App record
M1: who holds your money
- Institution type
- App
- Insurance route
- Pass-through FDIC insurance
- Recorded partner banks
- 1
- Disclosure read
- September 5, 2026
Insurance route
Pass-through FDIC insuranceM1's disclosure, read on September 5, 2026, describes FDIC pass-through coverage, deposit insurance through partner banks. Coverage depends on customer identification and recordkeeping. It protects eligible deposits when a partner bank closes, not the app company itself. An app closure does not trigger that protection. The visible disclosure and notes provide the programme’s specific conditions.
Summary
M1 is not a bank. M1 says customer money is held at B2 Bank National Association, with insurance reaching customers as pass-through FDIC insurance at the partner bank, subject to the app's recordkeeping. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
Current commentary
As of September 5, 2026, M1 was not itself a chartered bank. Customer money sits at B2 Bank National Association, which carries letter D compared with banks of similar size on this site. Federal deposit insurance reaches customers through that partner bank, provided M1 records identify each customer. Coverage is $250,000 per depositor, per insured bank, for each account ownership category.
Partner banks
1 bankB2 Bank National Association
- FDIC certificate
- 5105
- Role
- program bank
- Uninsured deposit share
- 10.1%
- Lefomi grade
- Grade DScore 17.8 out of 100
- Quarter ending
- June 30, 2026
- Other peers
- 1,806
- Peer group
- Banks, Under $300M
- Deposit insurance
- FDIC insured
Grade alerts for B2 Bank National Association
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