M1 Checking Account Closure Checklist

To close your M1 Checking Account, click here and select Spend Checking as the account type.

For any questions about closing your M1 Checking Account, click here.

1. Transfer the remaining balance to your M1 High-Yield Savings Account, M1 Invest Accounts, or to your linked external bank.

2. Update any direct deposits, including payroll deposits, to your Savings Account or external bank. 
3. Cancel any scheduled recurring transfers, or payments, including recurring Send Check transfers to or from your Checking Account.
4. Update any future payments you have scheduled from your debit card including credit card bills, gym memberships, utility bills, and streaming subscriptions.
5. Discontinue use of your physical debit card and dispose of it.
6. Remove your card from any mobile wallet providers.
7. Download past statements and tax forms for your records. 
8. Log in to your M1 account and confirm your email address is up to date. 

 

If there’s any remaining balance in your Checking Account by October 31st, we’ll attempt to send the funds to your linked external bank account. If you don’t have an external bank connection, we will email a check to the email address on your account.

 

Transfer the remaining balance to your M1 High-Yield Savings Account, M1 Invest Accounts, or to your linked external bank. 

1. You can create a one-time transfer by clicking here.
2. Select your M1 Checking Account under “From.”
3. Under “To,” select either your M1 High-Yield Savings Account, an M1 Invest Account, or your linked external bank under.
4. Under “Amount” put the remaining balance of your M1 Checking Account.
5. Continue and confirm. 

 

Update any direct deposits, including payroll deposits, to your Savings Account or external bank.

Contact your employer or payroll provider to remove M1 Checking as your direct deposit destination.

To find the account and routing number for your Savings Account:

1. Navigate to the Spend tab.
2. Select M1 High Yield-Savings.
3. Click “Account details.”

 

Cancel any scheduled recurring transfers, or payments including any recurring Send Check transfers, to or from your Checking Account. 

To cancel a recurring deposit, follow these instructions:

On Mobile:

1. From the Home Screen, tap “Rules” under the “Recent Transfers” section 
2. Tap on the rule you want to cancel.
3. Tap “Delete” at the top right and confirm.

On Web:

1. From the Home Screen, click “Transfer Rules” under the “Recent Transfers” section.
2. Select the rule you want to cancel.
3. Click “Delete” on the bottom left and confirm.

Owner's Rewards Cardholders: Please remember to edit your Auto Payment under the Transfer Rules section so that you don’t miss any payments.

 

Update any future payments you have scheduled from your debit card including credit card bills, gym memberships, utility bills, and streaming subscriptions.

You can review your Checking transfer history here.

Make sure to update any recurring transactions to a different payment method.

 

Discontinue use of your physical debit card and dispose of it.

You can cut plastic M1 debit cards with scissors and some paper shredders also have a slot for credit and debit cards to destroy them. Once your Checking Account is closed, your account number and debit card number will no longer be active.

Feel free to lock your card for additional security by tapping "Manage Card" in the Spend tab and toggling "Lock Your Card" to the on position.

 

Remove your card from mobile wallet providers.

Below are links to the instructions on removing a card from different mobile wallet providers:

1. Remove card from Google Wallet.
2. Remove card from Apple Pay.
3. Remove card from Samsung Pay.

 

Download past statements and tax forms for your records.

Access your account statements here.

You’ll be able to view any 2023 tax documents from your Checking Account when it’s available in late January 2024.  

 

Log in to your M1 account and confirm the email address on your account is correct and up to date.

The email address you use to sign in is the one currently associated with your account.

To change your email, please contact us.    

 

Once you have completed the steps above, you can request to close your Checking Account.

 

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