M1 High-Yield Savings Account Terms and Conditions B2 Bank, N.A.

Updated May 2024

Definitions:

As used in this document the words “we,” “our,” and “us” mean collectively B2 Bank National Association (“B2 Bank”®[1]) and our account servicing agent, M1 Spend LLC (“M1”), and the words “you” and “your” mean the “account holder”.  The “account holder” is the individual or entity who owns the account and has the authority to deposit, withdraw, or exercise control over the funds in the account. A “payable on death beneficiary” becomes an account holder and party only after the account becomes payable to the beneficiary by reason and verification of the death of the original account holder.  B2 Bank, M1, and the account holder are referred to herein as the “Parties” and are individually referred to as a “Party”. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the singular.

This M1 High-Yield Savings Account Terms and Conditions document is sometimes hereinafter referred to in this document as the “Agreement”.

Section 1:  Rate Information2

Rate Information – 1.1

Interest Rate4.89%
Annual Percentage Yield (APY)5.00%
Minimum BalanceNone
Service FeesSee Section 3.1
ACH Transaction Limits$120,000 per day No minimum for ACH transfers

2Rates are subject to change without notice.


Compounding Frequency – 1.2

Interest will be compounded monthly. 

Crediting Frequency – 1.3

Our general policy is to credit interest to this account monthly. 

Effect of Account Closure – 1.4

If you close your account before interest is credited, you will not receive the accrued interest.

Daily Balance Computation Method – 1.5

Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of Interest on Noncash Deposits – 1.6

Interest will begin to accrue on the business day your deposit has been successfully completed and the deposited funds are available for your use, transfer or withdrawal.  B2 Bank’s business day is 8:00 a.m. to 5:00 p.m. CT, Monday-Friday, except Federal bank holidays.

Deposit Limitations – 1.7

You may make an unlimited number of deposits into your account.  This High-Yield Savings Account accepts deposits only by way of electronic funds transfer, which includes Automated Clearing House (ACH) deposits.  Since this is a savings account offered on a digital platform, we are not able to accept cash or checks for deposit into this account.  

ACH & Wire Transfers Authorization – 1.8

This savings account is offered only on a digital platform.  Any of your transactions on this account can only be performed electronically.  Therefore, you hereby authorize, direct, permit, consent and empower B2 Bank and M1 to conduct, implement and administer any authorized transactions on your account through wire or ACH transfers.  All wire or ACH transfers will comply with all applicable laws and regulations.  In addition, any ACH transactions will comply with the Rules of the National Automated Clearing House Association. 

Section 2:  Notice of Negative Information & Notice of Inaccurate Information

Notice of Negative Information – 2.1

Federal law requires us to provide the following notice to customers before any “negative information” may be furnished to a nationwide consumer reporting agency. “Negative information” means information concerning delinquencies, late payments, insolvency, or any form of default.

This notice does not mean that we will be reporting such information about you, only that we may report such information about customers that have not done what they are required to do under our Agreement.

After providing this notice, additional negative information may be submitted without providing another notice.

We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.

Notice of Inaccurate Information – 2.2

As a participant in the consumer reporting system, we furnish information about our experience with you to consumer reporting agencies. These consumer reports allow us to make credit and other opportunities available to you. If you believe that we have furnished information to a consumer reporting agency that is inaccurate, please contact us at 312-600-2883 or submit a request at help.m1.com and identify the specific information that is inaccurate.

Section 3:  Limits and Fees

Fees – 3.1

Fees may be charged and assessed against your account for the following transactions:

Wires – Outgoing – $25

Stop Payment Fee – $20

ACH Return Fee – (for each item returned unpaid due to NSF) – $30, not to exceed $90 / day

Overdraft Fee – (for each item paid against NSF)- $30, not to exceed $90 / day

Paper Statements – $5 per statement

Levies, Garnishments, or Attachments Served – $75 per occurrence

Limits – 3.2

The maximum amount that may be withdrawn or transferred to an externally linked account is $120,000 per day. There is no minimum transfer amount.

Forfeiture Clause – 3.3

Should your account be closed for any reason and a balance exists, we will transfer those funds to your externally linked bank account.  Should you not have an externally linked bank account, we will send you a check only if the balance exceeds $5.00.  If the balance is $5.00 or less and you do not have an externally linked bank account, those funds will be forfeited. 

Section 4:  Your Ability to Withdraw Funds


Your Ability to Withdraw Funds – 4.1

Electronic direct deposits will be available on the business day we receive the deposit.  B2 Bank’s business day is 8:00 a.m. to 5:00 p.m. CT, Monday-Friday, except Federal bank holidays.

Please remember that even after we have made funds available to you and you have withdrawn the funds, you are still responsible and liable in the event there are any problems involving your deposit, such as an electronic transfer that is returned to us unpaid.

Longer Delays May Apply – 4.2

In some cases, we may hold your M1-initiated ACH transaction to ensure the transfer will not be returned or is not fraudulent. 

No Written Checks or Debit Cards – 4.3

This account does not provide the ability to withdraw funds by written checks or with a debit card.   Funds can be withdrawn only by the customer initiating an electronic transfer of funds to an externally linked bank or investment account or when the customer has authorized an electronic funds transfer to a third party as described in Section 5 below.  

Section 5:  Your Rights and Responsibilities Regarding Electronic Funds Transfers

Your Rights and Responsibilities – 5.1

Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.

Electronic Fund Transfers Initiated By Third Parties – 5.2

You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. In all cases, these third party transfers will require you to provide the third party with your account number and financial institution information. This information can be found within the M1 app or website.  Thus, you should only provide your financial institution and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:

Preauthorized payments – You may make arrangements to pay certain recurring bills from your savings.

Advisory Against Illegal Use – 5.3

You agree not to use your savings account for illegal gambling or other illegal purposes. 

Limits and Fees – 5.4

Please refer to our fee disclosure in Section 3.1 for information about fees and limitations that may apply to these electronic fund transfers.

Termination – 5.5

You may terminate an electronic funds transfer authorization or agreement by calling us at 312-600-2883 or submitting a request at help.m1.com, at least three business days or more before a payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within fourteen (14) days after you call. We may charge you $20.00 for each stop order you give. We may terminate the electronic fund transfer authorization or agreement by giving your written notice.

Documentation and Periodic Statements – 5.6

You will receive a monthly account statement from us for your M1 High-Yield Savings Account, available at m1.com or within the M1 mobile app. You will receive a monthly email notification from us letting you know your statement is available online. 

Right to Stop Preauthorized Payments and Procedure – 5.7

If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:

Call us at 312-600-2883 or submit a request at help.m1.com in time for us to receive your request three (3) business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within fourteen (14) days after you call.

Financial Institution’s Exceptions from Responsibility for Making Electronic Funds Transfers – 5.9

There are situations in which we would not be responsible or liable for failing to complete a transfer to or from your account on time or in the correct amount according to the applicable electronic funds transfer authorization or agreement. Those situations in which we would not be responsible or liable include, but are not necessarily limited to, the following:

  1. If, through no fault of ours, you do not have enough money in your account to make the transfer.
  2. If our system was temporarily down or not working properly and you were alerted about this before you started or authorized the transfer.
  3. If circumstances beyond our control (such as fire, flood, or other force majeure event) prevent the transfer, despite reasonable precautions that we have taken.

Confidentiality – 5.10

We will disclose information to third parties about your account or the transfers you make only: 

  1. Where it is necessary for completing transfers; or
  2. In order to verify the existence and condition of your account for an authorized third party, such as a credit bureau or merchant; or
  3. In order to comply with government agency or court orders; or
  4. As described in our M1 and B2 Privacy Policies disclosure, provided separately.

Section 6:  Additional Terms and Conditions

Agreement – 6.1

This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with us. Please read this carefully and retain it for future reference. If you open or continue to use the account, you agree to these rules. If you have any questions about rates, fees, or any other account details, please review the M1 website or contact M1 at 312-600-2883.

This Agreement is subject to applicable federal laws, the laws of the state in which our office is located and other applicable regulations and rules such as the operating letters of the Federal Reserve Banks and payment processing system rules (except to the extent that this agreement can and does vary such rules or laws). The purpose of this document is to:

  1. Summarize some of the applicable laws for common transactions;
  2. Establish rules to cover transactions or events which the law does not regulate;
  3. Establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
  4. Give you disclosures of some of our policies to which you may be entitled or in which you may be interested.

If any provision of this document is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations from our standard Agreement, but we must agree to any variation in writing in some other document. Nothing in this document is intended to vary our duty to act in good faith and with ordinary care when required by law.

Liability – 6.2

You agree, for yourself (or the entity you represent if you sign as an authorized representative of another) to the terms of this account and the schedule of fees. You authorize us to deduct these fees, without notice to you, directly from the account balance as accrued. You will pay any additional reasonable fees or charges for services you request which are not covered by this Agreement.

Deposits – 6.3

This High-Yield Savings Account accepts deposits only by way of electronic funds transfer.  Since this is a savings account offered on a digital platform, we are not able to accept cash or checks for deposit into this account.

We will treat and record all transactions received after our “daily cutoff time” on a business day we are open, or received on a day we are not open for business, as if initiated on the next business day that we are open. At our option, we may take an item for collection rather than for deposit.

Withdrawals – 6.4

Only the account holder has authority to withdraw or transfer all or any part of the account balance at any time.

We reserve the right to require not less than seven (7) days’ advance written notice prior to an intended withdrawal from this High Yield Savings Account. The law requires us to reserve this right, but it is our general policy to rarely, if ever, exercise it.

Understanding and Avoiding Overdraft and Nonsufficient Funds (NSF) Fees – 6.5   

Generally, the information in this section is being provided to help you understand what happens if your account is overdrawn. Understanding the concepts of overdrafts and nonsufficient funds (NSF) is important. This section also provides contractual terms relating to overdrafts and NSF transactions.

Generally, an overdraft occurs when there is not enough money in your account to pay for a transaction, but we pay (or cover) the transaction anyway. An NSF transaction is slightly different. In an NSF transaction, we do not cover the transaction. Instead, the transaction is rejected and the item or requested payment is returned. In either situation, we can charge you a fee.

To determine your available balance, we use the “available balance” method to determine whether your account is overdrawn, that is, whether there is enough money in your account to pay for a transaction. Importantly, your “available” balance may not be the same as your account’s “actual” balance. This means an overdraft or an NSF transaction could occur regardless of your account’s actual balance.

Your account’s actual balance (sometimes called the ledger balance) only includes transactions that have settled up to that point in time, that is, transactions (deposits and payments) that have posted to your account. The actual balance does not include outstanding transactions (such as electronic transactions that have been authorized but which are still pending). The balance on your periodic statement is the ledger balance for your account as of the statement date.

As the name implies, your available balance is calculated based on the money “available” in your account to make payments. In other words, the available balance takes transactions that have been authorized, but not yet settled, and subtracts them from the actual balance. In addition, when calculating your available balance, any “holds” placed on deposits that have not yet cleared are also subtracted from the actual balance.

Overdrafts: You understand that we may, at our discretion, honor withdrawal requests that overdraw your account. However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later. You shall not rely on us to pay overdrafts on your account regardless of how frequently or under what circumstances we have paid overdrafts on your account in the past. We can change our practice of paying, or not paying, discretionary overdrafts on your account without notice to you. You agree that we may charge fees for overdrafts. We may use subsequent deposits, including direct deposits of social security or other government benefits, to cover such overdrafts and overdraft fees.

Nonsufficient Funds (NSF) Fees: If a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money available in your account, and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment, not to exceed $90 per day. Be aware that such an item or payment may be presented multiple times and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money available in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

Payment Types: The manner of which you can access the funds in your account include automated clearing house (ACH) transactions and wire transfers. All these payment types can use different processing systems and some may take more or less time to post. This information is important for a number of reasons.

For information about how and when we process these different payment types, see the “Payment Order of Items” subsection below.

Balance Information: Keeping track of your balance is important. You can review your balance in a number of ways including reviewing your periodic statement, reviewing your balance online, and contacting M1.

Funds Availability: Knowing when funds you deposit will be made available for withdrawal is another important concept that can help you avoid being assessed fees or charges. An item may be returned after the funds from the deposit of that item are made available for withdrawal. In that case, we will reverse the credit of the item. We may determine the amount of available funds in your account for the purpose of deciding whether to return an item for insufficient funds at any time between the times we receive the item and when we return the item or send a notice in lieu of return. We need only make one determination, but if we choose to make a subsequent determination, the account balance at the subsequent time will determine whether there are insufficient available funds.

Payment Order of Items: Our policy is to process items in numerical order for the business day on which they are received.

Automated Clearing House (“ACH”) Transactions – 6.6

Credit given by us to you with respect to an ACH credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, then you are hereby notified and you agree that we are entitled to a refund of the amount credited to you in connection with the entry, and the party making payment to you (i.e., the originator of the entry) will not be deemed to have paid you the amount of such entry.

Under the Operating Rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your Bank Account, we are not required to give next-day notice to you of receipt of an ACH item, and we will not do so. However, we will continue to notify you of the receipt of payments in periodic statements that we provide to you.

When receiving an ACH payment order, payment may be made by us, or by other banks to which the payment order is forwarded, based solely on the applicable Bank Account number, even if such account number identifies a beneficiary different from the beneficiary named by the Originator of the payment order. Furthermore, when receiving a payment order, we may rely, and any other banks to which the payment order is forwarded may rely, on the bank identification number provided in the payment order, even if the identification number identifies a bank different from the bank named by the Originator of the payment order. Please see the Sections 4 and 5 regarding Electronic Transfers for additional information.

Use of Deposit Networks – 6.7

Effective July 5, 2022, the FDIC published False Advertising, Misrepresentation of Insured Status, and Misuse of the FDICs Name and Logo. The rule requires non-bank entities that advertise FDIC insurance and that utilize a deposit network make available a list of insurance depository institutions (IDIs) where the consumers deposits may be placed.  

We do utilize a Demand Deposit Marketplace Program (i.e., a deposit network) operated by Stable Custody Group II LLC (d/b/a R&T Deposit Solutions)(hereinafter referred to as “Stable”), for your benefit, to facilitate and maximize FDIC insurance coverage protection for your deposits into this savings account.  Please refer to the Demand Deposit Marketplace Program Terms & Conditions, included in the following paragraphs, which provides detailed information and disclosures regarding Stable’s deposit network we are utilizing relative to your savings account. 

The link to see the list of insurance depository institutions (IDIs) that are part of Stable’s deposit network we are utilizing is http://m1.com/legal/agreements/depositnetwork.  We strongly encourage you to go to this link to review the list of IDIs because, if you already have money deposited with any of the IDIs listed in our deposit network, you may end up exceeding the amount of deposit insurance protection available through the FDIC. If your total deposits held at any of the IDIs exceed the applicable FDIC insurance limit, the value of any funds in excess of the FDIC limit will not be insured.  You are solely responsible for: (a) monitoring your total deposits at each IDI; (b) preventing the value of such deposits from exceeding the limit of the available FDIC insurance; and (c) any losses incurred because the value of your deposits exceeds the maximum FDIC insurable amount.

We are not able to modify the IDIs being utilized in Stable’s deposit network to suit any one customer’s needs.

Further, by agreeing to these M1 High-Yield Savings Account Terms and Conditions, you also are specifically agreeing to the following Stable Demand Deposit Marketplace Program Terms & Conditions:

The Demand Deposit Marketplace® Program

Terms & Conditions

I.         Introduction

The Demand Deposit Marketplace® Program (“Program”) is offered by Your Bank (B2 Bank National Association (“B2 Bank”) and B2 Bank’s account servicing agent, M1 Spend LLC (“M1”))(B2 Bank and M1 are hereinafter collectively referred to as “Your Bank”) as an option to sweep any amount on deposit at Your Bank that exceeds the target balance agreed upon between you and Your Bank (“Target Balance”) to other insured accounts at FDIC member banks. Your funds will be deposited in money market deposit accounts (“MMDAs”) and demand deposit accounts (“DDAs”; MMDAs together with DDAs, “Deposit Accounts”) at receiving banks (“Receiving Banks” or “banks”), subject to the limitations described herein. Your funds that are deposited through the Program into the Receiving Banks are hereinafter referred to as “Program Deposits.”  By agreeing to the M1 High-Yield Savings Account Terms & Conditions, which also incorporates these Stable Demand Deposit Marketplace Program Terms & Conditions, and participating in the Program, you appoint Your Bank as your authorized agent pursuant to the Terms and Conditions set forth herein. Stable Custody Group II LLC (“Stable”) operates the Program as an administrator and acts as Your Bank’s agent. There is no minimum amount required as an initial or subsequent deposit.

By participating in this Program, you can increase the FDIC protection on your deposit while continuing to process all your transactions with Your Bank. From time to time, Your Bank will notify you of the maximum amount of FDIC insurance protection available on your Program Deposits. Such maximum amount will depend on the number of Receiving Banks in the Program and the number of Receiving Banks that you exclude from holding your Program Deposits, and so may change from time to time.

YOU UNDERSTAND THAT BY ENROLLING IN THE PROGRAM, YOU ARE INSTRUCTING YOUR BANK TO DIRECT THE AMOUNT OF YOUR FUNDS ON DEPOSIT WITH YOUR BANK THAT EXCEEDS YOUR TARGET BALANCE INTO THE PROGRAM.

YOU ACKNOWLEDGE THAT YOU HAVE RECEIVED AND CAREFULLY READ THESE TERMS AND CONDITIONS IN CONNECTION WITH CHOOSING TO ENROLL IN THE PROGRAM. IF YOU HAVE ANY QUESTIONS, PLEASE CALL YOUR BANK.

BY APPOINTING YOUR BANK TO SERVE AS YOUR AGENT FOR PARTICIPATION IN THE PROGRAM, THESE TERMS & CONDITIONS BECOME A BINDING CONTRACT BETWEEN YOU AND YOUR BANK.

II.       Summary of Terms and Conditions

This section of the Terms and Conditions is a summary of certain features of the Program. It is prepared for your convenience, and must be read in conjunction with the more detailed disclosure below.

Summary of the Program: Stable operates the Program, and Your Bank acts as your agent. If you choose to participate, Your Bank will sweep any amount on deposit at Your Bank that exceeds the Target Balance into the Program. By agreeing to the M1 High-Yield Savings Account Terms & Conditions, this shall constitute confirmation that you are choosing to participate in the Program.  Your Program Deposits are deposited into Deposit Accounts at multiple Receiving Banks in a manner designed to remain within the FDIC insurance limit at each Receiving Bank, which in the aggregate increases the amount of FDIC protection available to you.  FDIC insurance coverage is available up to its standard maximum deposit insurance amount, which is $250,000, per legal category of account ownership at each bank (“SMDIA”). You will receive interest on your Program Deposits at the rate established by Your Bank.

Your Program Deposits are allocated among the Receiving Banks to maximize FDIC coverage. The amount of FDIC insurance coverage available through the Program is based, generally, on the number of Receiving Banks. The level of insurance may change from time-to-time.  Ask Your Bank if want to know the current level of FDIC insurance coverage available to you under the Program.    

Access to Funds: You will access Program Deposits through your deposit accounts at Your Bank.

Determination of Interest Rates: Your interest rate on Program Deposits is set by Your Bank. Contact Your Bank with any questions about your rate. See Section III.J, Interest.

Fees: Stable earns fees based on the amount of money in the Program, including your Program Deposits. Your Bank may also earn fees for its services with respect to the Program.  See Section III.K, Fees.

Risks of the Program: By enrolling in the Program, you consent to have Your Bank automatically sweep the excess funds over the Target Balance to the Program on the following business day. Until such funds are swept from Your Bank into the Program, they will be uninsured to the extent they exceed the then current SMDIA. If you cannot accept the risk associated with uninsured deposits in these or other circumstances, it will be your responsibility to make arrangements with Your Bank to have such funds deposited into the Program on a “same-day” basis, collateralized, protected by a properly executed repo sweep agreement, or otherwise adequately protected, in a manner consistent with applicable law.

If you have funds at a Receiving Bank outside the Program, this may negatively impact the availability of FDIC insurance at such Receiving Bank.  If your deposits in a Receiving Bank exceed the then current SMDIA of such bank, the excess funds are not covered by the FDIC deposit insurance. You are solely responsible for monitoring your deposits in Receiving Banks outside of the Program. As such, you should review the list of Receiving Banks carefully. The list of Receiving Banks may change from time to time, and you may contact Your Bank directly to obtain the most recent list.

In the event of a failure of a Receiving Bank, there may be a time period during which you may not be able to access your money. Where your funds are held in MMDAs, the return of your funds to your account at Your Bank may be delayed. Receiving Banks are permitted to, but rarely do, impose a delay of up to seven days on any withdrawal request from an MMDA.   

III.     Detailed Terms and Conditions

A.        Account Eligibility

This Program is available to individuals and all other entities, including corporations, public entities and not-for-profit entities, eligible to maintain a bank deposit. It is your responsibility to ensure that the Program satisfies your particular objectives or guidelines and/or applicable law. In order to obtain FDIC insurance in the Program, you must provide proper tax and other identification information to Your Bank.

B.        Agency Relationships

Your Bank is acting as your agent in establishing and maintaining bank deposit accounts at Receiving Banks and Your Bank appoints Stable as its agent. By participating in the Program, you appoint Your Bank as your custodial agent to effect deposits to and withdrawals from the Deposit Accounts. The allocation process administered by Stable determines into which Receiving Bank(s) your money will be deposited to maximize the amount of FDIC insurance available to you. See Section III.I, Allocations to Receiving Banks The custodian bank for the overall Program (currently Huntington National Bank) (“Custodian Bank”) is solely responsible for the movement of funds within the Program to and from Receiving Banks. All Program funds remain under the custodial control of either Your Bank or the Custodian Bank at all times. 

C.        Information about Stable

Stable is a Delaware limited liability company. Stable is not a bank, credit union, broker-dealer, or investment adviser.  None of the Receiving Banks is an affiliate of Stable. Stable administers the Program. 

D.        Deposits and FDIC Insurance

Your funds intended for deposit into the Program must be placed through Your Bank and cannot be placed directly by you with any of the Receiving Banks. 

Once in the Program, your Program Deposits will be allocated to one or more omnibus Deposit Accounts maintained at the Receiving Banks held in the name of “Stable Custody Group II LLC, as Agent, for the Exclusive Benefit of its DDM Participating Banks, as Agent, for the Exclusive Benefit of its DDM Customers, Acting for Themselves and/or Acting in a Fiduciary Capacity for Others” or a similar name that preserves the eligibility of Program Deposits for pass-through FDIC insurance. See Section III.I, Allocations to Receiving Banks.

Your Program Deposits are swept into accounts at the Receiving Banks to provide you with up to $250,000 of FDIC insurance per Receiving Bank, subject to certain exceptions described herein. The $250,000 limit (i.e., the SMDIA) includes your principal and accrued interest, when aggregated with all other deposits held by you directly, or through others, in the same recognized legal category of ownership at the same Receiving Bank. FDIC deposit insurance protects you against the loss of your insured deposits in the event a Receiving Bank fails. FDIC deposit insurance is backed by the full faith and credit of the United States. 

If you have money at a Receiving Bank outside the Program, this may negatively impact the availability of FDIC insurance for the total amount of your funds held at that bank. If your deposits at a Receiving Bank, in aggregate, exceed the then current SMDIA, the excess funds are not covered by the FDIC deposit insurance. Your Bank, the Receiving Banks and Stable are unaware of your funds outside of the Program.  As a result, these funds will not be taken into account when allocating your funds to a particular Receiving Bank. You are solely responsible for monitoring your deposits in Receiving Banks outside of the Program. You should review the list of Receiving Banks carefully. The list of Receiving Banks may change from time to time, and you may contact Your Bank directly to obtain the most recent list. 

For example, if the then current SMDIA is $250,000 and you have a non-Program deposit account at Bank A of $200,000 and you also have $60,000 in the Program Deposits account at the same bank in the same legal category of ownership, only $250,000 of your $260,000 is insured by the FDIC.

In the event that a Receiving Bank that holds your Program Deposits fails, payments of principal plus unpaid and accrued interest up to the then current SMDIA per legal category of account ownership will be made to you. Although the FDIC normally makes these payments within a few days of taking possession of a bank as receiver, there is no specific time period during which the FDIC must make insurance payments available. Furthermore, you may be required to provide certain documentation to the FDIC before insurance payments are made.

Your account ownership will be evidenced by an entry on records maintained by Stable acting on behalf of Your Bank for each of the Receiving Banks at which your funds are on deposit. You will not be issued any evidence of ownership of a Program Deposit account, such as a passbook or certificate. However, Your Bank will provide you with a summary of all Program deposits and withdrawals, the name of each Receiving Bank that holds your Program Deposits, deposit balance(s) and interest rate either on your periodic statements, via an online portal, upon request, or a combination thereof.

E.         FDIC Deposit Insurance for FDIC-Recognized Categories of Account Ownership; Multi-Tiered Fiduciary Relationships

To ensure that your Program Deposits are protected by FDIC insurance to the fullest extent possible under the Program, you should understand how FDIC insurance applies to each FDIC-recognized category of account ownership.

In general, the FDIC-recognized categories of account ownership include single ownership accounts; accounts held by an agent, escrow agent, nominee, guardian, custodian, or conservator; annuity contract accounts; certain joint ownership accounts; certain revocable trust accounts; accounts of a corporation, partnership, or unincorporated association; accounts held by a depository institution as the trustee of an irrevocable trust; certain irrevocable trust accounts; certain retirement and other employee benefit plan accounts; and certain accounts held by government depositors.

The rules that govern these categories of account ownership are very detailed and very complex, and there are many nuances and exceptions. Complete information can be found at the FDIC’s regulations set forth at 12 C.F.R. Part 330.

The FDIC’s regulations impose special requirements for obtaining pass-through FDIC insurance coverage, up to the standard maximum deposit insurance amount (SMDIA) (currently $250,000 for each FDIC-recognized category of account ownership), for multiple levels of fiduciary relationships. In these situations, in order for FDIC insurance coverage to pass through to the true beneficial owners of the funds, it is necessary (i) to expressly indicate, on the records of the insured depository institution that there are multiple levels of fiduciary relationships, (ii) to disclose the existence of additional levels of fiduciary relationships in records, maintained in good faith and in the regular course of business, by parties at subsequent levels, and (iii) to disclose, at each of the level(s), the name(s) and the interest(s) of the person(s) on whose behalf the party at the level is acting. No person or entity in the chain of parties will be permitted to claim that they are acting in a fiduciary capacity for others unless the possible existence of such a relationship is revealed at some previous level in the chain. If your Program Deposits are beneficially owned through multiple levels of fiduciary relationship, you must take steps to comply with these special requirements.

For questions about FDIC insurance coverage, you may call the FDIC at 877-275-3342 or visit the FDIC’s web site at www.fdic.gov.

You also may wish to utilize “EDIE The Estimator,” the FDIC’s electronic insurance calculation program, which is found at https://www.fdic.gov/edie/index.html. Other information regarding FDIC insurance coverage may be found at the FDIC’s Consumer Resource Center section of the FDIC’s website at https://www.fdic.gov/resources/consumers/index.html.

F.         Withdrawals

Withdrawals from your Program Deposits are made through Your Bank and cannot be made directly by you through Stable or any of the Receiving Banks. Checks, ACH payments, debit cards, ATM withdrawals, direct deposits, credits and other transactions and items for your deposit account at Your Bank are processed through your deposit account held at Your Bank rather than through the Program Deposit Accounts. If your withdrawals from your account at Your Bank reduce the balance in your account below your Target Balance, your funds on deposit at the Receiving Bank(s) will be automatically withdrawn from the Receiving Bank accounts and deposited in your account at Your Bank on the following business day. It will be your responsibility to make arrangements with Your Bank to have such funds withdrawn from the Program and deposited into your account at Your Bank on a “same-day” basis.  In the event that Your Bank does not receive enough funds to cover your entire withdrawal request (if, for examples, Receiving Banks fail to send funds as instructed by the Custodian Bank (pursuant to Stable’s instructions) or Receiving Banks are closed due to holidays or other events), the funding of all or a portion of your withdrawal requests could be further delayed.  If Your Bank decides to advance funds to you in anticipation of a Program withdrawal, you will owe the amount of these funds to Your Bank and Your Bank will retain from the funds received the amount that it advanced to you.

If, in a separate agreement, you have granted Your Bank a security interest in your Deposit Accounts or other interests relating to your Deposit Accounts as collateral for a loan to you or otherwise, Your Bank may decline to honor a request for a Program withdrawal or a transaction that would give rise to such a withdrawal to the extent that such withdrawal would cause your balance in the Program to fall below the loan amount or other amount that you have agreed to maintain in your Deposit Accounts or to which the security interest applies.  

G.        Information Regarding Receiving Banks

You will have access to the list of Receiving Banks that hold your deposits either on your periodic statements, via an online portal, upon request, or a combination thereof. You may also contact Your Bank to obtain the most recent list of Receiving Banks, or view them at m1.com/legal/agreements/depositnetwork. You can obtain publicly available financial information concerning any of the Receiving Banks at https://www.ffiec.gov/NPW or by contacting the FDIC Public Information Center by mail at 3501 North Fairfax Drive, Room E-1005, Arlington, VA 22226 or by phone at 877-ASK-FDIC (877-275-3342). Neither Stable nor Your Bank is responsible for any insured or uninsured portion of any deposits at any Receiving Bank or guarantees the financial condition of any Receiving Bank or the accuracy of any publicly available financial information concerning a Receiving Bank.  

If, on a Business Day, you have outstanding deposits that Your Bank has placed for you using the Certificate of Deposit MarketplaceSM program (the “CDM program”) also administered by Stable, and you have provided the same taxpayer or other identification number for purposes of the Program and the CDM program, the allocation of your funds for that Business Day in the Program will not cause the balance in your Deposit Accounts at a Receiving Bank, together with the outstanding deposits, if any, that we placed for you at that Receiving Bank in the same FDIC category of ownership through the CDM program, to exceed the SMDIA. 

H.        Your Responsibility to Monitor Your Deposit or Investment Options

Your Bank does not have any obligation to monitor your account or make recommendations about, or changes to, the Program that might be beneficial to you. As interest rates and other factors change, it may be in your financial interest to change your deposit instructions. In such cases, you should call Your Bank to learn about other options. 

I.         Allocations to Receiving Banks

Stable establishes Deposit Accounts on behalf of Your Bank and other Program participants. You authorize Your Bank to act as your agent and Your Bank authorizes Stable to act as its agent at each Receiving Bank holding your funds. The Deposit Account constitutes a direct obligation of the Receiving Bank and is not directly or indirectly an obligation of Stable, Your Bank or the Custodian Bank. You authorize Your Bank to sweep all of your funds in excess of the Target Balance into the Program.  Your funds are then allocated each Business Day by Stable to Receiving Banks based on an objective allocation algorithm.  Any movements of funds within the Program among Receiving Banks are executed by the Custodian Bank pursuant to instructions from Stable.  Stable’s instructions are based on an objective allocation algorithm that takes into consideration various factors, including the target level of Program deposits for each Receiving Bank.  Stable may include additional Receiving Banks to expand the capacity available to underlying customers of the Sending Institutions, including Your Bank.  Receiving Banks may decide to discontinue their participation in the Program, or may be removed by Stable for no longer satisfying Program requirements.

You can contact Your Bank at any time for the current list of Receiving Banks. You cannot specify an amount of funds to be allocated to specific Receiving Banks. All of the allocations of funds in the Program are made on a non-discretionary basis.

J.         Interest

The interest rate paid to you is determined by Your Bank. The interest rate applicable to your Program Deposits will be stated on your account statement. Contact Your Bank to obtain the current interest rate being paid to customers and other account information. The rate you earn on your Program Deposits may be higher or lower than the rates available to depositors making non-Program Deposits with Receiving Banks directly, through other types of accounts at Your Bank, or with other depository institutions in comparable accounts. In the event of the failure of a Receiving Bank, no interest is earned on Program Deposits from the time such a Receiving Bank closes until insurance payments are received. You should compare the terms, rates of return, required minimum amounts, charges and other features of a Program Deposit with other accounts and investment alternatives. There is generally no minimum period that your money must remain on deposit, and there is no penalty for withdrawal of your entire balance, or any part thereof, at any time. Payment of the full amount of all accrued interest with respect to your Program Deposit at a Receiving Bank will be solely the responsibility of, and solely enforceable against, that Receiving Bank. Your Bank will have no indebtedness to you for any such amount.

K.        Fees

Each Receiving Bank pays to Stable a fee for its services related to your Program Deposits at that particular Receiving Bank. Your Bank may also receive a fee for its services. The fees may be different for different Receiving Banks.

L.         Account Statements

You will receive a periodic account statement from Your Bank. All activity with respect to your Program Deposits, including interest earned for the period covered will appear on your statement, including the total of your opening and closing Program Deposit balances. You will not receive a separate statement from the Receiving Banks. Your periodic account statement will be provided to you periodically in accordance with Your Bank’s policies. You should retain all account statements. Your Bank will provide you with the name of each Receiving Bank that holds your funds either on your periodic statements, via an online portal, upon request, or a combination thereof.

You must notify Your Bank immediately of any discrepancies noted in your account statement and in no event later than thirty (30) days after the date of the account statement in which the problem or error first appeared.

M.       Tax Reporting

The interest that you receive from your Program Deposits is generally fully subject to state and federal tax. An IRS Form 1099 will be sent to you by Your Bank each year, showing the amount of interest income you have earned from your Program Deposits. You will not receive a Form 1099 if you are not a citizen or resident of the United States.

N.        Business Continuity

In the event you are unable to contact Your Bank due to a business interruption event, such as a natural disaster, you may contact Stable or its agent at 866-237-2752 for account information.

O.        Other Terms

Limits on Transfers from MMDAs under Regulation D: Federal banking regulations limit the transfers from MMDAs to a total of six (6) during a monthly statement cycle, and certain aggregation rules may apply to transfers from such accounts at the Receiving Banks. These limits on transfers will not limit the number of withdrawals you can make from your Program Deposits.

Inactive Accounts: Your Bank and the Receiving Banks may be required by law to turn over (escheat) your Program Deposits to a state, typically your state of residence, based on account inactivity for a certain time period established by applicable state law. If Program Deposits are remitted to the state, you may file a claim with the state to recover the funds.

Transferability: Your Program Deposits may not be transferred by you except in connection with a change in ownership of the deposit account with Your Bank that is linked to your participation in the Program. A transfer that occurs due to death, incompetence, marriage, divorce, attachment or otherwise by operation of law shall not be binding unless and until sufficient, acceptable documentation has been received.

Termination: Your Bank may, at its sole discretion, and without any prior notice, terminate your participation in the Program. If you close your deposit account at Your Bank, your associated Program Deposit account will also be closed and your funds will be distributed from the Program through your deposit account at Your Bank.

Ordinary Care: Any failure by Stable or any Receiving Bank to act or any delay by such party beyond time limits prescribed by law or permitted by these Terms and Conditions is excused if caused by your negligence, interruption of communication facilities, suspension of payments by another financial institution, war, emergency conditions or other circumstances beyond the control of such party, provided such party exercised such diligence as such circumstances would normally require. You agree that any act or omission made by Stable or any Receiving Bank in reliance upon or in accordance with any provision of the Uniform Commercial Code as adopted in New York, any rule or regulation of the State of New York, the Federal Reserve or FDIC, or a federal agency having jurisdiction over such party shall constitute ordinary care.

Personal Information: The use of your information is governed by the privacy policy of Your Bank.  With respect to the Program, you understand and agree that Stable, including its affiliates, the Receiving Banks, Your Bank and their service providers may obtain such information as may be necessary for legitimate business needs in connection with the operation of the Program. Such information will be shared among the parties only for use in providing the services hereunder and as otherwise legally required. For information regarding the collection, processing and use of your personal information and your rights to limit the use and disclosure of such information, you should contact Your Bank. Stable will never use your personal information for any purpose other than to perform its role as administrator of the Program.  Stable’s privacy policy is available online at rnt.com/privacy-policy.

Alternatives to the Program: By enrolling in the Program, you agree to the terms and conditions provided herein. You understand that, at any time, you may terminate your participation in the Program. If you terminate, the funds held through the Program will be credited to your deposit account at Your Bank.

Days of Operation: The Program will operate on all days when the Federal Reserve Bank of New York is open for business.

Mutual Institution and Subscription Rights: Your funds may be placed in a Deposit Account at a Receiving Bank that is in the mutual form of organization. Such a Deposit Account will be identified on the books of the mutual institution as described in Section III. D, Deposits and FDIC Insurance, and not in your name. Your Bank and Stable will not attend or vote at any meeting of the depositor members of a mutual institution, or exercise any subscription rights in a mutual institution’s mutual-to-stock conversion, either on its own or on your behalf. You hereby waive any right you may have to vote at any meeting of the depositor members, or to receive or exercise any subscription rights you may have in the event that the mutual institution converts from mutual to stock form, even if you held a Deposit Account as of an applicable record date. 

Limitation of Liability. TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL YOUR BANK, STABLE OR ITS AFFILIATES BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY, SPECIAL, INCIDENTAL OR PUNITIVE DAMAGES OF ANY NATURE, WHETHER SUCH LIABILITY IS ASSERTED ON THE BASIS OF CONTRACT, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE, INCLUDING WITHOUT LIMITATION, LOSS OF PROFITS, GOODWILL OR BUSINESS INTERRUPTION.

Legal Process: Stable, Your Bank, and the Receiving Banks may comply with any writ of attachment, execution, garnishment, tax, levy, restraining order, subpoena, warrant or other legal process, which such party reasonably and in good faith believes to be valid. Your Bank may notify you of such process by telephone, electronically or in writing. You agree to indemnify, defend and hold Stable, Your Bank, and the Receiving Banks harmless from all actions, claims, liabilities, losses, costs, attorneys’ fees, and damages associated with their compliance with any process that such party believes reasonably and in good faith to be valid. You further agree that Stable, Your Bank, and the Receiving Banks may honor legal process that is served personally, by mail, or by facsimile transmission at any of their respective offices (including locations other than where the funds, records or property sought is held), even if the law requires personal delivery at the office where your Program Deposit records are maintained.

P.        General

Amendment: Your Bank may modify these Terms and Conditions at any time, upon notice to you.

Waiver: Any provision of these Terms and Conditions may be waived if, but only if, such waiver is in writing and is signed by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

Severability: If any term, provision, covenant or restriction of these Terms and Conditions is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of these Terms and Conditions shall remain in full force and effect and shall in no way be affected, impaired or invalidated

Entire Agreement: These Terms and Conditions and any other documents provided by Your Bank to you in connection with the Program constitute the entire agreement between Your Bank and you, and supersede all prior and contemporaneous agreements and understandings, both oral and written, between Your Bank and you with respect to the subject matter hereof. EXCEPT AS EXPRESSLY SET FORTH IN THESE TERMS AND CONDITIONS, YOUR BANK MAKES NO REPRESENTATIONS OR WARRANTIES (ORAL OR WRITTEN, STATUTORY, EXPRESS, IMPLIED OR OTHERWISE) INCLUDING, WITHOUT LIMITATION, AS TO MERCHANTABILITY, FITNESS FOR PURPOSE, CONFORMITY TO ANY DESCRIPTION OR REPRESENTATION, NON-INTERFERENCE OR NON-INFRINGEMENT.

Binding Effect: These Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, successors, legal representatives and assigns. Nothing in these Terms and Conditions, expressed or implied, is intended to confer on any person other than the parties hereto, and their respective permitted heirs, successors, legal representatives and assigns, any rights, remedies, obligations or liabilities under or by reason of these Terms and Conditions; provided that Stable shall be a third party beneficiary hereof.

Governing Law: These Terms and Conditions are to be construed in accordance with and governed by the internal laws of the State of New York and the United States of America without giving effect to any choice of law rule that would cause the application of the laws of any other jurisdiction to the rights and duties of the parties. Unless otherwise provided herein, Your Bank and Stable may comply with applicable clearinghouse, Federal Reserve and correspondent bank rules in processing transactions for your Program Deposits. You agree that Your Bank and Stable are not required to notify you of a change in those rules, except to the extent required by applicable law.

Disputes: EXCEPT TO THE EXTENT OTHERWISE PROVIDED BY APPLICABLE LAW, ANY DISPUTES ARISING OUT OF OR IN CONNECTION WITH THESE TERMS AND CONDITIONS WILL BE GOVERNED BY THE TERMS OF THE AGREEMENT THAT GOVERN THE DEPOSIT ACCOUNT AT YOUR BANK THAT IS LINKED TO THE PROGRAM, INCLUDING THE DISPUTE RESOLUTION TERMS, ARBITRATION TERMS, CHOICE OF LAW, VENUE, WAIVER OF JURY TRIAL, AND COSTS RELATED TO DISPUTE RESOLUTIONS, IF ANY. 

Interpretative Provisions: The headings herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of these Terms and Conditions as if set forth in full herein. Any singular term in these Terms and Conditions shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in these Terms and Conditions, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. References to any document provided by Your Bank to you or to any agreement or contract are to that document, agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof or thereof. In any construction of the terms of these Terms and Conditions, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

Legal Disclosure:

All rights reserved. Reich & Tang Deposit Networks, LLC, Reich & Tang Deposit Solutions, LLC, Stable Custody Group II LLC and Total Deposit Solutions, LLC (each, d/b/a R&T Deposit Solutions) and/or any of their affiliates (together, “us”, “we”) provide administrative and/or recordkeeping services to participating financial institutions with respect to sweep and other programs administered by us – Demand Deposit Marketplace (DDM®), Reich & Tang Insured Deposits (RTID®) and Insured Deposit Program (IDP) – as well as other services. We are not a depository, bank or credit union and the sweep Stable Demand Deposit Marketplace Program Terms & Conditions and other programs administered by us are NOT, themselves, FDIC-insured or NCUSIF-insured productsClick here for a list of the banks and savings associations with which we have a business relationship for the placement of deposits under the programs we administer, and into which a participating institution may place deposits (subject to the terms of those programs and any opt-outs by the participating institution and/or their customers).  All of our products and services are provided by us subject to the terms of the written agreements entered into by us with respect thereto, and we provide no representations or warranties, express or implied, except as expressly set forth in those agreements.

Customer Authorization and Agency Appointment

By agreeing to this Demand Deposit Marketplace® program (the “Program”) authorization and agency appointment, you (“Customer”): (i) agree to the authorizations and agency appointment set forth below, and (ii) acknowledge receipt of, and agree to, the Stable Demand Deposit Marketplace Program Terms & Conditions set forth above and which are expressly incorporated herein.

1. Agency Relationship. Consistent with the Stable Demand Deposit Marketplace Program Terms & Conditions, Customer hereby enrolls in the Program and appoints Your Bank (B2 Bank National Association (“B2 Bank”) and B2 Bank’s account servicing agent, M1 Spend LLC (“M1”)) (B2 Bank and M1 are hereinafter collectively referred to as “Your Bank”) as its agent to open and maintain one or more Program accounts at one or more Program banks, other than Your Bank. Such Program accounts shall be held in the name of Your Bank’s agent and owned beneficially by Customer and other designated Program customers. Customer directs Your Bank, as its agent, to effect deposits to and withdrawals from such Program accounts pursuant to the Stable Demand Deposit Marketplace Program Terms & Conditions.

2. Sweep Authorization. Consistent with the  Stable Demand Deposit Marketplace Program Terms & Conditions, Customer authorizes Your Bank to maintain the target balance set forth above in the above designated bank account on a daily basis by either (1) sweeping all deposited cash in excess of the target balance into the Program or, (2) to the extent necessary to increase the balance in the designated demand deposit bank account to the target balance, by providing for the transfer of Customer’s funds held in the Program accounts at Program banks to the designated demand deposit bank account. Customer acknowledges and agrees that all transfers are subject to available funds.

Unless terminated by Your Bank, the Customer authorization and agency appointment set forth above shall remain in effect until Your Bank receives Customer’s written notice of termination and Your Bank has been afforded a reasonable opportunity to act on such written notice.

By accepting the Stable Demand Deposit Marketplace Program Terms & Conditions, you agree that you have read and understood the terms and conditions and all incorporated disclosures of the Demand Deposit Marketplace® Program.

Returned Deposits – 6.8

If your deposit is returned to us for any reason and at any time, we may debit your Bank Account for the amount of the deposit without notice. We may debit your Bank Account(s) for any interest you may have provisionally earned on the amount. We may debit your Bank Account for a returned item after the earlier of either the day it is returned to us by electronic or other means, or the day we receive notice that the item is being returned to us. Furthermore, if a deposit in your Bank Account has been paid by the financial institution on which it is drawn and that institution later returns it to us claiming that it was unauthorized or should not have been paid for any other reason, we may debit your Bank Account for the amount of the return. We will resubmit any returned deposits for payment. If you have insufficient funds to cover a returned item, we may overdraw your Bank Account. In the event that we honor an item that is not a check or an item which creates an overdraft in the applicable Bank Account, you agree to deposit sufficient funds to cover the overdraft. You also agree to reimburse us for any costs incurred in the collection of the overdraft including, without limitation, attorneys’ fees and litigation expenses authorized by law.

Ownership of Account and Pay-on-Death Beneficiary Designation – 6.9

These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds.  You are able to set up one payable-on-death beneficiary, multiple payable-on-death beneficiaries, and contingent payable-on-death beneficiaries. 

Single-Party Account:  Such an account is owned by one party. 

Rights at Death for a Single Party Account: At the death of a party, ownership passes as part of the party’s estate.

Single-Party Account with a Payable-on-Death Beneficiary Designation: At the death of the party and presentment of required documentation verifying the death of the party, ownership of the account passes to the designated payable-on-death beneficiary or beneficiaries and is not part of the party’s estate.

Telephone Transfers – 6.10

A telephone transfer of funds from this account to another account is not supported or available at this time.

Authorization to Contact You by Telephone About Your Account – 6.11

By providing us with your home telephone number, cellular telephone number or other telephone contact information, you authorize us to contact you by telephone: 

  1.  In response to a direct inquiry from you, or
  2. In the event we need to gather information from you to respond to an inquiry
    1. in compliance with applicable law, or
    1. from a third party authorized by you.

Account Holder and Service Member Support – 6.12

Account holders, including military service members as defined by the Servicemembers Civil Relief Act, may contact M1 for support at 312-600-2883 or by submitting a request at help.m1.com.  To contact B2 Bank directly, mail may be sent to:

B2 Bank

P.O. Box 706

Buhl, MN 55713

Amendments and Termination – 6.13

We may from time-to-time change or update the terms of this M1 High-Yield Savings Account Terms & Conditions document or of other documents related to your High Yield Savings Account.  We will make reasonable efforts to provide you with advance notice of any such changes or updates before the changes or updates go into effect. We will give you reasonable notice electronically or by any other method permitted by law.

As stated in the Truth-in-Savings disclosures in Section 1.1 above, the interest rate applicable to your account is subject to change without notice.

We may also close this account at any time with notice to you as required by law and tender of the account balance via external transfer or by mail. Items presented for payment after the account is closed may be dishonored. When you close your account, you are responsible for leaving enough money in the account to cover any outstanding items to be paid from the account. Reasonable notice for purposes of any changes or updates to the terms of your account or for purposes of closing your account depends on the circumstances, and in some cases, such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you notice after the change or account closure becomes effective. For instance, if we suspect fraudulent activity with respect to your account, we might immediately freeze or close your account and then give you notice. If we have notified you of a change- or update in any term of your account and you continue to have your account after the effective date of the change, you have agreed to the new term(s).

Notices – 6.14

Any written notice you give us is effective when we actually receive it, and it must be given to us according to the specific delivery instructions provided elsewhere, if any. We must receive it in time to have a reasonable opportunity to act on it. Written notice we give you is effective as of the date and timestamp of the electronic confirmation.

Password – 6.15

All services must be initiated by use of a password (“Password”). You may change your Password from time to time. It is recommended that you do not use your social security number, birthday, or other codes that may be easy for others to determine as your Password.

No Bank employee will ever ask for your Bank Account Password, nor should you provide it to anyone unless you intend to allow that person access to your accounts. If you authorize another person to use your Password, that person can view any information or initiate any transaction on any of the accounts to which you have access, including viewing information or initiating transactions on accounts to which that person would not otherwise have access.  We are not responsible or liable in any manner for any losses or damages suffered or sustained by you as a result of you sharing your password with another person or entity.  As such, sharing your Password is strongly discouraged by the Bank, and is done at your own risk. If a third party should gain access to your Password, you alone are responsible for changing the Password so as to deny the third party’s access to your bank account or banking information. Bank will not be responsible or liable for any damages or losses arising from or related to wrongful access by a third party. YOU AGREE TO KEEP YOUR PASSWORD CONFIDENTIAL. USE OF THE PASSWORD BY YOU OR BY ANY OTHER PERSON WITH YOUR AUTHORIZATION WILL BE DEEMED THE SAME AS YOUR WRITTEN SIGNATURE, AUTHORIZING BANK TO COMPLETE ANY TRANSACTION COMMUNICATED THROUGH OUR SERVICES.

Never leave your computer or phone unattended while using the services. Always exit and “log out” after viewing your Accounts. Failure to do so may result in unauthorized third-party access to your accounts without the use of your Password. The Bank disclaims any liability for the display or accuracy of your account data by any account aggregation service provided by a third party.  Please refer to the M1 and B2 Privacy Policies that is provided online as part of a separate Additional Disclosures.


Updating Contact and Personal Information – 6.16

It is your responsibility to maintain accurate and current contact and personal information connected to your savings account.  To change your contact or personal information connected to your account, including your mailing address, physical address, email address, or phone number, contact M1 at 312-600-2883 or by submitting a request at help.m1.com.


Your Duties to Report Statement Issues – 6.17

Unauthorized Transfers and Consumer Liability

You should contact M1 IMMEDIATELY at 312-600-2883 if you believe a transfer has been made using your account information without your permission.

If you believe that an electronic fund transfer has been made without your permission using your account information or any other unauthorized access of your account, please notify us immediately.  Telephoning is the best way of keeping your possible losses down. If you do not notify us immediately once you discover a problem with possible unauthorized access to your account, you could risk losing all of the money in your account.  

You are solely responsible for monitoring and safeguarding your use of your password and other security data, methods, and devices. Further, you are responsible for all activities that occur in connection with your password including all instructions electronically transmitted or use of any data, information or services obtained using your password and other security data. Accordingly, you should take steps to protect the confidentiality of your password. You agree to promptly take corrective measures to protect your account from further fraudulent activity.

Also, if your statement shows transfers that you did not make, notify us immediately. If you do not tell us within 60 calendar days after the statement was made available to you, you may not get back any money you lost after the 60 calendar days if we can prove that we could have stopped someone from taking the money if you had told us in time. 

Right to Bring Civil Action

Under certain applicable state laws governing consumer privacy and unauthorized withdrawals, you may bring a civil action against any person violating your rights under those laws.  If you prevail in such an action, and depending upon the provisions of the applicable state law, you may recover your actual damages, as well as possibly being awarded punitive or exemplary damages, your court costs and reasonable attorney’s fees.

Error Resolution Notice

In case of errors or questions about your electronic transfers, contact M1 at 312-600-2883 or submit a request at help.m1.com, as soon as you can, if you think your statement is wrong or if you need more information about a transfer listed on the statement. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

  1. Tell us your name and account number.
  2. Tell us the dollar amount of the suspected error.
  3. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine, in our sole discretion, whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 business days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. You agree to cooperate fully with M1 in any investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. After completing our investigation, we will tell you the results within three business days. If we decide that there was no error, we will send you a written explanation.

You may ask for copies of the documents that we used in our investigation. If you have inquiries regarding your account, please contact us at 312-600-2883 or submit a request at help.m1.com.

Unauthorized Signatures, Alterations and Forgeries on Statements: You must examine your monthly statement of account with “reasonable promptness.” If you discover (or reasonably should have discovered) any discrepancies or unauthorized transactions indicated on your statement, you must promptly notify us of the relevant facts. As between you and us, if you fail to do either of these duties, you will have to either share the loss with us or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items involving the same wrongdoer.

You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance, exceed a total of sixty (60) days from when the statement is first sent or made available to you.

You further agree that if you fail to report any discrepancies or unauthorized transactions in your account within sixty (60) days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and, as between you and us, the loss will be entirely yours. This sixty (60)-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.

Other Errors or Problems on Statements: In addition to your duty to review your statements for any discrepancies or unauthorized transactions, you agree to examine your statement with reasonable promptness for any other error or problem – such as an encoding error or an unexpected deposit amount. You agree that the time you have to examine your statement and items and report to us will depend on the circumstances. However, this time period shall not exceed sixty (60) days. Failure to examine your statement and items and report any errors to us within sixty (60) days of when we first send or make the statement available precludes you from asserting a claim against us for any errors on items identified in that statement and as between you and us the loss will be entirely yours.

Duty to Notify if Statement Not Received: You agree to immediately notify us if your electronic statement is not available for you to review by the date you normally expect to receive it. Not receiving your statement in a timely manner is a sign that there may be an issue with your account, such as possible fraud or identity theft.

Account Transfer – 6.18

This account may not be transferred or assigned without our prior written consent.

Direct Deposits – 6.19

If we are required for any reason to reimburse the federal government for all or any portion of a benefit payment that was directly deposited into your account, you authorize us to deduct the amount of our liability to the federal government from the account, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.

How to Close Your Account – 6.20

If you should choose to close your M1 High-Yield Savings Account, please contact M1 at 312-600-2883 or submit a request at help.m1.com.

Restrictions on Accounts and Services/Right of Refusal and Termination of Account – 6.21

We reserve the right, in our sole discretion, to refuse to open any Bank Account or to service or to accept additional deposits to an existing Bank Account, or to comply with any instruction or request that you make.

We may terminate your Bank Account or other relationship with us at any time and without advanced notice, unless advanced notice is required by applicable law. We reserve the right to terminate, freeze or restrict a Bank Account at any time and in our sole discretion and without notice. We also may terminate your Bank Account by providing you a notice (prior to or immediately after closing the applicable Bank Account if and only as required by law) and/or initiating an external transfer to your linked back account or creating a check for the account balance at your address as shown on the Bank’s records. Thereafter, the funds will stop earning interest (even if the check is returned or remains uncashed for any reason). Any transactions presented to us subsequent to such termination may be returned unpaid. You agree that the Bank shall have no liability for transactions dishonored after the effective date of termination.

Right of Setoff – 6.22

Subject to any restrictions, limitations or prohibitions in any applicable federal laws, including, but not necessarily limited to, the Servicemembers Civil Relief Act, we may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt you owe M1 or B2 now or in the future. If your debt arises from a promissory note, then the amount of the due and payable debt will be the full amount we have demanded, as entitled under the terms of the note, and this amount may include any portion of the balance for which we have properly accelerated the due date.

This right of setoff does not apply to this account if prohibited by law.

We will not be liable for the dishonor of any transaction when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff.

Waiver of Notices – 6.23

To the extent permitted by law, you waive any notice of non-payment, dishonor or protest regarding any items credited to or charged against your account. For example, if you deposit an item and it is returned unpaid or we receive a notice of nonpayment, we do not have to notify you unless required by federal Regulation CC or other law.

Unlawful Internet Gambling Notice – 6.24

Restricted transactions as defined in Federal Reserve Regulation GG are prohibited from being processed through this account or relationship. Restricted transactions generally include, but are not limited to, those in which credit, electronic fund transfers, checks, or drafts are knowingly accepted by gambling businesses in connection with the participation by others in unlawful Internet gambling.

ACH and Wire Transfers – 6.25

Any ACH or wire transfers are subject to the provisions of Article 4A of the Uniform Commercial Code – Fund Transfers. If you originate a fund transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. Credit entries may be made by ACH. If we receive a payment order to credit an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.

Accounts Presumed to be Inactive – 6.26

If you have not made a withdrawal from, or deposit to, your Bank Account for an extended period of time your Bank Account may be classified by us as “inactive.”

For the purpose of determining “inactivity” of your account, automated transactions (for example, automated transfers between your accounts) may not be considered activity for this purpose, even if your balance changes. In addition, bank-initiated charges or bank-initiated interest credits or payments to your account may not be considered activity for purposes of making this determination.

If the Bank designates or classifies your account as inactive, the Bank may close the account and send a check to the Account Owner’s last known address in our records or deposit funds back to the external funding source. The Bank will notify you in advance by e-mail, at your last known e-mail address, before officially designating your account as inactive and proceeding with the closure of your account. This e-mail notice will provide you with an opportunity to initiate new activity on your account in order to avoid closure of your account.  In the event you hold multiple Bank Accounts with us, the fact that you have an active Bank Account with us does not automatically keep your other Bank Accounts from being designated as inactive under the criteria and guidelines set forth above.

Accounts Presumed to be Abandoned or Dormant – 6.27

If you have not made a withdrawal from or a deposit to your Bank Account, have not logged into the M1 app, and you have not contacted us and we have been unable to contact you, for an extended period of time, your Bank Account may be classified by us as “abandoned” or “dormant.”

For the purpose of determining “abandonment” or “dormancy” of your account, automated transactions (for example, automated transfers between your accounts) may not be considered activity for this purpose, even if your balance changes. In addition, bank-initiated charges or bank-initiated interest credits or payments to your account may not be considered activity for purposes of making this determination.

Any one of the following three actions by you will prevent your account from going into “abandoned” or “dormant” status: (i) you make a deposit to or withdrawal from your account; (ii) you log-in to the M1 app; or (iii) you initiate contact with us by phone or e-mail regarding your account.

State and federal law and Bank policy govern when deposit accounts are considered “dormant” or “abandoned.” We will refer to and apply the applicable law of the state of the Account Owner’s last known address (to the extent there is any applicable law in that state) in designating an account as “dormant” or “abandoned” and in determining the course of action to be taken with any funds remaining in the “dormant” or “abandoned” account.  Otherwise, if there is no applicable law on this subject in the state of your last known address, or if you have a foreign address, then we will follow any applicable federal law or regulation, since we are a nationally chartered bank, or we will follow the laws of the State of Minnesota, which is where our principal office and main branch are located.

In accordance with applicable state law, funds in dormant or abandoned accounts may be remitted to the custody of the applicable state agency with jurisdiction over such matters, and we will have no further liability to you for such funds. The Bank may, at its option, attempt to contact you prior to remittance of funds to the applicable state agency and will attempt to do so if required by applicable law.

We may assess a fee for sending you notice or for having to publish your name in a newspaper of your state regarding your abandoned or dormant account, unless assessment of such a fee would be prohibited by applicable law. Once funds from your account are remitted to an appropriate state agency with jurisdiction over such matters, you must apply to that state agency to reclaim your funds. After the Bank Account is closed, all reasonable attempts will be made to return funds directly to you. If we are unsuccessful, funds will be remitted to the applicable state agency.

In the event you hold multiple Bank Accounts with us, the fact that you have an active Bank Account with us does not automatically keep your other Bank Accounts from being designated as “abandoned” or “dormant” under the criteria and guidelines set forth above.

Legal Process – 6.28

We may accept and comply with any writ of attachment, execution, garnishment, tax withhold order or other levy, subpoena, warrant, injunction, restraining order, government agency request for information or other legal process relating to your Bank Account which we believe (correctly or incorrectly) to be valid and binding regardless of the location of the Bank or method of service on the Bank, even if the law requires personal service at the branch of record or other specified location for your Bank Account or where the records are stored (but we reserve the right to require service at such location as may be required by law). We may, but are not required to, give you notice of any such legal process except as required by law and will not do so if prohibited by law.

A legal processing fee, hourly research fee, and copy charges may be assessed by us against you or your Bank Account unless prohibited by law. This fee is in addition to any fee collected from the party serving the legal process.

In responding to a search warrant or other legal process from a city, county, state or federal law enforcement or other agency, we may produce documents or provide access to property located in any Bank storage or other facility, including facilities owned and operated by third parties maintaining such records on our behalf, even if such facility is not designated as the place to be searched in the search warrant or legal process.

If we are required to pay any attachment, garnishment, writ, levy or other legal process related to your Bank Account, then we may debit your Bank Account even if such creates an overdraft. If we incur any expenses, including without limitation research, photocopy, handling and administrative costs and reasonable attorney’s fees, in responding to an attachment, garnishment, writ, levy or other legal process that is not otherwise reimbursed, then we may charge, in addition to other amounts set forth herein, such expenses to your Bank Account without prior notice to you.

Collection Expenses – 6.29

You agree to pay our reasonable expenses, including attorneys’ fees, incurred in collecting any amounts owed by you under, or in enforcing, the provisions of this Agreement.

Backup Withholding – 6.30

If your account is interest bearing, you are required to provide us with a tax identification number (“TIN”), certified under the penalty of perjury. Proper completion of IRS Form W-9 or other form that we provide to you requesting TIN certification fulfills this requirement. For individuals, the TIN is the social security number.

Under certain conditions we may be required to withhold and pay to the IRS a certain percentage of payments of interest. The percentage withheld will be determined by the rate in effect under IRS regulations. Interest payments may be subject to backup withholding if:

  • You do not furnish us with your TIN;
  • The IRS notifies us that you furnished an incorrect TIN;
  • We are notified by the IRS that you are subject to backup withholding;
  • You fail to certify to us that you are not subject to backup withholding; and/or
  • You fail to certify your TIN.

Additional Transaction Information – 6.31

In your M1 platform account, you will be able to see a listing or itemization of your activities (deposits, transfers, withdrawals and payments) within your High-Yield Savings Account.  In listing or itemizing your account activities, M1 may include additional information regarding the specific type of transaction (e.g., “credit card payment” or “direct deposit”) or the name or logo of the other party involved in a particular transaction.  This additional information is provided simply as a convenience to you in order to make it easier for you to track your account activities.  Since this additional information is provided to M1 by outside third parties, M1 and B2 do not make and hereby disclaim any promises, representations or warranties regarding the accuracy of this information.  If you believe any of this additional information is inaccurate, please refer to your official monthly account statement or contact M1 directly by calling us at 312-600-2883 or submitting a request at help.m1.com to report an issue or concern.

Entire Agreement – 6.32

THIS AGREEMENT CONSTITUTES THE ENTIRE AGREEMENT BETWEEN US FOR YOUR M1 HIGH-YIELD SAVINGS ACCOUNT AND THIS AGREEMENT SUPERSEDES ALL PREVIOUS AGREEMENTS AND UNDERSTANDINGS, WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT.  EXCEPT AS SET FORTH ABOVE, THIS AGREEMENT MAY NOT BE ALTERED, AMENDED, OR MODIFIED EXCEPT BY A WRITTEN INSTRUMENT SIGNED BY BOTH PARTIES HERETO.


[1] B2 BANK IS A REGISTERED TRADEMARK ® OF B2 BANK NATIONAL ASSOCIATION.