M1 Plus Billing

 

How do I pay for M1 Plus? 

M1 Plus billing gives you flexibility by allowing you to charge your Spend checking and Invest brokerage accounts directly for M1 Plus. When you have auto-renew turned on, your eligible Spend* or Invest accounts** will act as potential fallback payment methods in the event of a failed default payment, or in the absence of a manually selected payment method. 

Eligible Invest accounts for Plus billing must meet the following criteria: 

  • Taxable Invest accounts (excluding IRAs, Custodial accounts, and Trusts)  
  • Open and active  
  • Minimum total balance of $500 

 

How can I check my current default payment method on file? Can I change it? 

You can find your default payment method by selecting the profile icon in the upper right-hand corner of the screen to access “Settings.” Then, select “Membership Details.” 

You can edit your default payment method by choosing from eligible Spend checking and Invest brokerage account that appear in the payment methods list, or by clicking “Add another payment method.” If you have multiple eligible Invest accounts, the actual Invest account being charged on renewal day may vary depending on the cash balance and/or the total account value at the time of charge. 

Below is an example of changing the default payment method from Spend to Invest and saving the Invest payment option as the default method. 

Saving a new payment method or updating a default method will turn ON M1 Plus auto-renew. This is consistent with M1 Plus Payment Terms & Conditions disclosed during initial M1 Plus membership sign-up. 

 

M1 Finance mobile account screen showing confirm default payment method as InvestM1 Finance mobile account screen showing sleect payment method as Spend account

 

If you have auto-renew turned on but have not manually selected a default payment method, an eligible Spend or Invest account meeting the minimum balance thresholds will be charged for your Plus renewal. 

 

I selected Invest account as my default payment method. Why was a different Invest account charged for Plus renewal than the one showing under payment method previously? 

If you select Invest as your default payment method, all your eligible Invest accounts become potential default payment methods. You are not able to designate a particular default Invest account to bill. The actual Invest account being charged on renewal day may vary depending on the cash balance and/or the total account value at the time of charge. 

If you have multiple eligible Invest accounts and select Invest as default payment method, M1 will attempt to bill the eligible Invest account with the highest cash balance to minimize potential taxable events, provided your eligible Invest accounts have a minimum cash balance of $25. If cash balances are less than $25 or there is no cash balance in your Invest accounts, then your eligible Invest account with the highest account value will be billed. Securities may be sold if the cash balance is less than $125*** in your eligible Invest account. 

 

What if my default payment method fails, or if I don’t select a default payment method, and my auto-renew is turned on?  

1. We’ll attempt to bill your Spend account on your renewal date. 

This will only be attempted if you have $125*** or more in your Spend account. 

 

2. If the first method is unsuccessful, we’ll attempt to bill an eligible Invest account. 

Eligible Invest accounts are taxable Invest accounts that are open and active with a minimum total balance of $500.  

This will be billed from the highest cash balance available to cover the $125 renewal fee.  

 

3. If you don't have either of these eligible accounts, you'll get a 30-day grace period to adjust cash balances in your Spend or Invest accounts or confirm a default payment method before securities are sold to cover the payment 

After the 30-day grace period, M1 will attempt to bill your eligible Invest account with the highest cash balance to minimize potential taxable eventsprovided your eligible Invest accounts have a minimum cash balance of $25.  Securities may be sold if the cash balance is less than $125 in your eligible Invest account.  

If cash balances are less than $25 or there is no cash balance in your Invest accounts, then your eligible Invest account with the highest account value will be billed and securities will be sold. 

 

M1 Finance mobile account screen showing Activity in Invest tab

 

To avoid the potential sales of securities in your Invest account, you may choose to maintain a $125 cash balance*** in your eligible Invest account. Learn more about auto-invest. 

 

Why were my securities sold to cover the M1 Plus renewal charge? 

Securities may be sold when cash balances in either Spend or Invest accounts are not greater than or equal to the cost of M1 Plus. To avoid the potential sales of securities in your Invest account, you may choose to maintain a $125*** cash balance in your eligible Invest account**. Learn more about using auto-invest. 

The total value of your M1 Invest brokerage account must be greater than or equal to $500 for M1 to bill that account. Eligible Invest accounts do not include custodial, trust or IRA accounts. 

 

What if I do not want M1 Plus billing to automatically charge my account? 

You can turn Auto-Renewal off at any time. Access “Settings” by clicking the profile icon in the upper right-hand corner of the screen, then click “Membership Details”. You can switch off the toggle next to auto-renew. 

M1 Finance mobile account screen showing membership details page

I didn’t realize I had auto-renewal on and was charged for an additional year. Will I be refunded? 

If you request to cancel your M1 Plus Membership within 30 days of your initial membership payment, you’ll receive a full refund of your Membership Fee. 

Any request received after 30 days will not be refunded. Please refer to M1 Plus Payment Terms and Conditions for more information.  

M1 will not cancel any sell orders of trades to cover the membership fee. You’ll receive a cash credit to your Invest account if you are eligible for a Plus Membership refund. 

 

Why did my Plus not renew?  

If you have auto-renew turned-on, your Plus membership renewal may fail due to the reasons below. 

  • You do not have a Spend account with $125* or more 

AND 

  • You do not have eligible Invest account types** or any eligible Invest account with a total value of $500 or more.  

M1 will not bill custodial, trust or IRA accounts for Plus renewal. 

 

If you would like to re-enroll in Plus membership, you can fund either your Invest or Spend account as payment options or pay with credit/debit card. You can re-enroll by clicking the profile icon in the upper right-hand corner of the screen to access “Settings” then select “Membership Details.” 

 

For more information see M1 Plus Terms and Conditions.     

 

* Eligible Spend checking accounts for Plus billing are accounts that are open and active with a minimum total balance of $125. 

**Eligible Invest accounts for Plus billing are taxable Invest accounts (excluding IRAs, Custodials, and Trusts) that are open and active with a minimum total balance of $500. 

***$125 is the standard Plus renewal pricing and is subject to change per the user agreement. If you have a personalized price for Plus, you will be charged the discounted amount at billing. 

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