About Modak

What is Modak?

Modak is a US-based fintech company that offers a Visa card and a checking account for teens through its relationship with Solid Financial Technologies, and its partner banks, Members FDIC. Through Modak, Teens can gain financial literacy, and earn cashback at 100,000+ merchant locations across the US. Modak is supported by GGV Capital, Nazca, and 35+ leading investors and entrepreneurs.

Are there any fees?

There are no hidden fees associated with Modak. We don't charge for opening a card and most of our services. However, if you need expedited or premium services, our app will show you and ask for your permission before charging the fees. If not, you can use our regular services - which is most of our services -for free!

How does Modak keep sensitive personal info safe and secure?

We have implemented several ways to protect your personal information:

  • Encryption: All sensitive information is encrypted in transit standard protocols. 
  • Access controls: Access to sensitive information is restricted to a limited number of authorized personnel, who are subject to background checks and ongoing security monitoring.
  • Data protection policies: Modak has established strict data protection policies, including data retention and deletion policies, to ensure that sensitive information is not retained for longer than necessary.
  • Compliance: Modak adheres to relevant security and privacy regulations, including those imposed by the Consumer Financial Protection Bureau (CFPB), to ensure that sensitive information is handled in a manner that meets the highest standards of security and privacy.

What is the MoCard account for?

A MoCard is a card through which you can spend your money, and earn/spend rewards points (Mobucks) for healthy behaviors. Parents can fund the MoCard account, and these funds can be used to set limits on the spendings. This means parents have the ability to guide and monitor their teen's spending while teaching them financial responsibility.

How do I know Modak is safe?

Modak's card is supported by renowned partners in the financial industry. By partnering with these established institutions, Modak is committed to adhering to all state and federal finance and banking regulations. Refer to “How does Modak keep sensitive personal info safe and secure?” for specific details.

How can I delete the Modak account?

  • Open the Modak app on your device.
  • ​​On the top left corner of the screen, you will find a person icon button representing your profile. Tap on that button.
  • The next screen will display your profile information. Look for a (?) button located next to your full name on the right side. Tap on that button.
  • A new screen will appear, presenting you with two options. Choose the option that says "Delete my account" and tap on it.
  • A confirmation screen will be displayed, ensuring that you want to proceed with deleting your account. Look for the red button labeled "Delete account forever" and tap on it.
  • Your account will now be permanently deleted from the Modak app's system.
  • It's important to remember that deleting your account is an irreversible action, meaning that it cannot be undone.

By following these revised steps, you'll have a clearer and more concise process for deleting your account on the Modak app.

Disclaimer: We will securely delete or render irretrievable all your information and card data that is no longer necessary for the purposes for which it was collected. All backup data will be subject to the same retention and deletion policies as outlined in our T&C.

How does Modak make money?

Modak makes revenues from the interchange fees that Visa charges merchants for processing the transaction. Modak uses that revenue to offer MoCard and other services to our customers. Moreover, Modak generate revenue from our partnerships with brands on merchant offers.