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• Terms and conditions Modak Goals

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created

Jan 24, 2024

LAST UPDATED

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.
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  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.
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  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.
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  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.
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    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.
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  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
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  3. FDIC Protection: Deposits in the Modak Goals Account are protected up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
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  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.
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  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.

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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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