Our current partner bank, Lewis & Clark Bank, has made the decision to exit the fintech space for deposit accounts—so while this change wasn’t something we initiated, it gives us an exciting opportunity to partner with a new bank that supports our long-term goals. This transition will allow Modak to continue offering secure, reliable service and unlock new features to better support families on their financial journeys.
Stay tuned for more information about signing up with our new partner bank. Your Lewis & Clark Bank account will be officially closed no later than May 30th, 2025.
Once you sign up with the new partner bank, you will receive a new routing and account number. Your account balance will be visible in the app and a new transaction history will begin with the first transfer made from your old account to the new one. Your new accounts will be created on or before May 30, 2025, and current cards will no longer work after May 26th, 2025, at 11:59 pm PT. You will be able to request a new card shortly after your new account is opened. You will receive the final bank statement from Lewis & Clark Bank via email.
Once you sign up with the new partner bank, your balance will be automatically moved to your New Bank account. Funds will be available as soon as your new account is active.
Please note: While your balance will be available right away, purchases with your Modak card (both physical and virtual) will resume approximately two weeks after the migration is finalized, after May 27.
As part of the migration, the money your child has saved toward individual goals will first be moved to their main balance. We’re excited to be launching a refreshed Savings pocket shortly after, which will offer a simpler, more streamlined way to manage savings with one clear goal—making it easier for your child to stay focused and motivated.
If you decide not to migrate to the Bank account, your Modak card will be closed on May 26, and your account will be closed no later than May 30, 2025.
You’ll have until May 26, 2025 to move any remaining balance out of your account by linking an external bank and pulling the funds from Modak. After that date, any remaining balance in your account will be processed and mailed to you via check.
Here's how it works:
We strongly recommend withdrawing your balance before May 26, 2025 to avoid delays.
If you decide not to migrate, you’ll need to link your Modak account to an external bank account and pull the funds from there. Make sure to complete this process before May 26, 2025.
Starting May 27, money movements will be restricted.
Any remaining balance in accounts that were not migrated will be sent via paper check to the mailing address on file, with delivery expected within 7–10 business days.
Yes, you will need to update your automatic payments and direct deposit information with your new account and routing numbers. We will provide detailed instructions to help you with this process.
Scheduled ACH transactions presented before May 26, 2025 will post to your current account. Any transactions received after May 26, 2025 will be returned. Please monitor your account closely and contact customer support if you notice any discrepancies.
You will receive your new account and routing numbers during the migration. Use this information to update your ACH settings with the respective merchants and institutions.
Your MBX balance will remain intact and will be automatically transferred to your new account as part of the migration. You won’t lose any of your hard-earned rewards!
Yes! You’ll be able to redeem your MBX as usual until May 26, 2025. After that, we recommend waiting until June 1, 2025, to resume redemptions once the migration is fully complete and your new account is active.
You can report transaction disputes through our app, website, or by contacting customer support. We will investigate and resolve disputes promptly to minimize any inconvenience.
Yes, we will coordinate with the previous bank to handle disputes related to transactions made before the migration. You can continue to report these disputes through our usual channels.
We aim to resolve disputes within 10 business days for fraud and non-fraud disputes, if we escalate to Visa it can take up to 90 days to solve the case. We will keep you informed throughout the process.
Yes! You'll be able to access your new virtual debit card approximately two weeks after the migration—around Mid June 2025. We’ll notify you as soon as purchases are back up and running!
Instructions for activating your new physical card will be provided with the card. You can activate it through our app.
Your old card will be deactivated. We recommend that you destroy it before discarding to protect your personal information. The best way to do this is by shredding the card or cutting it into several pieces—especially through the chip and magnetic stripe—and disposing of the pieces separately in different trash bags if possible. This helps prevent fraud and keeps your data secure.
We will notify you via email and in-app messages. Ensure your contact information is up-to-date to receive all important communications.
If you have any questions or need assistance, please contact our customer support team via our app, website, or by calling +1-833-966-2428. We are here to help you through this transition.
At Modak, your security is always our top priority. We’re continuing to use our trusted security protocols to protect your information throughout the migration. This includes secure data transfer methods and ongoing monitoring to detect and prevent any unusual activity. You can count on the same high level of protection we’ve always provided.
Yes, your personal information will be securely transferred to the new bank. We adhere to all regulatory requirements and industry best practices to ensure your data remains confidential and protected.
Ensure your contact information is up-to-date, monitor your account for any unusual activity, and report any suspicious transactions immediately to customer support.
Once the migration is complete, your kid’s old card will be deactivated no later than May 27, 2025. Until the new physical card arrives, they'll be able to use their new virtual debit card for purchases.
Important: Card purchases (including with the virtual card) will be temporarily paused after the migration. You can expect full access to the new digital and physical cards to resume around two weeks after May 27. We’ll notify you as soon as everything is ready!
