How to transfer accounts out of M1? | M1 Help Center (2024)

FAQs

How do I transfer my M1 Finance account? ›

Email our team at transfers@m1finance.com with your most recent account statement and any additional instructions, including directions on which securities you do and do not want transferred. Transfers typically take 7-10 business days, though some brokerages tend to have longer lead times.

M1 won't charge you any fees to rollover your retirement account(s). However, most plans charge an outgoing fee. Do I need a minimum balance or rollover amount? There is a $500 minimum initial balance requirement for M1 retirement accounts.

Closing M1 investment

Once an investment account's value is less than $1 you can request to have it closed. If you're chatting while logged in, simply type "close account" in our Messenger and answer the prompts that follow.

Get to the nearest store

NOTE: Transfer of Ownership service** is available from 12pm – 6pm daily. Please ensure you have the necessary IDs and supporting documents when you visit us during the stipulated timing. For non sales transaction, customer are to call any of the hotlines listed above.

With M1, there are no annual fees or partial transfer fees. However, there is a $100 fee per outgoing transfer and a $100 individual retirement account termination fee.

External bank account to an M1 High-Yield Savings Account or M1 High-Yield Cash Account. This can take up to 4 business days. Funds transferred into your Savings Account or Cash Account will stay pending for 3 business days before they are made available.

Wire transfers are typically used to move funds in excess of an institution's ACH limits, when paying for a large purchase, or when attempting to complete a purchase that requires payment to be made using a wire transfer. At M1, we have a daily ACH transfer limit of $50,000.

There is a $100 outgoing ACAT fee for all account types and an additional $100 closing fee for retirement accounts.

How many accounts can I have on M1? ›

Up to 5 total: Individual Brokerage and/or. Joint Brokerage.

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.

Is M1 Finance investing good for beginners? Yes. No funds are required to open an account, and you can begin investing with as little as $100. Features include periodic rebalancing and no fees for adding stocks or ETFs to your portfolios.

M1 finance is an industry leader in low-fees and a wide variety of investment options. You can open both taxable and tax-advantaged accounts, like traditional and Roth IRAs. M1 allows you to open multiple portfolios, which are called "pies" and add up to 100 individual securities like stocks and ETFs per pie.

You can move money from one bank to your other one online in a few steps: Log into your bank's website or connect via the bank's app. Click on the transfer feature and choose transfer to another bank. Enter the routing and account numbers for the account at the other bank.

You can liquidate your holdings by initiating an outgoing withdrawal by entering in the current value of your M1 Invest Account (or something very close to that number based on market fluctuations) as the desired withdrawal amount.