Consumer complaint received 2026-02-20 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Funds not received from closed account
Company: M1 Holdings Inc.
State: NY

Complaint narrative:
Formal Complaint Consumer Financial Protection Bureau ( CFPB ) <b>COMPLAINANT INFORMATION</b> Full Name : XXXX XXXX XXXX XXXX XXXX XXXX : XX/XX/XXXX Email Address : XXXX Date of Complaint : XX/XX/XXXX <b>FIRMS INVOLVED</b> Primary Firm : M1 Finance LLC Clearing Partner : XXXX XXXX XXXX  Account Status : Frozen / Restricted Access Frozen Amount : Approximately {$70000.00} Expected Return Date : No sooner than XX/XX/XXXX SUMMARY OF ISSUE I am filing this formal regulatory complaint regarding M1 Finance LLC and its clearing partner, XXXX XXXX XXXX concerning the unreasonable restriction and delayed access to approximately {$70000.00} of my investment funds. M1 Finance has notified me that my investment account has been deemed ineligible to remain open following an unspecified internal review. The firm has frozen my account and stated that liquidation and return of my funds will not occur until no sooner than XX/XX/XXXX. During this extended period, I am unable to access, withdraw, transfer, or exercise any control over my funds. 
REGULATORY CONCERNS Unreasonable restriction and delayed access to customer funds Lack of clear justification for account closure decision Potential failure to provide timely disbursement of customer assets Financial harm caused by forced liquidation timing and loss of market control Inadequate transparency and communication regarding risk determination Possible violation of customer asset protection requirements FINANCIAL IMPACT The restricted funds total approximately {$70000.00}, representing a significant portion of my liquid capital. The prolonged hold periodextending until XXXX XXXXcreates material financial risk, substantial opportunity loss, and severe personal financial hardship. I am being deprived of the ability to manage my own assets, respond to market conditions, or access funds for personal or investment purposes during a critical time period. 
REQUESTED ACTION I respectfully request that your agency take the following actions : 1. Investigate M1 Finance LLC and XXXX XXXX XXXX regarding the handling of my account and the extended restriction period 2. Require written justification for the account closure determination and the necessity of the prolonged hold period 3. Ensure prompt liquidation and expedited return of my funds 4. Confirm that all customer asset protection requirements ( XXXX coverage, custody rules, segregation requirements ) are being properly followed 5. Determine whether this delay and restriction constitutes an unfair, deceptive, or abusive practice under applicable regulations 6. Take appropriate enforcement action if violations are found This matter is time-sensitive and financially significant. I request immediate regulatory review and confirmation of receipt of this complaint. I am prepared to provide supporting documentation, account correspondence, transaction history, and additional identification upon request. 
Respectfully submitted, XXXX XXXX XXXX XXXX Date : XX/XX/XXXXXXXX XXXX

Company response to consumer: Closed with explanation