ComplaintsforM1
Consumer Finance Companies
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Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
06/11/2024
- Complaint Type:
- Product Issues
- Status:
- Unanswered
This isn't the first complaint I've seen about this. If you put your money into M1 Finance, you will never see it again. I've been trying to withdraw money from my account since March 15, ***************************************************** a ticket, it's always some excuse why there is a delay, but never any money sent. This business appears to be a scam, do not give them your money or you will never see it again.Initial Complaint
06/10/2024
- Complaint Type:
- Product Issues
- Status:
- Unanswered
M1 finance closed my credit card that they provide without warning. They provided an Adverse Action letter, but the letter did not explain the reason for the closure. In the adverse action letter, M1 stated that they closed the card due to "Combination of low assets under management with M1 and income". I asked for an explanation so I could know what income they expected or what assets under management they expected. They did not provide me with this information despite multiple attempts. I reached out to M1 finance over multiple days at multiple different numbers and emails. I was never provided an explanation as to why the card was closed or how I could re-establish the card with them. Their representatives were unhelpful and continued to send me to other M1 employees. None of which could provide an explanation. I sent a formal complaint letter via email on 5.9.24 and requested that they contact me and explain the reason for the closure or reopen the card within 30 calendar days. I received a response through email on May 13th that stated there was a ticket number CSD-***** and to refer to page 17 of their cardholder agreement. They did not provide the cardholder agreement to me, so I had to search for it. Once I found the agreement and read through page 17, it did not explain anything additional. After this email, they did not respond and have not reached out to me. I have attached a copy of the letter I provided.Initial Complaint
05/24/2024
- Complaint Type:
- Billing Issues
- Status:
- Unanswered
m1 started charging a $3/month "platform fee" on 5/15/24. I requested my account to be liquidated and closed on 5/10/24. On 5/16/24, I received my money in my bank account minus the $3 fee. When I contacted customer support, I was told, "We are not refunding fees for last minute liquidations...because your account balance was not $0 at that time."Initial Complaint
05/20/2024
- Complaint Type:
- Product Issues
- Status:
- Unanswered
I started the conversion process to move my traditional *** from M1 Finance to a *************** at *********** over a month ago. All the paperwork was filed with Ally, sent over to M1 - but M1 has not responded. I received a request from Apex Clearing that my address changed - Ally should be receiving the funds to deposit, so this made sense, but weeks went by and the money is still with M1. When I email support for status on the conversion, they provide no status on the request, only send me to their chatbot or give me their phone number. I spent over two hours calling and on hold, only to be hung up on or have the call just time out once I was allegedly transferred to their "internal team." I am being stalled, it seems, and I do plan on taking any and all applicable legal action if the transfer doesn't happen. They are holding my money hostage due to their lack of adequate support and response.Initial Complaint
05/15/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Unanswered
I subscribed to m1 platform for a free account about a year ago. Today I received a notice that all users will be charged $3 a month if they do not meet certain criteria one of which is having a minimum $10k in the account. This is predatory behavior. They are threatening to start charging my account $3 a month unless I put in more money.Initial Complaint
05/03/2024
- Complaint Type:
- Product Issues
- Status:
- Unanswered
I had an m1 brokerage acct a few years ago. I had since closed this acct, and came to find out I am owed a $3,754.82 settlement check from them. I have been trying to get my settlement check since February 6th 2024. M1 keeps saying a check has been mailed but none have been. I want my check and I want it asap as this entire process has been ridiculous. I am very upset with M1 and I want interest for the full amount paid to me since I began this process back in February.Initial Complaint
05/02/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Unanswered
Complaint against M1 Finance - Failure to Provide Funds and Lack of Follow-Up Dear Better Business Bureau,I am writing to file a formal complaint against M1 Finance regarding the mishandling of my account closure process and failure to provide the necessary funds promptly.I recently closed my account with ********************** and requested a check for the remaining funds. However, despite their assurances, they were unable to process the check and insisted that I reopen the account to request the funds. This contradictory instruction has caused me significant inconvenience and frustration.Furthermore, despite promises of a follow-up call to address the issue, I have not received any communication from M1 Finance. This lack of follow-up demonstrates a disregard for customer service and further exacerbates the situation.I have spent countless hours attempting to resolve this matter and would like to be compensated for the time and effort expended due to M1 Finance's incompetence and poor communication.I am requesting that a manager in my time zone personally reach out to me to rectify this situation promptly. I expect a resolution that includes the immediate processing of my funds and appropriate compensation for the inconvenience caused.Thank you for your attention to this matter.Sincerely,*********************Initial Complaint
04/13/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Unanswered
M1 recently, and without warning enstated mandatory monhtly fees to users with under ****** USD in their accounts. This service has always been free and has enouraged lower income users such as myself to utiize their platform for slowly building an investment portfolio. As of May users can either pay the new monthly fee or transfer their assets out of M1. The issue with transfering is that M1 charges $100 if you move the funds into a new broker. Given this dubious new fee it is incumbent on them to allow lower income users to transfer without penalty for a certain grace ******* However they have denied that request.Initial Complaint
04/10/2024
- Complaint Type:
- Product Issues
- Status:
- Unanswered
I am writing to address a persistent issue regarding a promised referral bonus that has yet to be credited to my account. I referred ****** on January 13, 2024. He opened the account and funded it with $10,000. After 30 days had passed, I did not receive a bonus. I reached out to M1 support via email (Request #*******) on February 16, approximately 33 days after referring. I received a response from ****** on February 19. In the email, she asked me to wait until March 1.I replied on March 1 (Request #*******), to which ****** replied on March 1, 2024, and noted that the promotional credit of $250 had been issued. I told her I referred two people, and I received $250 for one of them, and did not receive $250 for the other person.On March 4, ****** replied back and said if I am not credited by March 8 I can reach back out. On March 8, I reached out and received no response. I followed up on March 12 and was told my request is still under review. At this point, it's been 4 days past since M1 promised the $250 bonus would be processed.On March 13, another Associate, ********, replied and noted they were waiting for an update from their internal team. On March 14, ****** said: "We put in a request with our Accounts Team to manually credit $250 to your M1 Account. You should see this credit within the next 10 days."On March 25, 11 days after they said they would manually credit $250 into my account, I reached out and asked for an update. I did not receive a response. On March 29, I reached out again, and did not receive a response. On April 4, I reached out again, and did not receive a response. And my last attempt was April 9, and I have still not received a response. It's been over 20 days since the promise of a manual credit.Despite numerous attempts to address this matter, I am disappointed by the lack of resolution. Not only have I not seen the money, I have also received no communication since March 14, 2024.Initial Complaint
03/31/2024
- Complaint Type:
- Order Issues
- Status:
- Unanswered
M1 finance auto enrolled me in a 3 month free trial of M1 plus, and turned the auto renew feature on without ever asking me.They also auto enrolled me in stock lending without telling me which ended up making it so that all my dividends that should have been qualified dividends taxed at 15% were taxed at my effective tax rate of 30%. All these things would have been fine if I consented to them, but they automatically did it without ever even asking me first or notifying me that they did.
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Customer Complaints Summary
81 total complaints in the last 3 years.
26 complaints closed in the last 12 months.