There are plenty of reasons why people in New Mexico don’t have bank accounts. A study conducted by the FDIC explains that most unbanked people don’t have enough money to meet the minimum balance requirements. Another reason is that many people are blacklisted by a company called ChexSystems, a large consumer reporting agency.
If you’ve tried to open a checking account but were unable to because of a bad banking history, odds are you’ve been reported to ChexSystems. Most banks use ChexSystems to determine if you’re eligible for an account based on your history at other financial institutions. If you have a history of account mismanagement, unpaid debt, or a variety of other actions, banks and credit unions will see you as too much of a risk.
Fortunately, there are many banks in New Mexico that still want your business! Many of these banks offer second chance bank accounts that are tailored to those who have had financial hardships in the past. Others don’t use ChexSystems at all during the application process.
Our job at CheckingExpert.com is to help you find a bank or credit union in New Mexico that will provide you with the checking account that you deserve.