M1 Spend checking accounts are for consumer purposes only. Upon opening an M1 Spend account, you must agree to Terms and Conditions that specify this account is a Single (Individual) Account.
Deposits made to an M1 Spend checking account must be in the Account owner’s name only. Any deposits created that are payable to an individual other than the Account owner will be returned and the account closed.
This includes (but is not limited to) unemployment benefits, tax refunds, Social Security benefits, stimulus payments, and any other type of deposit in another person’s name.
M1 Spend checking accounts are not to be used for business purposes. No account activity, including deposits, are allowed that are for business purposes. Sole Proprietor business activity is not allowed as it is not considered consumer purpose.
Any deposits made to this account for business purposes such as SBA loans, PPP loans, IDEL loans are not allowed. If these are deposited, they will be returned to the issuing party and the account closed.
You can review the Terms and Conditions Agreement for M1 Spend by going into your account settings.
If you have any questions, please get in touch with our team by filling out this short form.