5 Easy Steps: How to Close Your M1 Cash Account

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Closing a bank account may seem like a simple task, but there are a few things you need to do to ensure a smooth transition. If you’re wondering how to close your M1 Cash account, here’s a step-by-step guide to help you through the process. First, you’ll need to gather the necessary information, such as your account number, routing number, and any outstanding balances. Once you have this information, you can proceed with the account closure process.

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To close your M1 Cash account, you can either do it online or by mail. To close your account online, simply log in to your account and follow the instructions provided. Alternatively, you can send a written request to M1’s customer service department. Be sure to include your account number and signature on the request. Once your request is received, M1 will process your account closure and send you a confirmation notice.

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It’s important to note that closing your M1 Cash account may take some time. Be sure to allow ample time for the process to be completed. During this time, you should not make any further deposits or withdrawals from the account. Additionally, if you have any pending transactions, such as direct deposits or automatic payments, you should contact the relevant parties to inform them of your account closure. By following these steps, you can ensure a smooth and hassle-free account closure process.

Understanding the M1 Cash Account

M1 Cash is a checking account that offers a number of features and benefits, including high interest rates, no fees, and mobile banking. However, if you no longer need your M1 Cash account or you’re switching to a different bank, you may be wondering how to close it.

There are several different ways to close your M1 Cash account. You can do it online, by phone, or by mail. To close your account online, you’ll need to log in to your account and go to the “My Profile” section. From there, you’ll be able to click on the “Close Account” link. To close your account by phone, you’ll need to call M1 Customer Service at 1-888-337-9694. To close your account by mail, you’ll need to send a letter to M1 Cash at the following address:

M1 Cash
P.O. Box 55658
Omaha, NE 68155

Your letter should include your full name, account number, and the reason for closing your account. When closing your M1 Cash account, it’s important to remember to transfer any funds that you have in the account to another bank account. You can do this by setting up an automatic transfer or by withdrawing the funds yourself. Once you’ve transferred all of your funds, you can close your account by following the steps outlined above.

Things to Consider Before Closing Your M1 Cash Account

Before you close your M1 Cash account, there are a few things you should consider. First, make sure that you’ve transferred all of your funds out of the account. Second, consider whether or not you’ll need access to the funds in the account in the future. If you think you might, you may want to leave the account open and simply stop using it. Third, if you have any outstanding checks or other payments that are associated with your M1 Cash account, you’ll need to make arrangements to cover those payments before closing the account.

Steps to Close Your M1 Cash Account

1. Withdraw Your Funds

Before closing your account, you must withdraw all remaining funds. You can do this by transferring them to another bank account linked to your M1 account. To initiate a transfer:

1. Log in to your M1 account.
2. Navigate to the “Spend” tab.
3. Click on “Withdraw.”
4. Select the account you want to transfer the funds to.
5. Enter the amount you wish to withdraw.
6. Confirm the withdrawal.

2. Close Your Account

Once all your funds have been withdrawn, you can proceed to close your M1 Cash account. To do this:

1. Log in to your M1 account.
2. Click on your profile picture in the top right corner.
3. Select “Settings.”
4. Scroll down to the “Account” section.
5. Click on “Close Account.”
6. Confirm your request to close the account.

Closing your M1 Cash account is a permanent action. Once closed, the account cannot be reopened.

Exceptions

There are a few exceptions to the general rule that closing an M1 Cash account is a permanent action. These exceptions include:

Exception	Action
Account closed by M1 due to inactivity	Account may be reopened by contacting M1 support

Transferring Remaining Funds

Before closing your M1 Cash account, you’ll need to transfer any remaining funds to another account. Here are the steps on how to do that:

Log in to your M1 Cash account.
Click on the “Transfer” tab.
Select the “External Account” option.
Enter the account number and routing number of the account you want to transfer the funds to. You can also transfer the funds to another M1 account by selecting it from the dropdown menu.
Enter the amount you want to transfer.
Click on the “Submit” button.

Once you have transferred all of your remaining funds, you can proceed to close your account.

Closing the Account Permanently

Closing your M1 Cash Account permanently is a simple process that can be completed in a few steps:

1. Log into your account

Visit the M1 Cash website and log in to your account.

2. Choose your account to close

Once you’re logged in, you’ll see a list of your accounts. Find the Cash Account you want to close and click on it.

3. Click on the “Close Account” button

You’ll find the “Close Account” button on the right-hand side of the page. Click on it to begin the process.

4. Verify your account details

You’ll be asked to verify your account details, such as your name, email address, and phone number. Once you’ve verified your details, click on the “Close Account” button again.

5. Wait for the account to be processed

It will take a few days for your account to be closed. During this time, you’ll still be able to access your account and withdraw any funds that are in it. Once the account is closed, you’ll receive an email from M1 confirming that the account has been closed.

Additional information

– If you have any pending orders or transactions in your account, such as stock orders or transfers, you’ll need to wait for them to settle before you can close the account.
– You can also contact customer support for help with closing the account.

Confirming Account Closure

Confirming account closure with M1 requires a few simple steps to ensure a smooth and complete process.

1. Log into Your Account

Access your M1 account through the website or mobile app using your login credentials.

2. Navigate to Account Settings

Locate the “Account Settings” tab or menu option and click on it to view your account details.

3. Find Account Closure Section

Within the account settings, there should be an option or section dedicated to account closure.

4. Initiate Closure Request

Click or tap the appropriate button or link to initiate the account closure request.

5. Confirm Your Identity

M1 may require you to verify your identity by providing additional information or completing a verification process.

6. Finalize Closure

Follow the on-screen instructions to complete the account closure process, which may include the following steps:

Step	Description
Withdraw funds	Transfer or withdraw any remaining funds in your account to a different account.
Redeem investments	If you have any investments in your M1 account, you need to redeem them before closing the account.
Cancel recurring contributions	If you have any recurring contributions set up for your M1 account, you will need to cancel them.
Wait for processing	M1 will typically take a few days to process your account closure request and finalize the process.

Deleting the M1 Cash App

To delete the M1 Cash app from your phone, follow these steps:

1. Open the Settings app on your phone.
2. Scroll down and tap on “Apps.”
3. Find and tap on the M1 Cash app.
4. Tap on the “Uninstall” button.
5. Confirm that you want to uninstall the app.
6. The M1 Cash app will now be deleted from your phone.

Deleting Your M1 Cash Account

To delete your M1 Cash account, you will need to contact M1 support. You can do this by emailing support@m1finance.com or calling 1-888-851-0901.

What happens when you delete your M1 Cash account?

When you delete your M1 Cash account, all of your account information will be deleted. This includes your account balance, transaction history, and personal information.

You will not be able to recover your account or any of the funds in it once it has been deleted.

Important Considerations Before Deleting Your Account

Before you delete your M1 Cash account, there are a few things you should consider:

Make sure you have withdrawn all of the funds from your account. Any funds left in your account will be lost when you delete it.
If you have any pending transactions, they will be canceled when you delete your account. This could cause problems for the other party involved in the transaction.
You will not be able to recover your account or any of the data in it once it has been deleted. Make sure you are absolutely sure you want to delete your account before you proceed.

Step	Description
1	Open the Settings app on your phone.
2	Scroll down and tap on “Apps.”
3	Find and tap on the M1 Cash app.
4	Tap on the “Uninstall” button.
5	Confirm that you want to uninstall the app.
6	The M1 Cash app will now be deleted from your phone.

Additional Considerations

9. Tax Implications

Closing your M1 Cash account will not trigger any tax implications unless you have earned interest on your account balance. In this case, you will receive a 1099-INT form reporting the interest earned, which you must declare on your tax return. It is important to note that any capital gains or losses incurred in your M1 Invest account will be realized and reported to the IRS upon the sale of the underlying investments, regardless of whether you close your M1 Cash account. Therefore, it is essential to carefully consider the timing of your account closure in relation to your investment portfolio.

To avoid any potential tax surprises, it is highly recommended that you consult with a tax professional before closing your M1 Cash account, especially if you have a significant account balance or have earned substantial interest. They can provide personalized guidance based on your specific financial situation and help you make an informed decision.

Here is a table summarizing the potential tax implications of closing your M1 Cash account:

Account Closure	Tax Implications
No interest earned	No tax consequences
Interest earned	1099-INT form reporting interest income
Capital gains or losses realized in M1 Invest	Unrealized gains/losses reported to IRS upon sale of investments

Tips for a Smooth Closure Process

Confirm Your Account Balance

Ensure you have a zero balance in your M1 Cash account before initiating the closure process to avoid any delays or complications.

Withdraw Remaining Funds

Transfer any remaining funds to an external bank account or debit card to clear your M1 Cash account balance.

Close Your Account Online

Log into your M1 Finance account and navigate to the account settings page. Locate the “Close Account” option and follow the prompts.

Contact Customer Support

If you encounter any difficulties closing your account online, reach out to M1 Finance customer support for assistance.

Cancel Auto-Deposits

Discontinue any recurring deposits or scheduled transfers into your M1 Cash account to prevent future transactions.

Disable Card Transactions

Freeze or cancel any debit cards associated with your M1 Cash account to limit spending and unauthorized transactions.

Send a Written Request (Optional)

To add an extra layer of security, you may choose to submit a written request to M1 Finance requesting account closure. Include your account number and contact information.

Confirm Closure

Once you initiate the closure process, monitor your account for confirmation emails or notifications.

Allow Processing Time

Account closures can take several business days to complete. Allow sufficient time for M1 Finance to process your request and fully close your account.

Keep Documentation

Retain a copy of your account closure email or written request for reference. This documentation will serve as proof of your account termination.

How To Close M1 Cash Account

Closing your M1 Cash Account is a relatively simple process that can be completed in a few minutes. Here are the steps you need to follow:

Log in to your M1 Cash Account.
Click on the “Settings” tab.
Scroll down to the “Account Management” section and click on the “Close Account” link.
Enter your password and click on the “Close Account” button.

Once you have clicked on the “Close Account” button, your account will be closed and all of your funds will be transferred to your linked bank account. You will receive an email confirmation once the process is complete.