IMPORTANT INFORMATION ABOUT MODAK BANKING SERVICES
Modak banking services are being discontinued
We have made the difficult decision to discontinue Modak’s banking services.
Modak was built around a belief that is still incredibly important to us: kids deserve the opportunity to learn about money early, and families deserve better tools to help them build healthy financial habits together.
This isn’t the outcome we hoped for. Our priority now is making the transition as straightforward as possible and helping every Modak family safely move their money.
Modak banking accounts will close on or before December 15, 2026.
What you need to do
Move your money
Please begin or continue moving your remaining Modak balance.
You can initiate an ACH transfer through the Modak app to send available funds to an eligible external bank account through December 15, 2026.
You do not need to connect an account through Plaid to initiate an ACH transfer.
Connect an external account
We recommend connecting an eligible external bank account through Plaid if you haven’t already.
While a Plaid connection is not required for you to move your money yourself, having a connected external account can help us quickly return any remaining balance to your designated account if money remains when your Modak account closes.
Move your direct deposit
If payroll, benefits, or other direct deposits are sent to your Modak account, update your banking information with another financial institution before November 30, 2026.
Save your records
Download any statements or transaction records you would like to keep before banking access through the Modak app is discontinued.
Available account records can also be requested after closure by contacting hi@modakmakers.com.
Important dates
October 16, 2026
Account funding ends
November 15, 2026
Modak parent and child cards stop working
December 15, 2026
Final banking account closure
Customers whose accounts remain open can continue to receive incoming ACH deposits through November 30, 2026 and initiate outbound ACH transfers through the Modak app through December 15, 2026. After that date, customers will no longer be able to initiate transactions through their Modak banking accounts.
What happens if I still have money in my account?
We strongly encourage you to move your available balance yourself before your account closes.
If money remains after your account closes, Modak will work with you to return your remaining balance.
If you have an eligible external bank account connected through Plaid, we may be able to quickly send your remaining balance to that designated account.
If we need additional information to return your funds, we will contact you with instructions.
What is still available?
Frequently asked questions
We know the decision to discontinue Modak’s banking services creates an important change for your family. We want to make the transition as clear and straightforward as possible and give you the information and time you need to move your money and make other arrangements.
This page will be updated as needed throughout the closure process.
Start Here: What should I do now?
The most important things you can do are:
- Connect an eligible external bank account through Plaid in the Modak app.
- Begin moving or using the money in your Modak account as soon as possible.
- Move any direct deposits to another financial institution.
- Update recurring payments or subscriptions that use your Modak account or card.
- Review the important dates below so you know when different banking services will stop being available.
- Contact us at hi@modakmakers.com if you are having trouble moving your money or need help.
You do not need to wait until the final account closure date to take action.
About the Modak Banking Closure
Why Modak is discontinuing banking services, when accounts close, and the dates to know.
3 questionsMoving Your Money
How to move your balance out of Modak, with or without Plaid, and what happens to leftover funds.
6 questionsModak Cards
When Modak cards stop working and what to do about recurring payments.
2 questionsDeposits, ACH Transfers, and Funding
Direct deposits, adding money, and how long you can transfer money out.
3 questionsParent and Child Accounts
How the closure affects your child’s account, card, and money.
1 questionPending Transactions and Refunds
Pending transactions and merchant refunds.
2 questionsStatements and Account Records
Getting your statements and transaction history, and banking access in the app.
2 questionsTransactions, Disputes, and Errors
Reporting errors and unauthorized transactions, and what happens to existing disputes.
3 questionsMy Account Has a Special Circumstance
Negative balances, restricted accounts, and other situations.
2 questionsModak Subscription Plans
Subscription billing, renewals, and tiers during the closure.
4 questionsCommunication and Support
How Modak will contact you, how to spot a real message, and where to get help.
5 questionsWe’re here to help
We know this is a significant change for your family, and it isn’t the outcome we wanted for Modak either.
- ACH transfer to your bank
- Plaid connection (optional)
- Remaining balance returned
- Move your money
- Connect an external account
- Move your direct deposit
- Save your records
- Download in the Modak app
- Request after closure
- Account funding ends
- Cards stop working
- MBX redemption ends
- Final account closure
If you need help moving your funds, please contact us. If we need additional information to return your funds, we will contact you with instructions.
- ACH transfer to your bank
- Plaid connection (optional)
- Remaining balance returned
If you need help understanding what you need to do, please contact us.
- Move your money
- Connect an external account
- Move your direct deposit
- Save your records
If you need help accessing your account records, please contact us at hi@modakmakers.com.
- Download in the Modak app
- Request after closure
Members of the Modak team may also contact customers who still have balances or appear to need assistance completing the transition.
- Account funding ends
- Cards stop working
- MBX redemption ends
- Final account closure
Please contact us at
hi@modakmakers.comModak will never call or email you asking for your password, PIN, or one-time security code. If you’re ever unsure whether a communication is really from Modak, contact us directly at hi@modakmakers.com.
Thank you for being part of Modak
Thank you for trusting Modak to be part of your family’s financial journey.
Our belief that kids deserve the opportunity to learn about money early and build strong financial habits has not changed. We are incredibly grateful to the families who trusted us to be part of that journey.