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Business Profile

Consumer Finance Companies

M1

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Consumer Finance Companies.

Complaints

Customer Complaints Summary

  • 73 total complaints in the last 3 years.
  • 14 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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Complaint status

Complaint type

  • Initial Complaint

    Date:06/03/2025

    Type:Billing Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Incorrect interest, late payment fee, late payment charge:M1 Owner's credit card charged me interest of $15 and a late payment fee on a statement balance that was due May 31st, 2025.I had autopay for my credit card payment from my checking account and received a confirmation email on May 31st, 2025, stating that M1 received my payment. I called to dispute the interest, late fee payment, and late payment status and they were unwilling to waive the interest despite the facts that I received the confirmation email, and I did not cancel any payment on May 31st or prior to that date.I did attempt to pay the remainder of my balance on June 1st (~$216). Then, my payment for the May 31st autopay "failed" on June 1st, despite the same checking account payments working for all other M1 Finance transactions including prior credit card payments. I was not told why it failed through any communication from the company. Thus, I also paid the original statement balance for May 31st on June 1st once noticing the "failed" transaction issue. Two of the representatives I spoke to also tried to explain the "failed" payment that as due to my m1 HYSA not being linked to the credit card as the autopay source, the payment could be canceled without notice for any reason at any time. This seems very incorrect as I have not had any issue with any previous payments, and I hope it is untrue for any customer because that is not an honest business practice.

  • Initial Complaint

    Date:05/19/2025

    Type:Order Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I have set to sell off my last stock. however, the site is not respond for over few months of period. and it incurres monthly membership fee that I cannot close my account.

  • Initial Complaint

    Date:05/07/2025

    Type:Customer Service Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    My son, ***** ***** ********, **** passed away on March 14, 2024. I am his Mother and his closest relative and heir. I am also the administrator of his estate and while going through his paper work last year, I noticed paper work detailing 2 accounts at ********************** stock company in *******, ***. One account was an *** and the other was a brokerage account containing over 30 different stocks. Both accounts were valuable. I sent the necessary paperwork to M1 to get the accounts ready for transfer to ****** R ***** here in *****, ** since I am older and do not have much experience with stocks. This process has been going on since November of last year. They finally got the *** ready but did nothing with the brokerage account as it still has his name on it. In the meantime I am receiving all this correspondence addressed to my son complaining that his email or cell phone doesnt work from all the stock companies contained in the brokerage account which is causing a problem. I have asked M1 why isnt my name on this brokerage account now and I cannot get an answer from them at all. I have asked for a manager to call me on my phone at home to discuss this matter and have not received a call. No one wants to communicate at that company on this. They only want to email and its always to someone different most of the time. Many emails I have sent have been ignored. I have told them many times from the beginning that I wanted to transfer these accounts. My son had transferred those accounts from ****** ***** a few years ago to M1. He was sick for the most of his life due to a kidney transplant that he had to have at age 12. He worked sick for most of his life and worked hard to try to prepare himself for the future. I want these 2 accounts to be transferred with stocks like he had just before he passed away as quickly as possible with reasonable transfer fees.

  • Initial Complaint

    Date:05/05/2025

    Type:Product Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I having issues liquidating my account due to consistent freezes . I sent in supporting documents , and money is still being held . The customers services isnt urgent enough and has been lackluster with some agents and unwillingness to help me as well as being passive to me . Im currently missing out on dental work , and investments due to account being frozen .

  • Initial Complaint

    Date:05/02/2025

    Type:Billing Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    M1 Finance started implementing unauthorized paper statement fees through stock liquidations and fund deductions. Started 3/28/2025 = $8, 4/4/2025 = $8, 4/11/2025 = $6, 4/17/2025 = $6, 4/25/2025 = $4 and 5/01/2025 = $5. Have called and two occasions and charges are ongoing through unauthorized stock sell off and fund withdrawals. Have had account with ********************** for several years never requested paper conformations or opted for any addition services.

  • Initial Complaint

    Date:04/11/2025

    Type:Billing Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Hello yesterday Thursday April 10th I decided to contact M1 financial services about opening an account and having issues. I spoke to someone over the phone and they told me that they would forward my email if I sent them a screenshot of the issues aforementioned and that they would get back to me. The previous evening I created the account It is now Friday morning and no one has gotten back to me with an email All I want is stems to help me work on getting to the next phase of the M1 sign up so that I could start using their platform The screenshots below are the account setup process which ask you for financial information they told me to email help at ************************** and then someone would get back to me

  • Initial Complaint

    Date:01/28/2025

    Type:Service or Repair Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I had ask them for a full transfer to a new account in a different brokerage. They completed a partial transfer and refuse to make it right by moving the rest of the funds and closing the account. I have contacted them several times and they flat out refuse to make it right. Only offering to start a new transfer and charge me double fees by doing so.

  • Initial Complaint

    Date:01/21/2025

    Type:Billing Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    Im extremely disappointed with M1 Finance. Their recent decision to quietly add fees is nothing short of abusive. Its infuriating that they now charge a $100 fee just to close a retirement accountthis is completely unreasonable and feels like a blatant cash grab.

  • Initial Complaint

    Date:01/20/2025

    Type:Service or Repair Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    On Nov. 24, 2024, I began the process of withdrawing funds and closing my accounts at **********************. They do not have actual customer service so *** had to navigate this through their Bot. I have been attempting for 7 weeks now to have my accounts closed without success despite multiple requests. When I review the progress they are still in processing. I am being charged fees every month my account remains open and I am seeking those fees to be reimbursed.

  • Initial Complaint

    Date:11/22/2024

    Type:Billing Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    M1Finance froze my account **************************** for whatever reason after I provided my ID. On 11/11/2024 they told me my positions would be sent back to my old brokerage. It is now 11/22/2024 and my positions/funds are still in the M1 invest account. I have tried to get in contact with support since 11/11/2024 and no one will respond. I even tried requesting an **** transfer from another brokerage but it gets rejected saying invalid account number. I just want the positions returned at least.The last messaged received from customer support:Hi ***, Thank you for your patience while our team reviewed your account. Their investigation has concluded, and they have deemed your accounts ineligible to be reopened. What happens next? We recognize that this message may come as a surprise, and therefore want to provide you with a concrete timeline for your account closure. Before your account is closed, your account will be liquidated back to the originating brokerage on file. This will return all positions in the account back to the depositing brokerage of your account transfer. A full transfer of your account has been initiated at this time. Please be advised that this decision is final. M1 is not a bank. M1 Spend is a wholly-owned operating subsidiary of ************************************ M1 ****************** Accounts are furnished by B2 Bank, NA, Member FDIC. We apologize for any confusion and frustration this may have caused.

M1 is NOT a BBB Accredited Business.

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