamogordo Federal (575) 521-8100
- BOK Financial (918) 588-6000
- Commerce Bank (800) 453-2265
- Compass Bank (800) 266-7277
- New Mexico Educator’s Credit Union (800) 347-2838