How do I close an M1 account?  | M1 Help Center (2024)

FAQs

How do I close an M1 account?  | M1 Help Center? ›

You can liquidate an M1 investment account by initiating an outgoing withdrawal for an amount slightly higher than the current value to prevent funds remaining due to market fluctuations. A liquidation confirmation and acknowledgment screen will appear.

Unless you are bound by a contractual minimum term in the Agreement, you may terminate the Services by calling our Customer Service Hotline 1627 or 1622 (for corporate customers), or such other numbers as we may notify, by faxing or writing to us and giving us one (1) day's prior notice.

How to liquidate an M1 investment account | M1 Help Center. You can liquidate an M1 investment account by initiating a one-time transfer for the current total value of the account to your connected external bank. Once you select "Review", a liquidation confirmation and acknowledgment screen will appear.

There is a $100 outgoing ACAT fee for all account types and an additional $100 closing fee for retirement accounts. For example: Transferring out your Individual Brokerage Account would incur a fee of $100.

You can liquidate an M1 investment account by initiating an outgoing withdrawal for an amount slightly higher than the current value to prevent funds remaining due to market fluctuations. A liquidation confirmation and acknowledgment screen will appear.

Early termination charge equivalent to 1 month's subscription is applicable for termination during the commitment period.

Yes. Transfers from M1 investment accounts greater than your withdrawable cash take up to 5-7 business days to complete. This allows time for any pending deposits to settle or for M1 to automatically sell off holdings to fulfill the transfer amount.

Yes, M1 Finance takes steps to protect your funds. They carry SIPC insurance, which protects your investment account, up to $500,000 per account type. As a result, if M1 fails, your assets are protected.

Can I deactivate online banking? ›

The User may request for termination of the Internet banking Services facility any time by giving a written notice. The User will remain responsible for transactions made on his/her account(s) prior to the time of such cancellation of the Internet Banking Services.

Call your old bank or send a secure message through your online banking portal to confirm there are no pending transactions or outstanding charges and the account balance is zero. Then you can ask the bank to close the account. Some banks require written notice that you want to close your account.

Contact the Bank to Cancel the Account

Typically, you must call or visit your financial institution to do this. However, some banks and credit unions will let you close an account online. Be sure to download any statements you may need for purposes such as completing your tax return before the old account is closed.

Daily ACH Limit

M1 High-Yield Savings Accounts have a daily ACH transfer limit of $120,000.

M1 Finance Fees

There's a $3 monthly fee for accounts under $10,000. If your account is $50 or less and there has been no trading or deposit activity over 90 days, you may be subject to a $50 inactivity fee.

The authorization will remain in force until terminated by written notice. To terminate this instruction, please call Customer Service Hotline or write to M1 Limited, Finance Department, 10 International Business Park, Singapore 609928. Please call our Customer Service Hotline at 1627 for any enquiries.

How do I terminate my NumberShare service? You may terminate the service via the My M1+ App. Note: Removing of 'Cellular Plan' on the watch will not stop the subscription.