About the Modak Banking Closure
Why Modak is discontinuing banking services, when accounts close, and the dates to know.
Why is Modak discontinuing its 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.
Our hope was to grow alongside your family and give kids a safe place to learn, spend, save, and build confidence with money as they grew toward adulthood.
Unfortunately, we have made the very difficult decision to discontinue Modak’s banking services. While we continue to believe deeply in our mission, we have determined that we can no longer sustainably provide the banking services that are part of Modak today.
This is not the outcome we hoped for, and the closure is not related to anything you or your child did or to an individual issue with your account.
We are exploring ways that Modak may be able to continue supporting families and financial education in the future. While we don’t have anything to announce today, our belief in helping kids build stronger financial futures has not changed.
When will my account close?
Your Modak banking account will close on or before December 15, 2026.
We will be reviewing accounts throughout the closure period. If your account reaches a $0 balance and is otherwise eligible for closure, your account may be closed before the final closure date.
Any account that remains open will be closed no later than December 15, 2026.
What are the important dates I need to know?
Please keep these dates in mind:
- Last day to add or fund your Modak account: October 16, 2026
- Last day incoming ACH deposits, including direct deposits, will be accepted: November 30, 2026
- Last day to use Modak cards, including parent and child cards: November 15, 2026
- Last day to transfer available funds from Modak to an eligible external bank account: December 15, 2026
- All remaining Modak banking accounts will be closed no later than: December 15, 2026
Different banking services will stop being available on different dates. Please do not wait until the final closure date to begin moving your money or updating your banking arrangements.