Modak Rewards Boost Terms of Service

Modak Rewards Boost Terms & Conditions

Introduction

These Terms and Conditions govern your access to and participation in the Modak Rewards Boost Feature (the “Rewards Boost Feature”). The Rewards Boost Feature is a promotional benefit offered by Modak to eligible members that provides a promotional Rewards Boost on Eligible Balances maintained in accordance with these Terms and Conditions. Rewards Boost is funded solely by Modak, is promotional in nature, is not interest, is not an annual percentage yield (APY), and is not an obligation of the Bank Partner.

Participation in the Rewards Boost Feature is subject to these Terms and Conditions. By enrolling in or participating in the Rewards Boost Feature, you agree to these Terms and Conditions. If you do not agree to these Terms and Conditions, you should not participate in the Rewards Boost Feature.

These Terms and Conditions supplement the Modak Terms and Conditions (the “General Terms”), which also govern your use of the Service. Capitalized terms not otherwise defined in these Terms and Conditions have the meanings assigned to them in the General Terms. In the event of any conflict between these Terms and Conditions and the General Terms, these Terms and Conditions will control solely with respect to the Rewards Boost Feature.

Definitions

For purposes of these Terms and Conditions, capitalized terms not otherwise defined herein have the meanings assigned to them in the General Terms.

Eligible Balance – The balance maintained in qualifying accounts that is eligible to receive a Rewards Boost. Eligible Balances currently include the Parent Balance and eligible Child Goal Account balances, as disclosed within the Service. Modak may modify the types of Eligible Balances from time to time, subject to applicable law and any required customer notice.

Rewards Boost – A promotional reward funded solely by Modak that may be offered on Eligible Balances maintained in accordance with these Terms and Conditions. Rewards Boost is promotional in nature, is not interest, is not an annual percentage yield (APY), and is not an obligation of the Bank Partner.

Eligibility

To participate in the Modak Rewards Boost Feature, you must maintain an active Modak account in good standing, be enrolled in an eligible membership tier designated by Modak, maintain Eligible Balances, and meet the eligibility requirements applicable to the Modak Rewards Boost Feature as disclosed within the Service.

Eligibility requirements, eligible membership tiers, Eligible Balances, Rewards Boost Rates, and other promotional terms may be modified by Modak from time to time, subject to applicable law and any required customer notice.

Unless otherwise disclosed by Modak as part of a specific promotional offering, eligibility to receive a Rewards Boost is based solely on maintaining Eligible Balances. No purchase activity, transaction minimums, card usage, or other spending requirements are required to earn a Rewards Boost.

Your Modak account and any accounts containing Eligible Balances must remain open and in good standing through the date the applicable Rewards Boost is credited. If your account is closed, suspended, restricted, or otherwise becomes ineligible before a Rewards Boost is credited, any unpaid Rewards Boost that has accrued but has not yet been credited may be forfeited.

Modak may temporarily or permanently suspend, deny, adjust, reverse, or forfeit any Rewards Boost or suspend your participation in the Modak Rewards Boost Feature if Modak determines, in its sole discretion, that:

• you violate these Terms and Conditions, the General Terms, or any other agreement governing your Modak account;
• you engage in fraudulent, deceptive, abusive, or illegal activity related to the Modak Rewards Boost Feature or any other Modak product or service;
• your account is closed, suspended, or otherwise no longer eligible to participate in the Modak Rewards Boost Feature; or
• participation in the Modak Rewards Boost Feature would otherwise violate applicable law or these Terms and Conditions.

Description of the Rewards Boost Feature

The Modak Rewards Boost Feature allows eligible members to earn a promotional Rewards Boost on Eligible Balances maintained in accordance with these Terms and Conditions.

Rewards Boost is funded solely by Modak and is promotional in nature. Rewards Boost is not interest, is not an annual percentage yield (APY), is not a deposit account feature, and is not an obligation of the Bank Partner.

The current Rewards Boost Rate, eligible membership tiers, Eligible Balances, and any applicable promotional terms are disclosed within the Service at the time of enrollment or participation. Modak may modify the Rewards Boost Rate, eligible membership tiers, Eligible Balances, calculation methodology, or other promotional terms from time to time, subject to applicable law and any required customer notice.

Unless otherwise disclosed within the Service, Rewards Boost is calculated using the average daily balance maintained in each Eligible Balance during the applicable calendar month. The average daily balance is determined by adding the balance in each Eligible Balance for each day of the applicable period and dividing that total by the number of days in the applicable period. Rewards Boost calculations use a 365-day annual basis and are rounded to the nearest cent.

Rewards Boost is generally credited to the Parent Account and reflected in the applicable Parent Balance during the month following the month in which the applicable eligibility requirements were satisfied.

There is currently no maximum Eligible Balance for purposes of calculating the standard Rewards Boost unless otherwise disclosed by Modak as part of a specific promotional offering.

Modak may offer additional or modified Rewards Boost promotions, bonus Rewards Boost opportunities, or other promotional incentives from time to time. Any additional eligibility requirements, promotional rates, or promotional terms applicable to those offers will be disclosed within the Service or in the applicable promotional terms.

Operational Monitoring and Oversight

Modak maintains operational controls designed to monitor the Modak Rewards Boost Feature and verify that Rewards Boost calculations and payments are processed in accordance with these Terms and Conditions.

Monitoring activities include periodic reviews of eligibility, Eligible Balances, Rewards Boost calculations, monthly reward postings, exception processing, customer inquiries, system functionality, and suspected fraud or abuse.

Modak maintains operational records supporting enrollment, eligibility determinations, Rewards Boost calculations, monthly reward postings, exception processing, and any adjustments or reversals related to the Modak Rewards Boost Feature. These records are used to support operational oversight, investigate customer inquiries, validate that the Rewards Boost Feature is functioning as designed, and may be provided to the Bank Partner, regulators, or auditors upon request, consistent with applicable law and contractual obligations.

User Responsibilities and Obligations

By participating in the Modak Rewards Boost Feature, you agree to:

• Maintain accurate and current account information.
• Safeguard your account credentials and promptly notify Modak of any suspected unauthorized access to your account.
• Monitor your Modak account, Eligible Balances, and Rewards Boost postings, and promptly report any suspected errors or unauthorized activity.
• Comply with these Terms and Conditions, the General Terms, and all applicable laws and regulations when using the Modak Rewards Boost Feature.
• Use the Modak Rewards Boost Feature only for its intended purpose and refrain from engaging in fraudulent, deceptive, abusive, or other activity intended to manipulate or improperly obtain Rewards Boost benefits.

If you believe a Rewards Boost has not been properly calculated or credited, you should contact Modak Customer Support as soon as reasonably possible. Modak may request additional information to investigate the matter and will review your inquiry in accordance with its applicable procedures.

Fees and Charges

There are no separate fees to participate in the Modak Rewards Boost Feature. The Modak Rewards Boost Feature is a promotional benefit available to eligible members as part of an applicable membership tier.

Participation in the Modak Rewards Boost Feature requires enrollment in an eligible membership tier and satisfaction of the eligibility requirements described in these Terms and Conditions. Subscription fees applicable to your membership tier, as well as any standard fees associated with your Modak account or related banking services, remain subject to the applicable Deposit Account Agreement, Fee Schedule, and subscription terms.

If Modak introduces any fees specifically associated with the Modak Rewards Boost Feature in the future, such fees will be disclosed in accordance with applicable law and any required customer notice.

Modification of Terms

Modak may modify, suspend, replace, or discontinue the Modak Rewards Boost Feature, the Rewards Boost Rate, eligible membership tiers, Eligible Balances, calculation methodology, eligibility requirements, or any other aspect of the Modak Rewards Boost Feature from time to time, subject to applicable law and any required customer notice.

Modak may also modify these Terms and Conditions at any time. Any changes will become effective on the “Last Updated” date identified at the beginning of these Terms and Conditions or on such later effective date as may be specified in the updated Terms and Conditions.

Your continued participation in the Modak Rewards Boost Feature after any modifications become effective constitutes your acceptance of the revised Terms and Conditions.

Nothing in these Terms and Conditions obligates Modak to maintain any particular Rewards Boost Rate, membership tier, promotional offering, or feature for any minimum period of time, except as otherwise required by applicable law.

Limitation of Liability

To the fullest extent permitted by applicable law, Modak, its affiliates, service providers, and the Bank Partner will not be liable for any indirect, incidental, consequential, special, exemplary, or punitive damages arising out of or relating to your participation in the Modak Rewards Boost Feature, even if advised of the possibility of such damages.

Without limiting the foregoing, Modak is not responsible for delays, interruptions, calculation errors, posting delays, or failures to award or credit a Rewards Boost resulting from:

• system outages, maintenance, or technical failures;
• network, communication, or processing interruptions;
• inaccurate or incomplete account information;
• fraud prevention, compliance, security, or risk reviews;
• your failure to satisfy the eligibility requirements described in these Terms and Conditions; or
• circumstances beyond Modak’s reasonable control.

If Modak determines that a Rewards Boost was improperly calculated, credited, denied, or omitted, your exclusive remedy, to the extent permitted by applicable law, will be the correction of the applicable Rewards Boost or such other remedy as Modak determines is appropriate.

Nothing in these Terms and Conditions limits any rights or remedies that cannot be limited or excluded under applicable law.

Indemnification

In addition to the indemnification obligations set forth in the General Terms, you agree to indemnify, defend, and hold harmless Modak, its affiliates, the Bank Partner, third-party service providers, and each of their respective officers, directors, employees, agents, contractors, successors, and assigns from and against any claims, liabilities, damages, losses, costs, or expenses (including reasonable attorneys’ fees) arising out of or relating to:

• your participation in the Modak Rewards Boost Feature;
• your violation of these Terms and Conditions, the General Terms, or any applicable law;
• fraudulent, deceptive, abusive, or unauthorized activity involving your account or the Modak Rewards Boost Feature; or
• your misuse of the Modak Rewards Boost Feature.

This indemnification obligation survives the termination of your participation in the Modak Rewards Boost Feature to the extent permitted by applicable law.

Miscellaneous

Taxes

Rewards Boost received through the Modak Rewards Boost Feature may constitute taxable income to the extent required under applicable tax laws. You are solely responsible for determining, reporting, and paying any federal, state, or local taxes arising from your participation in the Modak Rewards Boost Feature or receipt of any Rewards Boost. Modak may report Rewards Boost payments to applicable taxing authorities as required by law.

Lawful Use

You agree to use the Modak Rewards Boost Feature only for lawful purposes and in accordance with these Terms and Conditions, the General Terms, and all applicable laws and regulations. The Modak Rewards Boost Feature may not be used in connection with fraudulent, deceptive, abusive, or other unlawful activity.

Termination of the Rewards Boost Feature

Modak may suspend, modify, discontinue, or terminate the Modak Rewards Boost Feature, or your participation in the Modak Rewards Boost Feature, at any time, subject to applicable law and any required customer notice.

If the Modak Rewards Boost Feature is discontinued or your participation is terminated, any unpaid Rewards Boost that has accrued but has not yet been credited may be forfeited unless otherwise required by applicable law or expressly stated by Modak.

Corrections and Errors

If Modak determines that a Rewards Boost has been incorrectly calculated, credited, denied, or omitted, Modak may correct the error, adjust the applicable Rewards Boost, or provide another appropriate remedy, as determined by Modak and subject to applicable law.

Except where prohibited by applicable law, correction of the applicable Rewards Boost or another appropriate remedy determined by Modak will constitute your exclusive remedy for any error relating to the Modak Rewards Boost Feature.