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• Terms & Conditions for the Modak $10 First Funding Incentive

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created

Aug 31, 2023

LAST UPDATED

Nov 10, 2023

1. Eligibility‍

To qualify for the reward, a fund transfer must be the first funding of at least $10 into the first registered Teen's account. The campaign is valid for seven days from the creation of a parent account in Modak. The exact deadline date appears on each user's banner within the Parent Portal.

2. Reward allocation‍

Upon qualification, a reward of 1000 MBX will be credited to the Teen's account from which the funds were initially credited. To claim the reward, the Teen must log in to their account and redeem the 1000 MBX using the application. Once redeemed, the equivalent of $10 in Modak's currency will be immediately credited to their account.

3. Reward timing

The 1000 MBX reward will be credited 1 business day after the funds have settled in the Teen's account.

4. Limitations‍

The incentive is applicable only once per Teen. Transferring funds multiple times into a single Teen's account will not result in multiple rewards.

5. Multiple accounts‍

In cases where a Parent has more than one Teen with a Modak account, the 1000 MBX reward is applicable only to the first teen registered when creating a Modak account, not to any additional teens. The first teen registered is the one who appears first in the list of teens on the Parent Portal home screen.

6. General provisions‍

- Modak is not responsible for any technological failures or delays that may prevent Parents from sending or receiving funds.
- Participation in this campaign constitutes acceptance of these Terms & Conditions.
- Any fraudulent activity or misuse of the Modak platform or this campaign can result in disqualification from the incentive, at Modak’s sole discretion.
- All decisions made by Modak regarding this campaign are final and binding.

7. Indemnity‍

By participating in this campaign, the Parent agrees to defend, indemnify and hold harmless Modak, its affiliates, directors, officers, employees, and agents from and against any and all claims, damages, losses, liabilities, costs or expenses (including but not limited to legal fees) arising from participation in the campaign, breach of these Terms & Conditions, or receipt or use of any reward.

8. Governing law‍

These Terms & Conditions are governed by and shall be construed in accordance with the laws of the United States. Any disputes arising out of or in connection with these Terms & Conditions, or this campaign, shall be subject to the exclusive jurisdiction of the State of Delaware courts.By transferring funds to a Teen's Modak account, you signify your agreement to these Terms & Conditions.

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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) 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 January 2025) 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 USD 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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