Deleting an Account at M1 Finance
If you have an Invest account with M1 Finance that you no longer use, it’s a good idea to close the account to prevent any unwanted access. To properly close it, read on.
First, Choose a Method
You can close an M1 Finance account by either emptying the account completely and asking for it to be shut down or by moving it to another brokerage. Transferring it will automatically close it at M1 Finance.
Each method has pros and cons. The main benefit of transferring is that you don’t have to sell your holdings. The main drawback is that M1 Finance charges $100 to move an account out (and $200 if it’s an IRA, due to the IRA termination fee).
Closing M1 Finance Account by ACAT Transfer
If you choose to transfer, the account will be moved through the ACAT system to another brokerage. This is fairly simple, though it can take around 6 to 9 business days.
The first step is some preparation. This includes opening another brokerage account if you haven’t already. It must be with a firm that handles ACAT transfers. Both accounts have to be the same type (for example, custodial or joint) and have the same owner or owners.
Once the receiving account is open, be sure it’s set up correctly. If you have a margin balance in your M1 Finance account, you’ll need margin capability in the new account as well.
There isn’t much to do in the M1 Finance account. Fractional shares can’t be moved via ACAT, so M1 will change them into cash. That cash might appear in the new account a few days after the stocks and ETFs.
Next, start the ACAT transfer request at the new firm. There’s nothing to file on the M1 side. Most brokers now have online forms for this, and filling one out usually takes just a few minutes. Be sure you request a full transfer, not partial, because a partial transfer won’t close the old account.
An ACAT transfer takes about a week and a half. During this time, you might see your M1 account close first, then the assets show up in the new account a few days afterward.
Because M1 Finance only uses whole-dollar investing, you’ll probably have some fractional shares. These can’t be transferred, so M1 will convert them to cash. That cash amount usually arrives a few days after the other holdings.
Keep in mind that M1 Finance now offers crypto trading. These crypto positions can’t be transferred via ACAT, so they must be sold or moved into a separate M1 Finance account before starting the transfer.
Broker Promotions
If you’re moving your M1 Finance account to another broker, be sure to check if that
broker has promotions for opening a new account »
M1 Finance Account Closeout with Liquidation
If the $100 transfer fee from M1 is too high, you can skip transferring and shut the account down directly. This avoids the fee, but your holdings will have to be sold.
We emphasize the selling here because M1 Finance handles order placements itself (not the customer), which makes closing the account work a bit differently.
Instead of selling first, go into your M1 Finance account and request a withdrawal of the full account value. After that, M1 will sell everything at the next trading window and send the cash to the linked bank account.
If you have any automatic deposits or withdrawals, remember to turn those off, too.
Once there’s no money left in the account and all auto transfers are disabled, you can close the account. Go to help.m1.com, scroll down, and click “contact us.” You’ll see an email form you can use to ask for the account to be closed. In the first drop-down (“What can we help you with today?”), pick My Account. Under Topic, choose Close Account. Complete the other fields and send it. The account will be closed within a few days.
For more help, you can call M1 Finance during the week at 312-600-2883.
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M1 Finance Account Closure Fee
M1 Finance doesn’t charge a closure fee for non-IRA accounts. IRAs have a $100 closing fee.
M1 Finance ACAT Fee
M1 Finance’s ACAT transfer fee is $100 for both partial and full account transfers.
Updated on 2/23/2025.
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.
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