Building stronger financial futures for New Mexico families
Bank On New Mexico is a collaboration between banks and credit unions, nonprofit and community organizations, and government agencies to ensure that consumers have access to Bank On certified accounts. Together, we are working to encourage economic equity and expand access to safe and affordable accounts.
About Bank On New Mexico
Bank On New Mexico ensures everyone can access no-overdraft and low-cost checking accounts at banks and credit unions. Bank On New Mexico is proud to be part of the national Bank On movement, made up of over 100 similar local coalitions across the country.
The nonprofit Cities for Financial Empowerment Fund (CFE Fund) is the national partner for local Bank On coalitions, supporting local efforts through resources like the Bank On National Account Standards and accompanying certification, grant support to build local coalition capacity, and a robust learning community. The CFE Fund also works to give voice to local coalition experiences by informing both federal regulatory policy and financial institution practices.
Our Mission
The Bank On New Mexico Coalition is dedicated to helping improve the financial stability of households in our community by ensuring the availability of safe and affordable Bank On certified accounts, raising public awareness of these efforts and opportunities, and expanding access to financial education and other financial empowerment opportunities.
Our History
Launched in Spring 2024, Bank On New Mexico is part of the national Bank On movement; like dozens of other Bank On coalitions across the country, Bank On New Mexico partners across sectors to work on connecting residents to banking products certified as meeting the Bank On National Account Standards.
Certified Accounts
Bank On certified checking accounts are safe, affordable, and meet your needs.
Access to an affordable and functional transaction account is important for participating in the financial mainstream, depositing earnings securely, paying bills efficiently, accessing low-interest credit, and saving for emergencies. Nearly 36 million adults across the United States are relying on costly alternative financial services.
A key priority when choosing an account is having a safe and low-cost account without the potential pitfalls of overdraft or non-sufficient funds fees. Bank On financial institution partners across New Mexico offer safe, low-cost, no-overdraft checking accounts that are certified as meeting the Bank On National Account Standards.
Our Coalition
Join us in connecting households in our community to no-overdraft and low-cost checking accounts and making New Mexico a safer, more accessible, and equitable place to bank.
Bank On New Mexico coalition members are working together to ensure that all households have access to safe and affordable banking accounts that meet their needs, allows for increasing assets, and strengthens financial stability. For more information on how to become a coalition member please contact: bankonnewmexico@prosperityworks.net
FAQ
How can I learn more about Bank On New Mexico?
Bank On New Mexico has a website with more details and information. Click here to learn more.
What is the difference between banks and credit unions?
Banks are financial institutions owned by stockholders. Credit unions are not-for-profit financial cooperatives, owned by account holders called “members.” Banks and credit unions hold your money in an account and offer loans to businesses and individuals. Banks and credit unions offer many types of financial services, including savings accounts, checking accounts, debit cards, ATM cards, credit cards, financial counseling, and many different types of loans.
Where should I go to open a Bank On certified account in New Mexico?
To find a credit union or bank branch near you in New Mexico, check out our Bank On New Mexico Financial Institution map
Are only banks and credit unions in New Mexico offering Bank On certified accounts?
No, many of these accounts are offered anywhere the bank or credit union has a branch. See this map to see accounts available in other states. Check out the Bank On National Account map to find accounts in other states. Click on your state to see a list of accounts available: Bank On National Account Map
Do I need a Social Security number to open an account?
In some cases, you can use other forms of identification such as an Individual Taxpayer Identification Number (ITIN). Be sure to confirm the identification you will need (typically at least two forms of identification).
Can I open an account if I have had trouble with an account in the past?
Yes, but in some cases you may have to prove you have attended financial education or repaid any debts showing up on a ChexSystems report. All financial institutions have different policies and it is worthwhile to explore.
What is a ChexSystems report and how can I see my report?
ChexSystems is a consumer credit reporting agency that tracks activity related to closed checking, savings, and other deposit accounts at banks and credit unions. Information on how to request a free ChexSystems report available at this link: ChexSystem Consumer Disclosure Report
What is a safe and affordable account?
While other items may also be important to you, you should typically consider credit union or bank accounts with low minimum balance requirements, no or low overdraft costs, limits on other fees, a free debit card, and free online banking. Bank On certified checking accounts have these features. If you open an account at one of these banks or credit unions, ask for the “Bank On” account product – it may have a different name, but should have these protections. Once you have a bank or credit union account, you may become eligible for less costly alternative loans or credit.