In a medium mixing bowl, blend the cream cheese, sour cream, and taco seasoning mix until well combined.
Mix in the refried beans, hot sauce, green chilies, half of the cheddar cheese, and half of the pepper jack cheese.
Transfer the bean mixture to a 9-inch x 13-inch baking dish and spread it into an even layer.
Bake for 20 minutes. Then turn off the oven.
Top the dip with the remaining cheddar and pepper jack cheese. Place the back in the warm oven for 10-15 minutes until the cheese is melted.
Remove from the oven and top with green onions, black olives, and jalapenos. Serve warm with tortilla chips for dipping.
Notes
If you prefer your bean dip not to be spicy, use only traditional refried beans, regular taco mix, and add the hot sauce to your taste (2 dashes to start). You can omit the hot sauce, but it adds some flavor too.