Why was I denied from Spend checking?

There are a number of reasons why you may have been denied from opening an M1 Spend checking account. Let’s look at the reasons and how you can fix any issues.   


You haven’t opened your Invest account    

You will gain access to opening a Spend checking account after you open & fund your Invest account.  

Learn how to open an account. 


You funded your Invest account within the last five days   

After you fund your IRA account with at least $100 or an IRA account with at least $500 it can take up to 5 business days to gain access to Spend.    

Learn how to make an initial deposit.   


You’ve failed Spend enrollment two times   

There is a seven-business day cooling-off period after the second failed enrollment attempt for Spend checking. You will be able to enroll again under the Spend tab once this cooling-off period has ended.  


Your account needs manual verification   

Some new accounts are ‘rejected’ because they require additional documentation for verification.  

When users sign up, we attempt to automatically verify your identity, but at times are unable to do so with public data sources.   


Common reasons users are “rejected” include:  

  • A security freeze  
  • A typo in their personal information  
  • They are between the age of 18-23  
  • They don’t have a credit history  

To finish opening your Spend checking account please email M1 support with a picture of a government-issued ID (driver's license, passport, etc.) and a copy of a recent bank statement to accounts@m1finance.com.   


Here is a list of the acceptable documents needed for verification:   

Government issued ID:   

  • Certified marriage certificate  
  • Court order under petition for name change  
  • Court order for name change in a divorce decree or decree of annulment  
  • Court order for name change in a decree of adoption  
  • Valid, unexpired U.S. Government ID or State Driver’s License/Identification Card  
  • Valid, unexpired US passport or passport card  

Address Verification:  

Document must show the name and address of customer. It also must be from the last 60 days 

  • Current statement, account verification letter, or letter establishing an account relationship from a financial institution (bank, credit union, or other financial institution) showing name and address.  
  • Utility bill (telephone, cable, internet, gas, electric, water) showing name and address – if a service address is present, it must match the mailing address.  
  • Home or renters insurance bill showing name and address  
  • Valid, unexpired U.S. Government ID or State driver’s license/identification card (Does not have to be within last 60 days)  

Be sure to send the entire downloadable statement (PDF). Pictures of the statements are insufficient.  


Once we receive a picture of your ID and one of the documents listed below, our compliance team will review your information and will email you to let you know the status of opening your account within a few business days.  


If you have any other questions about gaining access to Spend checking, please contact us.


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