Toss all ingredients into a large microwave-safe bowl. Microwave on high for 5 minutes, stopping to stir after every minute. The mixture might seem watery during the first few stirs, but should come together as a nice runny dip after all the cheese is melted.
Serve immediately as a dip with tortilla chips or as a sauce over your favorite Mexican dish.
*Recipe Note: White American cheese is found at most deli counters in your local grocery store.
*Reheat Instructions: Store any leftover cheese dip in the fridge. Reheat in the microwave, stirring every 30 seconds until creamy and hot.