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Onsa Saville

WARNING: I would not recommend attempting to open an account here. I rushed to meet their deadlines, and they kept presenting me with more requests. The very last step required me to send a photo of me holding my ID. They closed my account without explanation.

Oddly, they had all the important information prior to the final request. Their decisions seem capricious and stupid. Don’t bother with these guys.

Andy
Andy

Looks like their ACAT promos are once-per-lifetime, according to terms. No idea if enforced.

The $500 for $50k is a really attractive ratio, but I’m going to wait to see if they increase the bonuses at some of the higher levels, as some of those have been better in the past. If I knew for sure it’d be churnable in the future, I’d do it though.

gary
gary

i signed up for the promo right before the new year, so i cant comment yet on their payout of promo. but there are some things to keep in mind. their free membership means you can only buy/sell stocks at 6:30am they are all market orders, you can not create a limit order. I had an issue with the initial ach transfer. I set it up through their site on plaid so it meant instant linkage and ability to transfer. I staggered a couple of ach’s. they rejected, M1 message made it appear to be an issue with my bank but when i verified with my bank that the issue was the account info at m1 was wrong, i went back to them. They had charged my account 2 $30 ach return fees. i explained to them that the issue was on their end since with plaid, you dont type a routing or acct number, they are linked. i was first given an excuse about it being an issue with some banks and the rep was going to try to get one of my fees reversed. I pressed and let him know my bank verified the funds and in the ach it showed an issue with their number which i have no control over. The rep put in the request for both to be refunded, got an email same day saying it would be done within a week. It wasnt, had to email back got a different rep asked for info again, forwarded her the email saying it would be refunded and it finally was done 12 days later. One other note, i had done a small stock purchase with the initial funds and had a little left still but the fees caused a negative balance and despite being told the fees would be reversed, they put a market sell in to sell enough stock to cover the fees, even though it was already communicated to me a day earlier the fees would be reversed, In the meantime, i did another ach with different bank that worked fine and got the funds in before 12/31 so will see if i get the bonus on 1/31. After that, I dont know if I’ll keep the account open, very disappointed with the service. issues happen, but if they are not addressed properly then its time to think of whether i should keep… Read more »

lilurbanachiever
lilurbanachiever

AFAIK, there are no limit orders there. And their premium membership just gives access to another trading window at something like noon. Not the system I really like, but I like the bonus enough to put with this for a little while.

Ben
Ben

I signed up for the other M1 offer where you deposit $X cash for $Y bonus a few weeks ago.
A rep just reached out to me and said you can do this transfer bonus as well. The same funds will not count, but great to see they’re stackable.

Indie
Indie

Ben thanks
1. I was wondering exactly this – whether transferring another 50K cash (assuming you already opened M1 investment account for the cash promo) will make you be eligible for this bonus ? I take the answer as Yes although not sure if one is transferring only cash does one need to transfer from another broker using ACATS or just ACH transfer from a bank will work ?
Although referral bonus is out of the picture in that case as you already have an M1 investment account.

2. Will internal transfer from M1 Spend to M1 invest also work ?

Ben
Ben

This bonus must be an ACATS from another brokerage per the terms.

The prior bonus had to be a cash deposit (not securities). I deposited from my bank (haven’t received the bonus yet).

Indie
Indie

I thought you mentioned one can stack the two promos. Are you planning to do this one with cash only as well ?
Is ACATS possible with only cash ?
TIA

Marc T.
Marc T.

I just got a mailer from them with lower offer tiers for people with less than $50k to fund. The link is m1finance.com/fund-500-bonus/

ayem

Marc T. do we need to keep the funds tied up until Aug 1, 2022 ?

Tom
Tom

Yes, except any market losses. And must be there through 8/18, not 8/01.

Orin
Orin

Ehhh …. Looks like a $100 fee for doing acats transfer out after bonus posts :/
It is in fee schedule
And just turned me off …
Chuck I think the acat transfer out fee should be clearly noted in doc post

L
L

Orin One thing to keep in mind is that pretty much most (if not all) investment companies have ACAT transfer fees. What ever institution you’d be transferring to do tend to cover the fees though. You could also sell your investments and transfer fee free with ACH, but that’s not ideal.

Fred
Fred

Yes, in my opinion the ACAT out fees are one of things I’d like to see detailed in each brokerage bonus post. Some brokerages do not charge you for partial transfers, while I think Apex (clearinghouse for M1, Tastyworks, Ally, Robinhood, and many other smaller firms) does.

Orin
Orin

so far I have only done vanguard and interactive brokers, which have no ACAT fees (IA brokers does have other annoying fees, but am doing for bonus and also may leave positions there because of great cash margin rates if I want to do quick loan against positions.) but perhaps most other brokerages do have ach out fees. Sell and ach out could be an option for some, but for me would trigger capital gains taxes.

In general I just hate fees

Matt P
Matt P

Still a net of $400 though. There’s nothing better at the $50k range.

Jack
Jack

I am existing customer (in fact I joined M1 finance in December, 2021 using the cash deposit promotion https://www.m1finance.com/fund-500-bonus)

Today I am seeing a promotion for transferring assets into M1finance as in this post.
https://www.m1finance.com/earn-up-to-5000/
Can I do this promotion for transferring assets simultaneously too? If yes, can I start transferring assets/positions into M1 immediately?

Thanks in advance

Ben
Ben

I’m in the same boat, an M1 rep reached out to me and encouraged me to do the transfer bonus. He said it stacks with the deposit bonus I did ~1 month ago.

Jack
Jack

Thanks Ben. My deposit promotion ends on 1/29/22. Can I sell , pull out funds on 2/1, buy something with the money in Fidelity and then then transfer those assets to M1? Will I still qualify for this promotion? https://www.m1finance.com/earn-up-to-5000

Acid Bath
Acid Bath

They do not verify via Google Voice – anyone have a work around for that?

Erik
Erik

Acid Bath <
I got a SIM card from Tello (https://tello.com/); $5.00/month for unlimited Text. Put it in a friends phone when registering. Haven't needed it since then…

Tom
Tom

The balance of the funds transferred via ACATS by February 18 must remain with M1 for 6 months, not just 30 days:

The “Transfer Account Value” is determined as the current market value of all holdings and cash transferred during this Promotion Period, in aggregate, on the day the transfer is completed to the qualifying account which must remain equal to, or greater than, the value after the net deposit was made (minus any losses due to trading, market volatility or margin debit balances) at time of the Payout Date.

nik
nik

The ACATS promotion ended yesterday.

https://www.m1finance.com/transfer/

Under Terms and Conditions:
Promotion Period: December 1, 2021 through January 4, 2022

L
L