According to the marketing, M1 Finance is Perfect but according to the facts, it’s a subpar Investing App with its Spend, Invest and even Borrow feature.
What is M1:
It gives you access to 3 core products, investments, borrow and spend. And each of these products has a different job. According to M1 Finance its the one account that does everything.
Here my concern,
Usually when a company tries to do everything at ones; they quickly find out that they cant. Because each of does products plays an opposite role when comparing them to the other products. Example you want a savings or high yield checking but not too much of a high apr so that the user can still want to invest for a higher return. And if the user wants to invest for free with no trading fees or management fees, then you need a way to leverage so you create a borrowing portion of it that allows them to borrow against their investments while charting them interest. And because of this usually all the products are subpar because they contradic each other and you can’t be as competitive.
Customer Service call – 888-714-6674
1. How does the card m1 investing work.
It’s a multi feature system that tries to combine Investments, Borrowing and spending. But because they are tryting to do everything, they cant compete with the competition. Only with the loans which have great rates.
2. Is customer service 24/7
Nope, from 9-5pm
3. Can I get each product separately?
Yes, you can.
4. The m1 plus is there a way to waive the monthly fee with direct deposits?
Nope, which is horrible.
5. Can I buy fractional Shares?
Yes you can. But this limits your trading time, which is no big deal when doing Long Term Investing.
6. When I create a portfolio does it take that money and distribute evenly upon picks or as I set the percentages?
It distributed accorning to preset Automation.
7. Is it a checking FDIC insured?
Yes.
8. When I sell a share do you guys cover the Sec fees and Taf fees or take from the security?
Nope, does are mandatory but only a fraction of a penny.
9. How long does it take to buy shares?
Next day during the trading times, no weekends.
10. What are the fees associated with the account?
None, but the M1 plus which is not worth the price.
11. If you guys don’t make any money from that, then how do you guys keep the door open.
Interest and Leverage.
12. Do you guys think you’ll release a credit card any time?
Maybe.
13. Do you guys do a soft check on credit score or a hard check?
Soft check.
14. What happens with the dividends invested from the investments, is automatically reinvested or can I cash it out?
Both, you can decide.
15. Does my balance on the investment portion get any interest?
Nope, but maybe in the future.
16. And for example if I wanted to transfer my holding in acorn maybe 50k, can I do that.
Yes and you don’t need to share your investments.
17. Do you guys also have a retirement account?
Yes both roth and tradition plus more.
18. Are there any fees for liquidating retirement account any accounts?
Nope but there’s a transfer fee of $100.
19. On average how long does it take to transfer money into the M1 Account to invest?
One day but you have instant access to the funds.
20. Withdraw limits can I sell all my positions and liquidate immediately.
Yes, but if it’s a lot of money they will need to manually do it for you.
21. Are atms free
Nope.
22. What are the premium features of the account and how much does it cost?
1.5% APY and 1% cash back and extra trading hour. Not worth it.
23. Late fees in the account?
Overdraft fee 30 bucks.
24. Can use zelle, apple pay, venmo and stuff
Nope.
25. Whats the apr for the borrow account
4.25 or 4.0 with the M1 finance plus. Very Good.
26. Can I sell my shares or do I have to keep 35% to cover the loan I borrowed?
Have to keep it.
27. Can I Payback with no fees or penalties
Yes, no penalties.
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Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.
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