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.
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!
We have implemented several ways to protect your personal information:
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.
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.
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.
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.