How To Close an M1 Finance Account

Deleting an Account at M1 Finance

If you have an Invest account with M1 Finance that you are no longer using, it’s a good idea to close the account so it cannot be accessed or misused. To make sure the process is done properly, follow the instructions below.

First, Choose a Method

There are two ways to close an M1 Finance account. You can either remove all assets from the account and then request that it be closed, or you can transfer the account to another brokerage firm. If you choose the transfer route, the account at M1 Finance will automatically be closed after the transfer is completed.

Each approach has pros and cons. The biggest advantage of transferring the account is that the investments inside it do not have to be sold. The main drawback is that M1 Finance charges a $100 fee to transfer an account out, and IRA accounts are subject to a $200 total charge because of the company’s IRA termination fee.

Closing M1 Finance Account by ACAT Transfer

If you decide to use the transfer option, the account will be moved to another brokerage through the ACAT system. The process is fairly simple, although it usually takes a bit longer to complete—typically around 6 to 9 business days.

The first step is preparation. This normally involves opening another brokerage account if you don’t already have one. The new firm must support ACAT transfers since that is the system used for the move. The receiving account must also match the M1 account in both registration and ownership (for example, individual to individual or joint to joint).

After opening the receiving account, make sure it is fully prepared for the incoming assets. For example, if the M1 account has a margin balance, the receiving account must also have margin trading enabled before the transfer request is submitted.

There usually isn’t much preparation required inside the M1 Finance account itself. Fractional shares cannot be transferred through the ACAT network, but M1 Finance will automatically convert those positions into cash before the transfer completes. The resulting cash often appears in the receiving account shortly after the securities arrive.

Once everything is ready, submit the ACAT transfer request with the receiving brokerage firm. The request is always initiated by the incoming broker, so there is no form to submit directly through M1. Most brokerage firms provide simple online transfer forms that take only a few minutes to complete. Be sure to request a full transfer rather than a partial one, because only a full transfer will close the M1 Finance account.

Transfers through the ACAT system generally take around a week and a half. During this time, the M1 account may disappear first, and then the transferred securities will appear in the receiving account shortly afterward.

Because M1 Finance uses whole-dollar investing, most accounts contain fractional shares. These cannot move through ACAT, so M1 will liquidate them automatically. The resulting cash will typically be transferred after the securities arrive at the new brokerage.

Finally, note that M1 Finance now supports cryptocurrency trading. Crypto assets cannot be transferred through the ACAT network, so any crypto positions must either be sold or moved to another M1 account before requesting the transfer.

Broker Promotions

If you are transferring your M1 Finance account to another brokerage firm, it’s worth checking whether the new broker offers

M1 Finance Account Closeout with Liquidation

If you want to avoid M1’s $100 transfer fee, you can close the account directly with M1 instead of transferring it. This approach avoids the transfer charge, although all investments will have to be sold.

Liquidation is required because M1 Finance operates differently from many traditional brokers. Since M1 itself submits the trading orders rather than the customer, the closing process works a bit differently.

Instead of selling positions manually, you simply initiate a withdrawal for the full value of the account. After the request is submitted, M1 will sell the holdings during the next available trading window and send the resulting cash balance to the bank account that is linked to the brokerage account.

If the account has any recurring deposits or automatic transfers scheduled, make sure to disable them before proceeding.

After the funds have been withdrawn and automated services have been turned off, the account can be closed. To do this, visit the company’s support center at help.m1.com. Scroll to the bottom of the page and click the “contact us” button. This will open an email form that can be used to request closure. In the first drop-down menu (“What can we help you with today?”), select My Account. In the Topic field, choose Close Account. Fill out the remaining information and submit the form. The account is usually closed within a few days.

If you need additional assistance, you can contact an M1 Finance representative by phone during weekday business hours at 312-600-2883.

M1 Finance Account Closure Fee

M1 Finance does not charge a fee to close standard (non-IRA) brokerage accounts. IRA accounts are subject to a $100 termination fee.

M1 Finance ACAT Fee

M1 Finance charges a $100 ACAT transfer fee for both partial and full account transfers.

Updated on 2/24/2026.

About the Author

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.