How To Withdraw Money From M1 Finance

how to withdraw more than 10000 from m1 taxable investment account

I tried to withdraw more than 10,000 from my m1 taxable investment account to my external bank account and m1 won't let me . Is there any way to withdraw more than 10,000 cash from my investment account to my external bank account?

I am also a m1 plus member --- i don't know if that makes a difference. It is horrible that I can't take out my money when I need to --- instead I have to wait 5 days to transfer each 10,000.

level 1

Please let us know once you get this resolved and if indeed it was related to some sort of protection on the account. I am also M1 Plus member and will be looking to withdraw around these amounts in the future.

Thanks..

level 2

I had to do wire transfer by paying $25. And I am m1 plus member. So no advantage of being a m1 plus member in this situation

level 1

When I withdrew around 14k the app wanted to close out my account. I didn't want to close out the account, so I got in touch with support. They executed the transfer for me. This took place in 2018.

Since then I haven't had any other withdrawals.

level 1

If they do not end up expanding their withdrawal amount limits sometime fairly soon, I will be gone as a customer

level 1

Might be an anti-fraud protection you can get them to waive. Seems ultra conservative at $10k/week.

Yet another reason I'm glad I only keep a small amount of money on M1 Invest.

level 2

Will do --- if they block withdrawing money I think they loose me as a customer for good. This is a very shady tactic

level 1

Comment deleted by user · 2y

level 2

Op · 2y · edited 2y

yes you have to withdraw 10k at a time that may take 5 days and you can't start a second transfer until the first transfer goes through. So to transfer 100k, it may take 10 weeks which is ridiculous. I just tried to transfer more than 10,000 from m1 investment to m1 spend and it won't allow it too. The max I can transfer is 10,000 even to spend account. That's pretty sad. I did sell some shares today, so don't know if this is to do with the settlement or an absolute limit.

level 2

In December I transfered 78k out of my account. The first transfer was 50k (their max allowed when I typed in a number) that took 2 days for someone to call and verify that I was indeed the person who requested it then 1 or 2 days after for the transfer to go through. The rest there was no phonecall and took around 4 to 5 days to transfer.

I feel these numbers are normal for transfers to go through (I often see it taking 4 days for m1 to pull the money from my account when I deposit some) I guess the real question would be why op is limited to 10k a transaction and not 50k as I was

level 1

If you need the money immediately, please try contacting support. Additionally, it looks like they offer wire transfers outbound for $25, so that may be an option if you're looking to move large sums of money out of m1. I'm sure you'll have to speak with one of their representatives in order to get them to wire funds though. Please let us know how this turns out! Thanks

level 1

oh boy! This is why M1Finance will not be my broker. Pretty pie charts is not enough. I can create my own. The security and EASE OF DOING BUSINESS is the winning formula. You can have security without bullshit imitations. IMHO.

level 1

Well said guys. They just lost me as the customer. I am doing a wire transfer by paying $25 and most probably never will be back. For m1's sake they may need to remove all the fees --- just to compete with all the other brokerages out there.

level 2

So it ended up you have to wait 5 days to transfer 10k every time?

level 1

Just a side note...I withdrew 3500 at the beginning of the year to transfer to another account. It took about a week and a half.

level 1

Comment deleted by user · 2y

level 2

transfer from m1 invest to external bank takes about 5 days --- and the max you can transfer is 10,000. I need to transfer a bigger amount which they don't allow.

level 1

Email support and ask to setup a wire transfer.

level 1

I did this in July 2018, withdrew about $10,200 from my individual account (basically the balance) and had no issue (besides it taking a few days to sell holdings/settle/transfer). The account is actually still open in M1 with a $0 balance. Just initiated a sell for the total amount.

level 1

There are certain processes when that high of an amount is withdrawn. This is a federal law that a US bank/finance institution has to go by. So the process will take longer

level 2

Fidelity never had issues like that --- so was wondering why that would be the case with M1

level 1

AML regulations. Did you change your deposit/withdraw account recently?

level 1

This is a limitation of the new Spend accounts. I can understand this when Spend was in beta but it's ridiculous to have such a low limit after it's been released to the pubic. Support said they are working on getting it increased but no time frame was given.

level 1

I am writing them today because if this is true I cannot invest with them long term. Vanguard will let you have any amount of money cashed out in about a weeks time if you have a brokerage with them directly.