Deleting an Account at M1 Finance
If you have an Invest account with M1 Finance that you’re no longer using, it’s a good idea to close out the account to help prevent unauthorized use. To close it the right way, keep reading.
First, Choose a Method
It’s possible to close an M1 Finance account either by emptying the account completely and then requesting that it be closed or by transferring it to another brokerage firm. A full transfer will automatically close it at M1 Finance.
There are pros and cons to each method. The main benefit of the transfer method is that holdings do not need to be sold. The main drawback is that M1 Finance charges a hefty $100 fee to transfer an account out ($200 if it’s an IRA because of the company’s IRA termination fee).
Closing M1 Finance Account by ACAT Transfer
If you choose the transfer method, the account will be moved out through the ACAT system to another brokerage firm. The process is pretty straightforward, although it takes a little longer: about 6 to 9 business days.
The first step is to do some prep work. This includes opening a second brokerage account if you haven’t already done so. This must be done at a brokerage firm that supports ACAT transfers, because that’s what you’re about to do. The two accounts must be the same type (such as custodial or joint) and have the same name or names on them.
With the receiving account open, it’s important to get it ready. If you have a margin balance in the M1 Finance account you plan to move, you’ll need to add margin trading to the receiving account.
There’s not much to do inside the M1 Finance account. Although fractional shares can’t be moved through the ACAT network, M1 will convert them to cash. The cash may appear in the new account a few days after the securities.
Now it’s time to submit the ACAT transfer request. This must be done with the incoming brokerage firm, so there’s nothing to show on the M1 side of things. Most brokers today have online tools to submit a transfer request. It should take just a few minutes to complete the form. Be sure to request a full transfer and not a partial one, as a partial transfer won’t close the account.
A transfer through the ACAT electronic system takes about a week and a half. During that time, you’ll probably see your M1 account disappear first, and then the assets will show up in the new account a few days later.
Because M1 Finance supports fractional-share investing, it is very common to have fractional shares in your M1 account. They can’t be moved through the ACAT network, so M1 will convert them to cash. The cash balance will probably follow the securities a few days after they arrive.
One final note is about cryptocurrencies. M1 Finance now offers crypto trading. These assets cannot be moved through the ACAT network, so any crypto positions will have to be closed out before submitting the transfer request.
Broker Promotions
If you are moving your M1 Finance account to a different broker, make sure to check whether that
broker offers incentives for opening a new account »
M1 Finance Account Closeout with Liquidation
If M1’s $100 closeout fee is too much for you, then you can skip the transfer and close the account directly with M1. This will avoid the fee, but securities will have to be liquidated.
We do emphasize liquidation here. M1 Finance is a somewhat different type of broker. Because it is responsible for submitting orders to the exchanges (and not the customer), the process for closing an account is somewhat different at M1.
Instead of selling first, what you need to do inside your M1 Finance account is initiate a withdrawal for the entire account value. Once you do this, M1 will liquidate the account during the next available trading window and send the available cash to the brokerage account’s linked checking or savings account.
If you have any recurring transfers or deposits in the M1 Finance account, be sure to turn these off as well.
With the account drained and auto services turned off, it’s time to close it out.
You can request closure by using M1’s logged-in Messenger and typing “close account.”
If you need any further assistance, you can reach an M1 Finance associate over the phone during the weekday at 312-600-2883.
M1 Finance Account Closure Fee
M1 Finance does not charge account closure fees for non-IRA accounts. IRA accounts have a $100 termination fee.
M1 Finance ACAT Fee
M1 Finance account transfer fee (ACAT fee) is $100 for both partial and full account transfers.
Updated on 3/25/2026.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
|