How to Withdraw Money From M1 Finance
If you’re done with M1 Finance and need to move your money out of your account, or if you want to setup periodic withdrawals to taper down your portfolio size, there are some choices available to you. Keep reading—you’re going to show you how to do it.
Wait for the Settlement Date
The first thing you need to know about M1 Finance is that it won’t move cash out of your account until proceeds from any securities sales have settled. Under U.S. regulations, this is typically two business days after the trade date. If you’ve recently deposited the funds but didn’t trade with them, the broker won’t release them for six business days.
Making a Withdrawal Out of M1 Finance
To make a transfer out of your account, you’ll need to go the ‘Funding’ tab at the top of M1’s website. On the new page, click on ‘Withdraw.’ Next, enter a dollar amount and click OK. M1’s software will handle the rest.
If you want to setup a recurring withdrawal schedule, you can do that as well. Just click on ‘Set a schedule’ and you’ll get to choose the frequency. There are three available choices: weekly, monthly on a date, and monthly on a specific week.
For weekly, you can choose the specific day of the week when the withdrawal will be made. For monthly on a date, you pick the specific date; and for the final option, you pick the week of the month, and then the day of the week.
When scheduling a withdrawal, you don’t need to schedule a sale of securities, although you can. M1’s automated system will sell the necessary amount to supply the funds if you don’t have an available cash balance. If you have some cash in your account, only the amount of securities necessary to complete the withdrawal will be liquidated. Overweight securities are sold before underweight ones.
Up to $500 cash bonus for making a deposit at M1 Finance.
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M1 Finance Withdrawal Limit
There is a $50,000 maximum withdrawal limit per day. Withdrawal requests are triggered at M1’s scheduled trade point, which is 9:00 am, CST, on market days. Trades can be submitted any time, but they only execute at this time. M1 has this policy to hold down trade costs (it’s a $0 commission broker). Any request made after the 9:00 am trade spot will go through the following market day.
M1 Finance only permits a single withdrawal at a time. So if you currently have a withdrawal request in process, you won’t be able to schedule another until the first one completes.
It usually takes two to four business days for funds to arrive in your external bank account.
M1 Finance Withdrawal Fee
There is no fee to withdraw money out of M1 Finance.
Using the Mobile App
The same steps we have described here to move money out of an M1 Finance account can be used on the broker’s app. The platform has the same interface as the website, so everything is identical.
M1 Borrow
If you’re making a withdrawal because you need some cash, keep in mind that M1 Finance offers a convenient borrowing capacity called M1 Borrow.
Wire Service Is Available
If these first two options don’t appeal to you, M1 Finance also offers a wire service, although this one isn’t free. The broker charges $30 for an outgoing wire, and $50 if it’s going to a foreign bank. As with the first two choices, M1 Finance has an on-line form that makes submitting the wire request quick and easy.
Up to $500 cash bonus for making a deposit at M1 Finance.
Open M1 Finance Account
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