M1 Cancel Contract Fee: What You Need to Know

M1 Finance is a popular online investing platform that offers commission-free trading, low fees, and automated investment options. While M1 does not charge any annual or inactivity fees, there may be times when you need to cancel your account or a certain service within your account. In this case, you might wonder if there is any M1 cancel contract fee and what are the details associated with it. Let`s dive in.

What is the M1 Cancel Contract Fee?

M1 Finance does not have a cancel contract fee per se, meaning that they don`t charge you just for canceling your account. However, if you want to withdraw your funds from your M1 account, you might face a fee from the external financial institution you`ve linked your M1 account with. For example, if you have an M1 account that is connected to a bank account, and you want to transfer the funds from M1 to your bank account, your bank might impose a transfer fee.

Additionally, if you have an M1 Plus account, which is a premium subscription service that offers perks like lower borrowing rates, cashback, and a second trading window, there is an M1 cancel contract fee of $125. M1 Plus has a one-year contract, and if you cancel before the end of your contract, you will be charged a $125 early termination fee.

How to Cancel Your M1 Account or M1 Plus

If you decide to cancel your M1 account, here are the steps you need to follow:

1. Log in to your M1 account on the website or mobile app.

2. Click on the Settings icon on the top right corner.

3. Select the “Close Account” option.

4. Follow the prompts to complete the account closure process.

If you have an M1 Plus account, here`s what you should do to cancel it:

1. Log in to your M1 account on the website or mobile app.

2. Click on the Settings icon on the top right corner.

3. Select the “M1 Plus” option.

4. Click on “Manage Subscription.”

5. Choose “Cancel Subscription” and follow the prompts to complete the cancellation process.

Keep in mind that if you have any pending trades or transactions, it`s essential to complete them before you close your M1 account. Furthermore, make sure to withdraw any funds in your account before you cancel, as you won`t be able to retrieve them once your account is closed.

Final Thoughts

In conclusion, M1 Finance does not charge any cancel contract fee for regular account closures. However, if you have an M1 Plus account and want to cancel before your contract term ends, you`ll be charged an early termination fee of $125. Also, depending on the financial institution you`ve linked with your M1 account, you might face transfer fees when withdrawing your funds. Make sure to read the terms and conditions before signing up for any M1 service, so you know what to expect in terms of fees and cancellation policies.