How do I close an M1 account? 

Closing M1 Investment Accounts

Before you request to close any M1 Individual Account, Joint Brokerage Account, IRA, or Crypto Account, you will either need to liquidate the account to your connected bank or transfer your holdings to another brokerage.

If you have an open M1-High Yield Cash Account, you must keep an M1 Individual or Joint account open. If you request to close your M1 Individual Account or Joint Account with an open Cash Account, your account closure request may not be completed.

Once an account’s value is $0, please login and click "Help" in the lower left corner on Web or tap "Client Support" in your Mobile account settings. Start a new conversation, select “Update account info” and then “Close account” before answering the prompts.

 

Steps to liquidate and Investment Account

You can liquidate an account by initiating an outgoing withdrawal for an amount slightly higher than the current value of your M1 Investment Account to prevent funds remaining due to market fluctuations.

A liquidation confirmation and acknowledgment screen will appear. Once you accept the confirmation your positions will be liquidated during the next available trade window.

During account liquidation, scheduled and one-time transfers will be disabled. After selling and settling your positions, the funds will be sent to your linked bank account, typically within 3-5 business days.

Investment Account Transfer

To transfer an M1 Invest Account out of M1, please contact the receiving broker (the institution where the account is going) and ask them to initiate the transfer. 

There is a $100 outgoing ACAT fee for all account types and an additional $100 closing fee for retirement accounts.  See M1 Fees..

Check out our article on how to transfer accounts out of M1 for more information.

Once the transfer is complete, your transferred account will automatically be closed and ineligible to be reopened.

 

Closing M1 Margin Loan accounts 

You will need to pay down any outstanding Margin Loan balance before your account can be closed. To pay the balance, please navigate to the Borrow tab and select "Pay Back". 

 

Closing M1 High-Yield Savings Accounts

Before you can request to close an M1 High-Yield Savings Account, you will need to withdraw any remaining funds.

Once an account’s value is $0, please login and click "Help" in the lower left corner on Web or tap "Client Support" in your Mobile account settings. Start a new conversation, select “Update account info” and then “Close account” before answering the prompts.

 

Closing an Owner’s Rewards Card by M1

To close your Owner’s Rewards Card by M1 account, please reach out to the Owner's Rewards Card by M1 team, at (833) 978-3351. They are available Monday-Friday between 8 am-8 pm CT and Saturday between 9 am-2 pm CT. 

 

We’re sad to see you go! We believe in continuous improvement and greatly value your feedback.  

 

M1 does not provide investment advice, and this is not an offer or solicitation of an offer, or advice to buy or sell any security, and you are encouraged to consult your personal investment, legal, and tax advisors. Past performance does not guarantee future performance.

 


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