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Migration

What happens if I do not want to migrate?

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:

  • On May 27, 2025, if there’s still money in your account, we’ll begin preparing a check for the remaining balance.
  • The paper check will be sent to your mailing address on file no later than May 30, 2025. It may take 7–10 business days from May 30, 2025 for the check to arrive.

We strongly recommend withdrawing your balance before May 26, 2025 to avoid delays.

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Checking account and the Modak Visa® debit card issued by Lewis & Clark Bank, Member FDIC.
Deposit account and the Modak Visa® debit card issued by Legend Bank, N.A., FDIC-Insured.

Modak is a financial technology company and not a FDIC insured financial institution.

Funds deposited into a Deposit Account may be eligible for up to $250,000 of FDIC insurance.

The FDIC’s deposit insurance coverage only protects against the failure of an FDIC-insured depository institution.


(*) Fees for expedited or premium services may apply. See  for applicable fees.  Find out more in our Cardholder Agreement
(1) Checking account and the Modak Visa® debit card issued by Lewis & Clark Bank, Member FDIC.
Deposit account and the Modak Visa® debit card issued by Legend Bank, N.A., FDIC-Insured.
(2) For more information about MBX, visit our MBX Policy.
(3) The savings goals feature is intended to assist you in planning and tracking your savings progress. It does not imply or guarantee any interest earning.
(4) For more information about this study, click here.
(5) Modak Scratch 'em all feature Terms and Conditions apply.
(6) $6 Welcome bonus. Terms and conditions apply.
(7) The MBX Rewards Program allows all customers, whether they have a Card or not, to earn MBX through eligible activities such as completing challenges, using the walking feature, or making purchases. However, only customers with a Card can redeem MBX for monetary rewards. A minimum balance of 100 MBX (approximately $1.00 USD as of October 2024) is required for redemption, though the value is subject to change and not guaranteed; for details, visit MBX Policy. No minimum balance is required to open an account, and redemption of MBX into USO is processed instantly upon meeting the MBX minimum balance requirement. This program does not accrue interest and (0.00% Annual Percentage Yield (APY)) applies.
(**) Welcome Bonus and Referral program terms and conditions apply.
(8) Roblox Reward applies only after ordering the physical debit card and using the code ¨Roblox¨ during the sign up process. Learn more in the Terms and Conditions.
(9) The savings pocket is designed to help you manage your savings goals. A Modak boost is applied only to eligible funds. Terms and conditions apply.
(10) This review was sourced from the App Store, where customers voluntarily shared their experiences. Individual results may vary. This testimonial reflects the opinion of one customer and is not a guarantee of future performance. App Store ratings as of April 15th, 2025.

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