ALBUQUERQUE, N.M. (KRQE) – The City of Albuquerque is launching a new initiative to give banking access to more residents. Bank on Burque is designed to connect unbanked residents to safe and affordable banking options at places like Nusenda Credit Union, Rio Grande Credit Union, and Bank of America.
The Bank On account will be an alternative to traditional bank accounts. The City of Albuquerque explains that Bank On certified accounts offer no overdraft or non-sufficient fund charges, are affordable with a monthly fee of $10 or less, and have the ability to pay bills and be part of an ATM network.
The City says that nearly one in three households in Albuquerque don’t have access to banking services and instead rely on alternative financial services such as check cashers, payday lenders, and pawnshops.
According to a news release from the City, these households are half as likely to be able to save for emergencies as those with an account and can spend over $40,000 over a lifetime in fees to access their money. Banks and Credit unions with a Bank On certified account available in Albuquerque include the following:
- Bank of America
- Discover (digital and online only)
- First Convenience Bank
- Nusenda Credit Union
- Rio Grande Credit Union
- US Bank
- S. Eagle Federal Credit Union
- Wells Fargo