M1 Checking Account Closure

Why did M1 close M1 Checking?

M1 consolidated our sponsor bank relationships with B2 Bank, NA, Member FDIC, to build the M1 High-Yield Savings Account. This change unlocks our ability to offer better, more integrated products to you.

We're focused on our Savings Account and adding the features most important to you.

We expect additional availability for our Savings Account coming soon and encourage you to sign up to be notified for when you can get started.


Where did my remaining checking balance go?

If you didn’t withdraw your Checking Account balance before it was closed, any remaining funds were transferred to one of the following places:

  • An open M1 High-Yield Savings Account
  • Your connected external bank account
  • Your M1 email address via an electronic check

An email notification was sent to you on October 31st regarding the closure of your Checking Account. This email provides specific information regarding your account balance at the time of closure and the destination of your funds from the three options listed above.


If you still need help locating your funds, reach out to our team.


How do I access my M1 Checking tax documents and account statements?

You can find all the account statements and tax documents from your closed M1 Checking Account in the Documents tab of your account settings.

If your M1 Checking Account earned more than $10.00 of interest in 2023, you will receive a 1099-INT by January 31, 2024.


My Direct Deposit was sent to my closed M1 Checking Account

If a direct deposit was sent to your closed M1 Checking Account, it will be automatically returned to the sender.

To retrieve your funds, please contact your employer or payroll provider for assistance. M1 is unable to facilitate access to the returned funds.


I have a debit card purchase that needs to be refunded

You can still refund past purchases after your M1 Checking Account has been closed. If the merchant issues the credit back to your M1 Checking Account, we will send the funds to you via eCheck in 3-5 business days. 


Outstanding Send Check

If a check was written from your M1 Checking Account via Send Check before your M1 Checking Account was closed, it can still be cashed. The funds were pulled from your account immediately after the check was created. 

In the case that your outstanding check is voided, we will send an eCheck to the email address on your account for the voided check amount.


For any questions you have about your closed M1 Checking Account, please contact us.


M1 is not a bank. M1 Spend is a wholly-owned operating subsidiary of M1 Holdings Inc. M1 Checking Accounts furnished by Lincoln Savings Bank, Member FDIC. M1 Visa® Debit Card is issued by Lincoln Savings Bank, Member FDIC. 

Lincoln Savings Bank utilizes a deposit network service, which means that at any given time, all, none, or a portion of the funds in your M1 Checking accounts may be placed into and held beneficially in your name at other depository institutions which are insured by the Federal Deposit Insurance Corporation (FDIC). For a complete list of other depository institutions where funds may be placed, please visit https://www.cambr.com/bank-list

Balances moved to network banks are eligible for FDIC insurance once the funds arrive at a network bank. To learn more about pass-through deposit insurance applicable to your account, please see the Account Documentation. Additional information on FDIC insurance can be found at https://www.fdic.gov/resources/deposit-insurance/.




M1 disclosures here.

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