• Terms and conditions Modak Goals

created on

Jan 24, 2024

LAST UPDATED ON

Jan 24, 2024

  1. Account Overview:The Modak Goals feature works as a personal checking account. Please refer to our Cardholder agreement. This feature is designed for children and teens under the parent account to encourage financial responsibility and good money management habits.
  2. Eligibility:To qualify for the Modak Goals feature, individuals must have a teen account linked to an active and verified parent account. Account creation is facilitated through the Modak app, with parental approval.
  3. Opt-in: You understand that by accessing our Modak Goals feature, your teenager will have access to an extension of their current and active Modak banking account.
    By accessing our  Modak Goals for your teenager, you confirm your explicit agreement with these terms and conditions.
  1. Account Functionality: Our Modak Goals feature operates similarly to a traditional checking account linked to the Modak card. It allows users to deposit, withdraw, and manage funds seamlessly. This feature is accessible individually for each teen under the parent account, and each one has the flexibility to accommodate numerous savings goals based on the user's preferences.
  2. Interest and Profit Generation: Modak Goals feature does not accrue interest or profit. It serves as a personal checking account with a primary emphasis on nurturing financial literacy and cultivating responsible spending habits among teenagers through the use of customizable financial goals.
  1. Parental Oversight: Parents have the ability to deposit funds into their teen's Modak Goals and monitor transactions through the parent portal.

    Track Savings Goals:Gain insight into your teen's progress by entering the banking section, where you can identify whether your teen has created a savings goal. Visualize Teen’s Goals:Visualize a comprehensive list of your teen's financial goals within the Parent Portal.  
    Disclaimer: Please note that parents will have access to view the details only those goals that have been shared by the teenager.
    Transfer Funds to Savings Goal: Facilitate your involvement in your teen's financial journey by initiating money transfers directly to their savings goal.
    Review Transaction History: Gain visibility into the transaction history of your teen’s savings goals. This transparency allows you to monitor financial movements, providing insights into your teen's spending and saving habits.
  2. Fees and Charges:The Modak Goals feature has no fees, maintenance fees, or any other charges. Our commitment is to provide a transparent and user-friendly financial experience
  3. FDIC Protection: Deposits in the Modak Goals Account are protected up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
  4. Withdrawals and goals: Modak allows teens to withdraw money both before and after completing their set savings goal. Withdrawn funds are seamlessly transferred to the regular spending account. Whether it's using the virtual card or swiping the physical card.
  5. Account Closure:Users can close their Modak Goals feature at any time without incurring any additional charges. Closure requests can be made through our customer support team via the chat button within the app or parent portal.

    By using our Modak Goals feature, users agree to abide by these terms and conditions and the Account and cardholder agreement Modak reserves the right to update or modify these terms, and users will be notified of any changes.

    For any inquiries or assistance, please contact our customer support team at hi@modakmakers.com.

Modak is a financial technology company and not a bank.

Checking accounts and the Modak Visa Debit Cards are provided and issued by Lewis & Clark Bank, Member FDIC.

Funds deposited into Checking will be eligible for up to $250,000 of FDIC insurance.

Accounts and Debit Cards are issued by Lewis & Clark Bank, Member FDIC.

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